SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2006
SkyePharma PLC
SkyePharma PLC, 105 Piccadilly, London W1J 7NJ England
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _______
FOR IMMEDIATE RELEASE
7 February, 2006
SkyePharma Plc
Terms of Employment for Recent Executive Appointments
and Rebuttal of Other Issues Raised by NAV
LONDON, UK, 7 February 2006 - The Board of SkyePharma Plc (LSE: SKP; Nasdaq: SKYE) would like to clarify the terms of the recent
appointment of Frank C. Condella Jr as Chief Executive and Dr Ken Cunningham as Chief Operating Officer. Both contracts have been
signed for a period of one year, in line with the recommendations of the Combined Code, and not for two years as incorrectly reported
in the media.
SkyePharma notes that the minority investor syndicate represented by North Atlantic Value LLP ("NAV"), which controls less than 14%
of SkyePharma's issued share capital, has failed to respond to all of the highly relevant points made by SkyePharma in its press
release of 6 February. Instead NAV issued a release yesterday reiterating its determination to subject the Company to a damaging
Extraordinary General Meeting. NAV also stated in this release that it wanted to address unspecified "corporate governance issues
faced by the Company". SkyePharma would like to point out the following:
* NAV is demanding the appointment of Mr Robert Thian, Chairman of Whatman and Southern Water, as Executive Chairman. This is
in contradiction of all corporate governance best practice, which recommends that the position of Chairman should be
non-Executive.
* The Board of SkyePharma strongly believes that in order to maximise his effectiveness the Chairman of the Company should
have recent relevant experience at a senior level in the global pharmaceutical industry. Dr Jerry Karabelas, the
non-Executive Chairman of SkyePharma, has a background as Chief Executive of Novartis Pharma and President of North American
operations for SmithKline Beecham. In contrast Mr Thian has not had an executive position in the pharmaceutical industry
since 1989 and prior to that only in relatively minor roles.
* A number of SkyePharma's non-Executive Directors will be retiring this year and therefore will not be standing for
re-election at the Annual General Meeting in June. The Nominations Committee of the Board has therefore been interviewing
candidates for these posts. As part of this process, the Nominations Committee met with Mr Thian and invited him to consider
the possibility of appointment as a non-Executive Director, but he rejected that proposal. The Board of SkyePharma is aware
that Mr Thian already has substantial board commitments and believes that adding a further executive role at SkyePharma
would exceed his available capacity.
* To date neither NAV nor Mr Thian have articulated any strategy whatsoever for developing SkyePharma and realising the
potential of its new product pipeline. The Board of SkyePharma believes it is time for all shareholders to be provided with
detailed proposals.
* SkyePharma also believes that shareholders should have a right to know the terms of Mr Thian's proposed contract at
SkyePharma were he to be appointed as Executive Chairman. For example, shareholders would expect to be told the proposed
duration of his contract and his expectations as to salary, options (and the terms thereof) and any signing-on fee.
For further information please contact:
SkyePharma PLC
Michael Ashton, Chief Executive +44 207 491 1777
Peter Laing, Director of Corporate Communications +44 207 491 5124
Sandra Haughton, US Investor Relations +1 212 753 5780
Buchanan Communications +44 207 466 5000
Tim Anderson / Mark Court
Notes for editors
About SkyePharma
SkyePharma PLC develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use
and more effective drug formulations. There are now eleven approved products incorporating SkyePharma's technologies in the areas of
oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit
www.skyepharma.com.
Certain statements in this news release are forward-looking statements and are made in reliance on the safe harbour provisions of the
U.S. Private Securities Litigation Act of 1995. Although SkyePharma believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these expectations will materialize. Because the expectations are subject to
risks and uncertainties, actual results may vary significantly from those expressed or implied by the forward-looking statements
based upon a number of factors, which are described in SkyePharma's 20-F and other documents on file with the SEC. Factors that could
cause differences between actual results and those implied by the forward-looking statements contained in this news release include,
without limitation, risks related to the development of new products, risks related to obtaining and maintaining regulatory approval
for existing, new or expanded indications of existing and new products, risks related to SkyePharma's ability to manufacture products
on a large scale or at all, risks related to SkyePharma's and its marketing partners' ability to market products on a large scale to
maintain or expand market share in the face of changes in customer requirements, competition and technological change, risks related
to regulatory compliance, the risk of product liability claims, risks related to the ownership and use of intellectual property, and
risks related to SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to revise or update any such
forward-looking statement to reflect events or circumstances after the date of this release.
END
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SkyePharma PLC
By: /s/ Douglas Parkhill
Name: Douglas Parkhill
Title:
Company Secretary
Date: February 7, 2006