**** ****

****UNITED STATES****

****SECURITIES ANDEXCHANGE COMMISSION****

****WASHINGTON, D.C. 20549****

 

****FORM 40-F****

 

| **[Check  One]** |           |                                                                            |       |
|------------------|----------------|---------------------------------------------------------------------------------|------------|
| **o**            | ** **     | ****Registration  Statement Pursuant to Section 12 of the****              | ** ** |
| ** **       | **** **** | ****Securities  Exchange Act of 1934****                                        | ** ** |
| ** **       | ** **     | ** **                                                                      | ** ** |
| **x**            | ** **     | ****Annual Report  Pursuant to Section 13(a) or 15(d) of the**** | ** ** |
| ** **       | **** **** | ****Securities  Exchange Act of 1934****                                        | ** ** |

 
| **For  the fiscal year ended: ******September 30, 2007**** |   | **Commission File Number: 0-30860** |
|----------------------------------------------------------------------|--------|------------------------------------------|

 

****Axcan Pharma Inc.****

(Exact name of Registrant as specified in its charter)

 

****N/A****

(Translation of Registrant’s name into English (if applicable))

 

****Canada****

(Province or other jurisdiction of incorporation or organization)

 

****5122****

(Primary Standard Industrial Classification Code Number (ifapplicable))

 

****N/A****

(I.R.S. Employer Identification Number (if applicable))

 

****597 Laurier Blvd., Mont St-Hilaire, Quebec, Canada J3H 6C4 (450)467-5138****

(Address and telephone number of Registrant’s principal executiveoffices)

 

****CT Corporation System, 111 8th Avenue, 15th Floor, New York, New York,10011 (212) 894-8700****

(Name, address (including zip code) and telephone number)

(including area code of agent for service in the United States)

 

Securitiesregistered or to be registered pursuant to Section 12(b) of the Act.

 

| **Title of each class** | ** **     | **Name of each exchange on which registered** |
|----------------------------------------|----------------|-----------------------------------------------------------------------------|
| ****Common Shares****                  | **** **** | ****The NASDAQ Stock Market, LLC****                                        |

 

Securitiesregistered or to be registered pursuant to Section 12(g) of the Act.

 

****Common Shares****

(Title of Class)

 

Securitiesfor which there is a reporting obligation pursuant to Section 15(d) ofthe Act.

 

****Common Shares****

(Title of Class)

 

Forannual reports, indicate by check mark the information filed with this Form:

 

x  Annual information form                                          x  Audited annual financial statements

 

Indicatethe number of outstanding shares of each of the issuer’s classes of capital orcommon stock as of the close of the period covered by the annual report.

 
| ****Common Shares**** | **** **** | ****55,359,652**** |
|-----------------------|----------------|--------------------|

 

Indicateby check mark whether the Registrant by filing the information contained inthis Form is also thereby furnishing the information to the Commissionpursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934(the **“Exchange Act”**). If “Yes”is marked, indicate the filing number assigned to the Registrant in connectionwith such Rule.

 
|   | Yes o | No x |   |
|--------|-------|-----------|--------|

 

Indicateby check mark whether the Registrant (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Exchange Act during thepreceding 12 months (or for such shorter period that the Registrant wasrequired to file such reports) and (2) has been subject to such filingrequirements for the past 90 days.

 
|   | Yes x | No o |   |
|--------|------------|------|--------|

 

******************

 

Registrantundertakes to make available, in person or by telephone, representatives torespond to inquiries made by the Commission staff, and to furnish promptly,when requested to do so by the Commission staff, information relating to: thesecurities registered pursuant to Form 40-F; the securities in relation towhich the obligation to file an annual report on Form 40-F arises; ortransactions in said securities.

 

**** ****

----

**** ****

****SIGNATURES****

 

Pursuantto the requirements of the Exchange Act, the Registrant certifies that it meetsall of the requirements for filing on Form 40-F and has duly caused thisannual report to be signed on its behalf by the undersigned, thereto dulyauthorized.

 

 
|                               | AXCAN  PHARMA INC. |
|------------------------------------|--------------------|
|                               | (Registrant)       |
|                               |               |   |
|                               |               |   |
| Date: December 28,  2007 | By:      | /s/  Steve Gannon |   |
|                               |               | Steve  Gannon |
|                               |               | Senior  Vice President and Chief Financial Officer |

 

 

EXHIBITS

 
| 99.1 |   | Additional  disclosures required pursuant to Form 40-F instructions and the Nasdaq  Marketplace Rules. |
|------|--------|-------------------------------------------------------------------------------------------------------------|
| 99.2 |   | Management’s  Discussion and Analysis                                                                  |
| 99.3 |   | Consolidated  Financial Statements, U.S. GAAP                                                               |
| 99.4 |   | Annual  Information Form for the Year Ended September 30, 2007                                    |
| 99.5 |   | Rule 13a-14(a) Certificate                                                                        |
| 99.6 |   | Rule 13a-14(a) Certificate                                                                        |
| 99.7 |   | Certification  Pursuant to 18 U.S.C. Section 1350                                                      |
| 99.8 |   | Certification  Pursuant to 18 U.S.C. Section 1350                                                      |
| 99.9 |   | Consent  of Independent Public Accountants                                                                  |

 

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