New Collaboration between Ipsen and Erasmus MC in Endocrinology

Regulatory News:

Ipsen (Paris:IPN) and Erasmus University Medical Center Rotterdam
(Erasmus MC) today announced that they have extended their alliance by
concluding a collaboration agreement to identify and progress
therapeutic concepts and innovative products within the fields of
endocrinology, diabetes and metabolism. Moreover, Erasmus Research
Institute for Neuroendocrinology (ERINE) was established recently
within the Internal Medicine Department of Erasmus MC.

ERINE is headed by Professor Aart-Jan van der Lely. This institute
is funded by the proceeds of the sale by Erasmus MC of a patent
application to Ipsen, disclosed in January 2007.

Ipsen and ERINE research teams will meet regularly to identify new
therapeutic opportunities leading to novel pharmaceutical compounds,
or the identification of novel indications for products marketed in
endocrinology. The parties will identify and validate targets of
mutual interest and test compounds in order to produce lead candidates
for further development. All joint inventions will be owned by Erasmus
MC with Ipsen having an exclusive option to license and commercialize
these inventions.

"Erasmus MC is one of the leading academic centers in the
treatment of endocrine diseases" said Jacques-Pierre Moreau, Executive
Vice-President, Chief Scientific Officer of Ipsen. "Thus it is
gratifying for Ipsen to have the opportunity to be associated with a
group of world class scientists with whom we intend to collaborate
closely in the search for novel therapeutic concepts and products for
the treatment of endocrine conditions such as diabetes and obesity
which are rapidly becoming a world pandemic."

Professor Van der Lely added: "We have known Ipsen for many years
as a reliable scientific partner. Cooperation within ERINE offers us
the opportunity to exchange ideas directly with a company which is
leading in the market of applications of research in our field."

About Erasmus MC

Erasmus MC is one of the leading research institutes, nationally
as well as internationally. Research activities vary from fundamental
biomedical research to clinical research and from epidemiology to
social healthcare and healthcare policy and management. As largest
university medical center in the Netherlands, with 2,500 students,
1,500 scientific staff and more than 12,000 employees, Erasmus MC
provides referral care and last resort referral care to 3 million
people in the south west of the Netherlands. Please visit
www.erasmusmc.nl.

About Ipsen

Ipsen is an innovation driven international specialty
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 Research and
Development centres (Paris, Boston, Barcelona, London) gives the Group
a competitive edge in gaining access to leading university research
teams and highly qualified personnel. In 2006, R&D expenditure was EUR
178.3 million, i.e. 20.7% of consolidated sales, which amounted to EUR
861.7 million while total revenues amounted to EUR 945.3 million (in
IFRS). 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 Euronext(TM) (stock code: IPN, ISIN
code: FR0010259150). Ipsen´s shares are eligible to the "Service de
Reglement Differe" ("SRD") and the Group is part of the SBF 250 index.
From 24 December 2007, the Group will be part of the SBF120 index. For
more information on Ipsen, visit our website at www.ipsen.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. Moreover, the Research and Development
process involves several stages at each of which there is a
substantial risk that the Group will fail to achieve its objectives
and be forced to abandon its efforts in respect of a product in which
it has invested significant sums. Therefore, the Group cannot be
certain that favourable results obtained during pre-clinical trials
will be confirmed subsequently during clinical trials, or that the
results of clinical trials will be sufficient to demonstrate the safe
and effective nature of the product concerned, or that the regulatory
authorities will be satisfied with the data and information provided
by the Company. 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.