PRESS RELEASE

Ipsen and Interprotein enter into a researchcollaboration for novel peptides in endocrinology
 Research collaboration for new therapeutic peptides
 Ipsen to have an option to exclusive rights to develop andcommercialize new drug candidates
Paris (France) and Osaka-City (Japan), 19 November 2015 - Ipsen (Euronext: IPN, ADR:IPSEY), a global specialty driven pharmaceutical Group, and Interprotein Corporation(Interprotein), a Japanese R&D focused biotechnology company, today announced that they
have signed a research collaboration and an option agreement to develop andcommercialize new therapeutic peptides intended for serious medical conditions inendocrinology, such as Cushing’s disease.
Under the terms of the agreement, Ipsen will combine its expertise in design anddevelopment of therapeutic peptides targeting specific receptors with Interprotein’s ProteinProtein Interaction (PPI) and helix-loop-helix-peptide (HLHP) technologies.
“We are very excited to be involved in Ipsen’s innovative drug discovery program for this raredisease. We are particularly proud that our technological platform has been selected toadvance Ipsen’s target molecules. This agreement fits our strategy to partner on PPItargeted Drug Discovery activities", said Masato Hosoda, Chief Executive Officer atInterprotein. “Our intention is for this partnership between Ipsen and Interprotein topotentially provide an innovative solution to improve quality of life of patients with serious
diseases, and consequently reinforce the value of HLHP as therapeutic PPI inhibitors“, said
Hirotsugu Komatsu, Ph.D., Chief Scientific Officer at Interprotein.
Claude Bertrand, Executive Vice president R&D, Chief Scientific Officer at Ipsen stated:“Ipsen looks forward to benefiting from Interprotein’s innovative peptide discovery
technologies to support Ipsen’s leading therapeutic peptide R&D capabilities and todeveloping new therapeutic solutions for serious unmet medical needs. Such a collaboration
exemplifies Ipsen’s strategy in R&D where open innovation and partnerships are key toadvance treatments in its focused medical areas. ”

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Under the financial terms of the agreement, should Ipsen exercise its option and fully develop thecompound(s), payments to Interprotein could reach up to €165 million, in upfront, success-driven R&D,
regulatory and commercial milestones, with additional royalties on world-wide annual net sales.
About Interprotein
Interprotein is focusing on PPIs as drug targets with great potential and conducing drug discovery
research of PPI antagonists and agonists using two technology platforms, i.e. helix-loop-helix peptides(HLHP) and INTerprotein’s Engine for New Drug Design (INTENDD®). HLHP is a conformationallyconstrained peptide with two helices linked on both sides, and INTENDD® is a strategic approach forstructure-based drug discovery (SBDD) of small molecules and can efficiently identify new drug-likescaffolds by Structure-Based Scaffold Generation (SGSG®) method. For additional information, pleasevisit http://www.interprotein.com.
About Ipsen
Ipsen is a global specialty-driven biotechnological group with total sales exceeding €1.2 billion in 2014.
Ipsen sells more than 20 drugs in more than 115 countries, with a direct commercial presence in 30
countries. 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 urology-oncology. Ipsen’s commitment to oncology is exemplified through its growing portfolio ofkey therapies improving the care of patients suffering from prostate cancer, bladder cancer orneuroendocrine tumors. Ipsen also has a significant presence in primary care. Moreover, the Group
has an active policy of partnerships. Ipsen's R&D is focused on its innovative and differentiatedtechnological platforms, peptides and toxins, located in the heart of the leading biotechnological andlife sciences hubs (Les Ulis, France; Slough/Oxford, UK; Cambridge, US). In 2014, R&D expenditure
totaled close to €187 million, representing about 15% of Group sales. The Group has more than 4,500
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 ispart 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 symbolIPSEY. For more information on Ipsen, visit www.ipsen.com
Ipsen 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 fromthose 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 theinformation 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 ondata and assumptions regarded as reasonable by the Group. These targets depend on conditions orfacts likely to happen in the future, and not exclusively on historical data. Actual results may departsignificantly from these targets given the occurrence of certain risks and uncertainties, notably the factthat a promising product in early development phase or clinical trial may end up never being launchedon the market or reaching its commercial targets, notably for regulatory or competition reasons. TheGroup must face or might face competition from generic products that might translate into a loss ofmarket share. Furthermore, the Research and Development process involves several stages each ofwhich involves the substantial risk that the Group may fail to achieve its objectives and be forced toabandon its efforts with regards to a product in which it has invested significant sums. Therefore, theGroup 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
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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 anduncertainties include but are not limited to, general industry conditions and competition; general
economic factors, including interest rate and currency exchange rate fluctuations; the impact ofpharmaceutical industry regulation and health care legislation; global trends toward health care costcontainment; technological advances, new products and patents attained by competitors; challenges
inherent in new product development, including obtaining regulatory approval; the Group's ability toaccurately predict future market conditions; manufacturing difficulties or delays; financial instability ofinternational 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 suchways which could cause damage to the Group’s activities and financial results. The Group cannot becertain that its partners will fulfil their obligations. It might be unable to obtain any benefit from thoseagreements. 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 orperformance. 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, unlessso 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.
For further information:
Ipsen
MediaDidier Véron
Senior Vice-President, 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

Brigitte Le Guennec
Corporate External Communication
Tel.: +33 (0)1 58 33 51 17
Fax: +33 (0)1 58 33 50 58
E-mail : brigitte.le.guennec@ipsen.com

Financial Community
Stéphane Durant des Aulnois
Vice-President, Investor Relations
Tel.: +33 (0)1 58 33 60 09
Fax: +33 (0)1 58 33 50 63
E-mail: stephane.durant.des.aulnois@ipsen.com

Côme de La Tour du Pin
Investor Relations Manager
Tel.: +33 (0)1 58 33 53 31
Fax: +33 (0)1 58 33 50 63
E-mail: come.de.la.tour.du.pin@ipsen.com

Interprotein
Hirotsugu Komatsu, Ph.D.
CSO and Director, R&D and BD Division
TEL: +81-(0)42-770-9477
FAX: +81-(0)42-770-9477
E-mail: komatsu@interprotein.com

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