Document:

Exhibit 4.2.3  

Private & Confidential
  Mr Ian Gowrie-Smith

105 Piccadilly

London

W1J 7NJ 

Dated
as of 23rd June 2004 

Dear
Ian 

        I
am writing to set out the terms of your appointment as Non-Executive Chairman of SkyePharma PLC. It is agreed that this is a contract for services and is not a contract of
employment. 

Appointment  

        Your appointment as Non-Executive Chairman will be for a term of three years commencing on 23rd June 2004, unless otherwise
terminated earlier by and at the discretion of either party upon one month's written notice. Continuation of your contract of appointment is contingent on satisfactory performance and
re-election at forthcoming AGMs. 

Time commitment  

        We anticipate a significant time commitment which will normally include attendance at monthly board meetings, the AGM and at least one site visit per year. In
addition, you will be expected to devote appropriate preparation time ahead of each meeting. 

        By
accepting this appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of your role—the Company expects you to undertake at
least 75 days work per year in your capacity as Non-Executive Chairman. 

        You
will be provided with appropriate office facilities to enable you to undertake the work on behalf of the Company. 

Role  

        You will have the same general legal responsibilities to the Company as you did as Executive Chairman. The Board of the Company as a whole is collectively
responsible for the success of the company. The Board: 

	•
	provides
entrepreneurial leadership of the Company within a framework of prudent and effective controls which enable risk to be assessed and managed;

	•
	sets
the Company's strategic aims, ensures that the necessary financial and human resources are in place for the Company to meet its objectives, and reviews management
performance; and

	•
	sets
the Company's values and standards and ensure that its obligations to its shareholders and others are understood and met. 

        All
directors must take decisions objectively in the interests of the Company. In addition it is the responsibility of the Chairman to: 

	•
	run
the Board and set its agenda. The agenda should take full account of the issues and the concerns of all Board members. Agendas should be forward looking and concentrate
on strategic matters rather than formulaic approvals of proposals which can be the subject to appropriate delegated powers to management; 

	•
	ensure
that the members of the Board receive accurate, timely and clear information, in particular about the Company's performance, to enable the Board to take sound
decisions, monitor effectively and provide advice to promote the success of the Company;

	•
	ensure
effective communication with shareholders and ensure that the members of the Board develop an understanding of the views of the major investors;

	•
	manage
the Board to ensure that sufficient time if allowed for discussion of complex or contentious issues, where appropriate arranging for informal meetings beforehand to
enable thorough preparation for the Board discussion. It is particularly important that Non-Executive Directors have sufficient time to consider critical issues and are not faced with
unrealistic deadlines for decision-making;

	•
	take
the lead in providing a properly constructed induction for new directors that is comprehensive, formal and tailored, facilitated by the Company Secretary;

	•
	take
the lead in identifying and meeting the development needs of individual directors, with the Company Secretary having a key role in facilitating provision. It is the
responsibility of the Chairman to address the development needs of the board as a whole with a view to enhancing its overall effectiveness as a team;

	•
	ensure
that the performance of the individuals and of the Board as a whole and its committees is evaluated at least once a year; and

	•
	encourage
active engagement by all the members of the Board. 

Fees  

        You will be paid a fee of £140,000 gross per annum which will be paid monthly in arrears and which will be subject to an annual review by the board.
Where you have undertaken work over and above the expected level of 75 days you will be remunerated at a per diem rate of £2,000. 

        The
Company will reimburse you for all reasonable and properly documented expenses you incur in performing the duties of your office. Expenses will include reasonable costs you incur for
the provision of secretarial support although such costs should be agreed in writing in advance with the Company. 

Outside interests  

        It is accepted and acknowledged that you have business interests other than those of the Company and have declared any conflicts that are apparent at present. In
the event that you become aware of any potential conflicts of interest, these should be disclosed to the Board and Company Secretary as soon as apparent. 

Confidentiality  

        All information acquired during your tenure is confidential to the Company and should not be released, either during your appointment or following termination (by
whatever means), to third parties without prior clearance from the Board. 

        Your
attention is also drawn to the requirements under both legislation and regulation as to the disclosure of price sensitive information. Consequently you should avoid making any
statements that might risk a breach of these requirements without prior clearance from the Board or Company Secretary. 

Insurance  

        The Company has directors' and officers' liability insurance and it is intended to maintain such cover for the full term of your appointment. The current
indemnity limit is £15 million; a copy of the policy document is attached. 

Independent professional advice  

        Occasions may arise when you consider that you need professional advice in the furtherance of your duties as a director. Circumstances may occur when it will be
appropriate for you to seek advice from independent advisors at the Company's expense. The Company will reimburse the full cost of expenditure incurred in accordance with the attached schedule of
Matters Reserved for the Main Board. 

