Ipsen and Galderma become exclusive partners for development and marketing of neurotoxins in the US, Canada, Brazil and Europe1

  Ipsen and Galderma become exclusive partners for development and marketing
  of neurotoxins in the US, Canada, Brazil and Europe1

  *Ipsen and Galderma to expand their current distribution agreement for
    Dysport^®/Azzalure^® in aesthetic and dermatology indications to the US
    and Canada
  *Ipsen and Galderma to collaborate on development and commercialization of
    new neurotoxins, including their respective liquid formulations

Business Wire

PARIS & LAUSANNE, Switzerland -- July 11, 2014

Regulatory News:

Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven pharmaceutical
company, and Galderma, a global healthcare company focused on dermatology and
skin health, today announced that they have significantly expanded the scope
of their neurotoxin partnership.

Marc de Garidel, Chairman and Chief Executive Officer of Ipsen stated: “We are
delighted to expand and deepen our collaboration with Galderma, based on our
common ambition to create a world leader in neurotoxins. The partnership on
Dysport^®/Azzalure^® now covers most key territories, representing three
quarters of the world market for neurotoxins in aesthetic and dermatology
indications. We are confident that Galderma is the best partner to help us
seize the significant growth opportunities lying ahead of Dysport^®/Azzalure^®
and our neurotoxins in development. Through our new R&D partnership, Galderma
will be entitled to develop our promising neurotoxin pipeline in aesthetic and
dermatology indications, including the innovative programs acquired from

Humberto C. Antunes, Chief Executive Officer of Galderma International stated:
“The reinforcement of Galderma’s partnership with Ipsen increases the ability
of both companies to succeed and to meet the needs of both physicians and
patients worldwide over many indications. With this agreement, Galderma will
be able to significantly expand its commercial reach with Dysport^®/Azzalure^®
and to gain access to Ipsen’s state-of-the-art neurotoxin platform to meet the
full range of skin health needs.”

Marc de Garidel  and Humberto C. Antunes added: “We are convinced that this
agreement is beneficial to both companies, that it will create significant
value for our respective shareholders and benefit patients through existing
neurotoxins and those in development.”

Under the terms of the agreement, the Dysport^® distribution rights in the US
and Canada, held originally by Valeant, have been included in the partnership
between Ipsen and Galderma for the distribution of Dysport^®/Azzalure^® in
aesthetic and dermatology indications. This partnership now covers the US,
Canada, Brazil and Europe^2 for a period extending to 2036. As part of this
renegotiated agreement, Galderma will pay €25 million to Ipsen and benefit
from improved margins in those territories. Ipsen will manufacture and supply
the finished product to Galderma and receive royalties from Galderma.

In addition, the companies will increase the scope of their R&D collaboration
through which each company will benefit from the other party’s research
compounds within its respective and exclusive areas of focus. In this regard,
Ipsen will gain control of the intellectual property for Galderma’s liquid
toxin in the US, Canada, Brazil and Europe^2 in exchange for a €10 million
payment, while Galderma retains commercialization rights.

About Ipsen’s botulinum toxin type A

Dysport^®, Ipsen’s botulinum toxin type A, is a neuromuscular blocking toxin
which acts to block acetylcholine release at motor nerve ends and reduces
muscular spasm. It was initially developed for the treatment of movement
disorders such as cervical dystonia (a chronic condition in which the neck is
twisted or deviated), blepharospasm (involuntary eye closure), hemifacial
spasm and various forms of muscle spasticity, including post-stroke arm
spasticity, spasticity of the lower limbs (calf) in adults and children with
cerebral palsy. Dysport^® was originally launched in the United Kingdom in
1991 and has marketing authorizations in 75 countries (at 31 December 2013).

The product is currently referred to as Dysport^® for medical and aesthetic
markets and as Azzalure^® in aesthetic indication in EU.

About Galderma

Galderma is a global company founded in 1981 committed to delivering
innovative medical solutions to meet the dermatological needs of people
throughout their lifetime while serving healthcare professionals around the
world. The company has 34 wholly-owned affiliates with a worldwide network of
distributors and more than 5,000 employees. Galderma’s extensive product
portfolio is available in 80 countries and treats a range of dermatological
conditions including: acne, rosacea, onychomycosis, psoriasis &
steroid-responsive dermatoses, pigmentary disorders, skin cancer and medical
solutions for skin senescence. With approximately 19% of revenues invested
each year to discover and develop new products and access innovative
technologies, the company is one of the world’s leading investors in
dermatology R&D. Five state-of-the-art R&D centers and five manufacturing
sites are dedicated to providing a wide range of innovative medical solutions
which meet the highest standards of safety and efficacy.

