Identification
Symbol
IPN
ISIN code
FR0010259150
Exchange / Market
Euronext
Trading location
Paris
Products family
Funds
ICB
Pharmaceuticals
Website address
Issuer website
http://www.ipsen.com
Operation
IPO date
IPO type

<p>
Global Placement and Open-Price Offer</p>

IPO price
22.20 euros
IPO type
Initial Public offering
Catégorie
IPO
Operation procedure

<p>
Conditions applying to both Global Placement and Open Price Offer The first share price will be set at the end of the OPO and will take account of the demand expressed in the Global Placement. The prices of the Global Placement and the OPO are the same. The definitive price will be set on December 6th, 2005 after centralisation of the OPO and should be published by Euronext Paris in a notice that same day. The final share price may be set outside the ementioned range. The Global Placement Prior to the quotation, a part of the shares will be distributed to institutional investors, within the framework of a Global Placement realised in France and abroad (including the United States) - Number of shares: 13,139,556 shares (i.e 90% of the offered shares before the exercise of the over allocation option). The number of shares offered within the Global Placement may be increased if the OPO is not fully subscribed. - Underwriters: Goldman Sachs International as global coordinator and joint Bookrunner, BNP Paribas as joint Bookrunner, ABN Amro Rothschild, HSBC France and Soci&eacute;t&eacute; G&eacute;n&eacute;rale as co-lead managers. The Open Price Offer Number of shares in the OPO: 1,459,951 shares (i.e. 10% of the offered shares before the exercise of the over allocation option) The number of shares offered within the Global Placement may be reduced in order to increase the OPO. The OPO is mainly open to natural persons.</p>

Operation description
Operation calendar

<p>
- Period of the Global Placement: from November 22nd, 2005 to December 6th, 2005 (12:00) - Period of the Open Price Offer: from November 22nd, 2005 to December 5th, 2005 (17:30) - First quotation: December 6th, 2005 - Beginning of trading: December 7th, 2005 - From December 7th, 2005 and until December 9th, 2005 inclusive: trading of new and old shares on a single quotation line &quot;IPSEN PROMESSES&quot; under the code FR0010259150 - From December 12th, 2005: the IPSEN share will be quoted under the title &quot;IPSEN&quot;, code ISIN FR0010259150 (unchanged) and mnemonic IPN (unchanged)</p>

Price range
21.70 euros – 25.20 euros
Broker to issue

<p>
Goldman Sachs International<br />
BNP Paribas<br />
ABN Amro Rothschild<br />
HSBC France<br />
Soci&eacute;t&eacute; G&eacute;n&eacute;rale</p>