        Please
indicate your acceptance of these terms by signing and returning the enclosed copy of the letter. 

	 
	 	 

	Yours sincerely	 	Approved byExhibit 4.2.4  

Private & Confidential  

[                        ]

[                        ] 

[                        ]

[                        ]

[                        ]

[Date]

Dear
[            ] 

        On
[date], upon the recommendation of the nomination committee, the board of SkyePharma PLC ('the Company') has appointed you as non-executive
director. I am writing to set out the terms of your appointment. It is agreed that this is a contract for services and is not a contract of employment. 

Appointment  

        Your appointment will be for an initial term of three years commencing on [date], unless otherwise terminated earlier by and at the
discretion of either party upon one month's written notice. Continuation of your contract of appointment is contingent on satisfactory performance and re-election at forthcoming
AGMs. Non-executive directors are typically expected to serve two three-year terms, although the board may invite you to serve an additional period. 

Time commitment  

        We anticipate a significant time commitment which will normally include attendance at monthly board meetings, the AGM and at least one site visit per year. In
addition, you will be expected to devote appropriate preparation time ahead of each meeting. 

        By
accepting this appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of your role. The agreement of the chairman should be sought
before accepting additional commitments that might impact on the time you are able to devote to your role as a non-executive director of the company. 

Role  

        Non-executive directors have the same general legal responsibilities to the company as any other director. The board as a whole is collectively
responsible for the success of the company. The board: 

	•
	provides
entrepreneurial leadership of the company within a framework of prudent and effective controls which enable risk to be assessed and managed;

	•
	sets
the company's strategic aims, ensures that the necessary financial and human resources are in place for the company to meet its objectives, and reviews management
performance; and

	•
	sets
the company's values and standards and ensure that its obligations to its shareholders and others are understood and met. 

        All
directors must take decisions objectively in the interests of the company. In addition to these requirements of all directors, the role of the non-executive director has
the following key elements: 

	•
	Strategy. Non-executive directors should constructively challenge and help develop proposals on strategy; 

	•
	Performance. Non-executive directors should scrutinise the performance of management in meeting agreed goals and
objectives and monitor the reporting of performance;

	•
	Risk. Non-executive directors should satisfy themselves on the integrity of financial information and that
financial controls and systems of risk management are robust and defensible; and

	•
	People. Non-executive directors are responsible for determining appropriate levels of remuneration of executive
directors and have a prime role in appointing, and where necessary removing, executive directors and in succession planning. 

Fees  

        You will be paid a fee of £[            ] gross per annum which will be paid monthly in arrears and which will be
subject
to an annual review by the board. The company will reimburse you for all reasonable and properly documented expenses you incur in performing the
duties of your office. The fee excludes additional fees payable for committee membership if appropriate. 

Outside interests  

        It is accepted and acknowledged that you have business interests other than those of the company and have declared any conflicts that are apparent at present. In
the event that you become aware of any potential conflicts of interest, these should be disclosed to the chairman and company secretary as soon as apparent. 

        The
board of the Company has determined you to be independent according to provision A.3.1 of the Code. 

Confidentiality  

        All information acquired during your appointment is confidential to the Company and should not be released, either during your appointment or following
termination (by whatever means), to third parties without prior clearance from the chairman. 

        Your
attention is also drawn to the requirements under both legislation and regulation as to the disclosure of price sensitive information. Consequently you should avoid making any
statements that might risk a breach of these requirements without prior clearance from the chairman or company secretary. 

Induction  

        After your appointment the Company will provide a comprehensive, formal and tailored induction. We will also arrange for site visits and meetings with senior and
middle management and the Company's auditors. 

Review process  

        The performance of individual directors and the whole board and its committees is evaluated annually. If, in the interim, there are any matters which cause you
concern about your role you should discuss them with the chairman as soon as is appropriate. 

Insurance  

        The Company has directors' and officers' liability insurance and it is intended to maintain such cover for the full term of your appointment. The current
indemnity limit is £[            ]; a copy of the policy document is attached. 

Independent professional advice  

        Occasions may arise when you consider that you need professional advice in the furtherance of your duties as a director. Circumstances may occur when it will be
appropriate for you to seek advice from independent advisors at the company's expense. The Company will reimburse the full cost of expenditure incurred in accordance with the attached schedule of
Matters Reserved for the Main Board. 

Committees  

        This will be covered in due course in a separate communication setting as appropriate any specific responsibilities and any additional fees that may be involved.
Copies of the committees' Terms of Reference are attached. 

        Please
indicate your acceptance of these terms by signing and returning the enclosed copy of the letter. 

	 
	 	 

	Yours sincerely	 	Approved by

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