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GEN News Highlights : Feb 26, 2007

Ipsen Licenses Therapy to Galderma for $40M

Galderma will have exclusive rights to develop, promote, and distribute Dysport®

Ipsen and Galderma entered into a partnership for the development, promotion, and distribution of Ipsen’s botulinum toxin type A, Dysport®, for use in aesthetic medicine indications in Europe and certain other territories. Dysport® acts to block acetylcholine release at motor nerve ends and reduces muscular spasm.

Under the terms of this agreement, Ipsen granted Galderma exclusive rights to develop, promote, and distribute a specific formulation for the aesthetic medicine indications of its botulinum toxin type A product in the European Union, Russia, and certain territories of the Middle East and Eastern Europe. In addition, Ipsen also granted Galderma first rights of negotiation for aesthetic medicine indications in the rest of the world, excluding the United States, Canada, and Japan, as well as rights for future formulations.

Galderma will pay Ipsen an upfront payment of Euro10 million and up to Euro20 million in additional payments upon the achievement of certain milestones, including market approvals and product launches in certain territories, and an additional payment, to be negotiated, with respect to Russia.

Ipsen will manufacture and supply Galderma’s finished product at a fixed supply price. In addition, Galderma will pay royalties to Ipsen. Ipsen will own all regulatory approvals and all data arising from development activities, while Galderma will own the trademark and/or trademark rights in aesthetic medicine indications.