The layer-by-layer (LbL) adsorption of anionic polyelectrolytes (PE) and tobramycin sulfate (TbS) multilayers on zinc oxide core particles followed by the controlled core-removal process leads to the formation of ultrathin capsules, which gradually convert to biaqueous vesicles and emulsion-like systems depending on the hydrophilicity/hydrophobicity of the PE backbone, PE/TbS ratio, and Zn2+ concentration. The unique characteristics of the PE/TbS multilayer capsules result because of the formation of PE/TbS/H2O biphasic liquid systems unlike the other LbL capsular systems that form stiff PE coacervates when mixed together in water. This paper investigates the PE/TbS ultrathin capsule to biaqueous vesicle transition and its physicochemical properties.