About Ipsen

Ipsen is a global specialty-driven pharmaceutical company with total sales
exceeding €1.2 billion in 2013. Ipsen’s ambition is to become a leader in
specialty healthcare solutions for targeted debilitating diseases. Its
development strategy is supported by 3 franchises: neurology, endocrinology
and uro-oncology. Moreover, the Group has an active policy of partnerships.
Ipsen's R&D is focused on its innovative and differentiated technological
platforms, peptides and toxins. In 2013, R&D expenditure totaled close to €260
million, representing more than 21% of Group sales. Moreover, Ipsen also has a
significant presence in primary care. The Group has close to 4,600 employees
worldwide. Ipsen’s shares are traded on segment A of Euronext Paris (stock
code: IPN, ISIN code: FR0010259150) and eligible to the “Service de Règlement
Différé” (“SRD”). The Group is part of the SBF 120 index. Ipsen has
implemented a Sponsored Level I American Depositary Receipt (ADR) program,
which trade on the over-the-counter market in the United States under the
symbol IPSEY. For more information, visit www.ipsen.com.

Forward Looking Statements

The forward-looking statements, objectives and targets contained herein are
based on the Group’s management strategy, 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. All of the above risks could affect the Group’s future
ability to achieve its financial targets, which were set assuming reasonable
macroeconomic conditions based on the information available today. Use of the
words "believes," "anticipates" and "expects" and similar expressions are
intended to identify forward-looking statements, including the Group’s
expectations regarding future events, including regulatory filings and
determinations. Moreover, the targets described in this document were prepared
without taking into account external growth assumptions and potential future
acquisitions, which may alter these parameters. These objectives are based on
data and assumptions regarded as reasonable by the Group. These targets depend
on conditions or facts likely to happen in the future, and not exclusively on
historical data. Actual results may depart significantly from these targets
given the occurrence of certain risks and uncertainties, notably the fact that
a promising product in early development phase or clinical trial may end up
never being launched on the market or reaching its commercial targets, notably
for regulatory or competition reasons. The Group must face or might face
competition from generic products that might translate into a loss of market
share. Furthermore, the Research and Development process involves several
stages each of which involves the substantial risk that the Group may fail to
achieve its objectives and be forced to abandon its efforts with regards to 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. There can be no guarantees a product will receive the
necessary regulatory approvals or that the product will prove to be
commercially successful. If underlying assumptions prove inaccurate or risks
or uncertainties materialize, actual results may differ materially from those
set forth in the forward-looking statements. Other risks and uncertainties
include but are not limited to, general industry conditions and competition;
general economic factors, including interest rate and currency exchange rate
fluctuations; the impact of pharmaceutical industry regulation and health care
legislation; global trends toward health care cost containment; technological
advances, new products and patents attained by competitors; challenges
inherent in new product development, including obtaining regulatory approval;
the Group's ability to accurately predict future market conditions;
manufacturing difficulties or delays; financial instability of international
economies and sovereign risk; dependence on the effectiveness of the Group’s
patents and other protections for innovative products; and the exposure to
litigation, including patent litigation, and/or regulatory actions. The Group
also depends on third parties to develop and market some of its products which
could potentially generate substantial royalties; these partners could behave
in such ways which could cause damage to the Group’s activities and financial
results. The Group cannot be certain that its partners will fulfil their
obligations. It might be unable to obtain any benefit from those agreements. A
default by any of the Group’s partners could generate lower revenues than
expected. Such situations could have a negative impact on the Group’s
business, financial position or performance. The Group 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. The Group’s business is
subject to the risk factors outlined in its registration documents filed with
the French Autorité des Marchés Financiers.

^1 Excluding Russia

^2 Excluding Russia


Didier Véron
Senior Vice-Président, Public Affairs
and Communication
Tel.: +33 (0)1 58 33 51 16
Fax: +33 (0)1 58 33 50 58
E-mail: didier.veron@ipsen.com
Financial Community
Stéphane Durant des Aulnois
Investor Relations Director
Tel.: +33 (0)1 58 33 60 09
Fax: +33 (0)1 58 33 50 63
E-mail: stephane.durant.des.aulnois@ipsen.com
Brigitte Le Guennec
Media and Public Relations Manager
Tel.: +33 (0)1 58 33 51 17
Fax: +33 (0)1 58 33 50 58
E-mail: brigitte.le.guennec@ipsen.com
Thomas Peny-Coblentz, CFA
Investor Relations Deputy Director
Tel.: +33 (0)1 58 33 56 36
Fax: +33 (0)1 58 33 50 63
E-mail:  thomas.peny-coblentz@ipsen.com
Virginie Naigeon
Director of Public Relations and Internal Communications, U.S.
Phone 817 961 5014
E-mail: Virginie.naigeon@galderma.com
Sébastien Cros
Corporate Communications Manager
Phone +33 (0)1 58 86 45 92
E-mail: sebastien.cros@galderma.com
Press spacebar to pause and continue. Press esc to stop.