Ipsen announces that Beech Tree has obtained an exemption from the obligation to submit a public tender offer

PARIS, FRANCE, 3 April 2026 — Ipsen (Euronext: IPN; ADR: IPSEY) announces that Beech Tree — which directly and indirectly holds 26.03% of Ipsen S.A.’s share capital and 33.05% of its voting rights — has obtained from the French Financial Markets Authority (Autorité des marchés financiers) an exemption from the obligation to file a public tender offer for all Ipsen S.A. shares.¹

This decision is part of the transfer of Mr. Henri Beaufour’s stake in Beech Tree to the Alasol Foundation.

This transfer is accompanied by a governance agreement between Altawin, the Alasol Foundation, and Beech Tree² which essentially provides for: 

• the commitment of the Alasol Foundation to retain its Beech Tree shares for a minimum period of 15 years, corresponding to the initial duration of the agreement, and not to interfere in Beech Tree’s management of its stake in Ipsen S.A., in accordance with the principle of specialization and with Beech Tree’s autonomous governance bodies;
• the recognition of the veto rights held by Altawin, as provided for in³ Beech Tree’s bylaws;
• a commitment by Beech Tree to manage its direct and indirect stake in Ipsen in line with the strategic orientations and governance practices in place during the lifetime of Mr. Henri Beaufour, which the Alasol Foundation has agreed to ensure are implemented;
• coordination between the Alasol Foundation, Beech Tree, and Altawin whenever necessary and, in any event, prior to any general meeting of Beech Tree or Ipsen S.A. shareholders, with the aim of reaching a common position.

About Ipsen
We are a global biopharmaceutical company with a focus on bringing transformative medicines to patients in three therapeutic areas: Oncology, Rare Disease and Neuroscience. Our pipeline is fueled by internal and external innovation and supported by nearly 100 years of development experience and global hubs in the U.S., France and the U.K. Our teams in more than 40 countries and our partnerships around the world enable us to bring medicines to patients in more than 100 countries.

Ipsen is listed in Paris (Euronext: IPN) and in the U.S. through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information, visit ipsen.com.

Disclaimers and/or forward-looking statements
The forward-looking statements, objectives and targets contained herein are based on Ipsen’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 Ipsen’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 Ipsen’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 Ipsen. 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 medicine 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. Ipsen must face or might face competition from generic medicine 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 Ipsen may fail to achieve its objectives and be forced to abandon its efforts with regards to a medicine in which it has invested significant sums. Therefore, Ipsen cannot be certain that favorable results obtained during preclinical 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 medicine concerned. There can be no guarantees a medicine will receive the necessary regulatory approvals or that the medicine 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 healthcare legislation and risks arising from unexpected regulatory or political changes such as changes in tax regulation and regulations on trade and tariffs, such as protectionist measures, especially in the United States; global trends toward healthcare cost containment; technological advances, new medicine and patents attained by competitors; challenges inherent in new-medicine development, including obtaining regulatory approval; Ipsen’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 Ipsen’s patents and other protections for innovative medicines; and the exposure to litigation, including patent litigation, and/or regulatory actions. Ipsen also depends on third parties to develop and market some of its medicines which could potentially generate substantial royalties; these partners could behave in such ways which could cause damage to Ipsen’s activities and financial results. Ipsen 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 Ipsen’s partners could generate lower revenues than expected. Such situations could have a negative impact on Ipsen’s business, financial position or performance. Ipsen 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. Ipsen’s business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers. The risks and uncertainties set out are not exhaustive and the reader is advised to refer to Ipsen’s latest Universal Registration Document, available on ipsen.com.

¹ Decision No. 226C0456 of the French Financial Markets Authority dated April 2, 2026.
² cf. press release published by Beech Tree on March 20, 2026.
³ Relating in particular to (i) any transfer of, or change in, significant shareholdings of Beech Tree (Ipsen shares, MR BMH units, etc.), (ii) any change in share capital, reorganization, or agreement restricting the rights attached to such shareholdings, (iii) the granting of rights over such shareholdings, (iv) any modification to the securities issued by Beech Tree, and (v) decisions relating to the Beaufour–Schwabe Shareholders’ Agreement.

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