Agreement between Ipsen and MSD for the Co-Marketing in France of Adrovance(TM) for the Treatment of Postmenopausal Osteoporosis

Ipsen (ISIN:FR0010259150) (Paris:IPN) and MSD today announced the
signing of a co-marketing agreement under which MSD will grant Ipsen
the marketing rights in France for Adrovance(TM), a fixed combination
of alendronate sodium and cholecalciferol (vitamin D3), indicated for
the treatment of postmenopausal osteoporosis in patients at risk of
vitamin D deficiency.

Adrovance(TM) reduces the risk of vertebral and hip fractures. MSD
currently markets this product under the brand name Fosavance(R).

Under the terms of the agreement, Ipsen will source the product
from MSD, market and sell it under the brand name Adrovance(TM) in
France.

Christophe Jean, Executive Vice President, Chief Operations
Officer of Ipsen said: "The addition of Adrovance(TM), a new product
for the treatment of osteoporosis, to Ipsen's portfolio of products
represents another step forward in the execution of our strategy to
optimize our primary care activity in France. We will thus be able to
further increase the productivity of our sales force". Christophe Jean
added: "We are pleased to collaborate with a world leader like MSD.
Our common commitment, alongside physicians treating this disease,
will allow us, through this partnership, to meet a real public health
concern"

Michel Vounatsos, Vice President MSD Europe and Managing Director
MSD France said: "Major health issue recognized by our Health
Authorities, osteoporosis is one of the key targets of the
Public Health legislation. Working with authorities, physicians,
pharmacists and patients, MSD France reinforces its commitment to
tackle this serious disease with very severe morbimortality
consequences. In this context, we are very proud to announce our
partnership with Ipsen, a very dynamic and professional French based
company".

About osteoporosis

Osteoporosis is a diffuse disease of the skeleton, whose main
characteristic is low bone mass and deterioration of bone tissue.
Resulting bone fragility increases susceptibility to fractures.

Osteoporosis is a severe pathology because of its subsequent
fractures, which may induce pain, impotence, loss of autonomy and
overmortality (fractured neck of femur). Besides, the frequency of
this pathology is high and proportional to age, and is thus growing as
the French population is ageing. The already noticeable impact of
osteoporosis on the healthcare system is therefore increasing.
Moreover, direct medical costs related to osteoporosis were assessed
at 800 million euros in 1999.

Osteoporosis is recognised as a Public Health concern: one of the
100 objectives set by the law voted on August 9, 2004 is "the 10%
reduction of the incidence of fractures of the upper end of the femur
by 2008."

About Adrovance(TM)

Adrovance(TM) is a fixed combination of alendronate sodium
(biphosphonate) and cholecalciferol (vitamin D3 - 2800 UI) as a weekly
treatment regimen.

Alendronate sodium inhibits osteoclats, cells which are
responsible for bone resorption.

Vitamin D's main function is to increase intestinal absorption of
both calcium and phosphate as well as to regulate serum calcium, renal
calcium and phosphate excretion, bone formation and bone resorption.

This medicine is currently in the final stage of registration in
the European Union and in France in the following indication:
treatment of postmenopausal osteoporosis in women at risk of vitamin D
deficiency; AdrovanceTM reduces the risk of vertebral and hip
fractures.

The combination of alendronate sodium / colecalciferol has been
reimbursed in France since October, 2006 in the treatment of
postmenopausal osteoporosis to reduce the risk of vertebral and hip
fractures:

-- in patients with a fracture due to bone fragility

-- without fracture, in women suffering from a significant
reduction of bone density (T score inferior to -3) or with a T
score inferior or equal to -2.5 combined with other risk
factors for fracture, especially an age over 60, a previous or
current systemic corticotherapy with a posology superior or
equal to 7.5 mg/day of prednisone equivalent, a body mass
index inferior to 19 kg/m(2), a history of fracture of the
neck of femur in a first degree parent (mother), a precocious
menopause (before 40)

About Ipsen

Ipsen is a European pharmaceutical group with over 20 products on
the market and a total worldwide staff of nearly 4,000. The company's
development strategy is based on a combination of products in targeted
therapeutic areas (oncology, endocrinology and neuromuscular
disorders), which are growth drivers and primary care products which
contribute significantly to its research financing. This strategy is
also supported by an active policy of partnerships. The location of
its four R&D centres (Paris, Boston, Barcelona, London) gives the
Group a competitive edge in gaining access to leading university
research teams and highly qualified personnel. In 2005, Research and
Development expenditure reached EUR 169.0 million, i.e. 20.9% of
consolidated sales, which amounted to EUR 807.1 million in the Group's
pro forma accounts set up according to the IFRS. Nearly 700 people in
R&D are dedicated to the discovery and development of innovative drugs
for patient care. Ipsen's shares are traded on Segment A of Eurolist
by EuronextTM (stock code: IPN, ISIN code: FR0010259150). Ipsen's
internet website is www.ipsen.com.

About MSD (Merck Sharp & Dohme)

MSD is a global research-driven pharmaceutical company dedicated
to putting patients first. MSD discovers, develops, manufactures and
markets vaccines and medicines in more than 20 therapeutic areas
(cardiology, rheumatology, pneumology, infectiology, oncology,
ophthalmology, urology, dermatology...). In 2005, MSD invested more
than 3.8 billion $ for Research and Development. MSD has a 61 500
worldwide staff, including 7 800 dedicated to research. In France, MSD
has a strong presence, especially in research and manufacturing, with
2 500 employees. MSD has established a partnering strategy and
concluded important agreements with companies. MSD devotes extensive
efforts to increase access to medicines through far-reaching programs
that not only donate MSD medicines but help deliver them to the people
who need them. For more information : visit our international site :
www.merck.com and our MSD France site : www.msd-france.com

Forward-looking statements

The forward-looking statements and targets contained herein are
based on Ipsen's management's current views and assumptions. Such
statements involve known and unknown risks and uncertainties that may
cause actual results, performance or events to differ materially from
those anticipated herein. Ipsen expressly disclaims any obligation or
undertaking to update or revise any forward-looking statements,
targets or estimates contained in this press release to reflect any
change in events, conditions, assumptions or circumstances on which
any such statements are based unless so required by applicable law.
Ipsen's business is subject to the risk factors outlined in its
information documents filed with the French Autorite des Marches
Financiers.