Celtic Pharma Announces Strategic Partnership Between Ipsen and Inspiration Biopharmaceuticals

NEW YORK, LONDON and HAMILTON, Bermuda, January 21 - Celtic Pharmaceutical Holdings L.P. ("Celtic Pharma") today announced the
formation of a strategic partnership between Ipsen and Inspiration
Biopharmaceuticals ("Inspiration") to create a world leading hemophilia
franchise, an important milestone for the Celtic Pharma portfolio.

Prior to this strategic partnership, Celtic Pharma held a direct interest
in Inspiration's lead compound, IB1001 ("rFIX"), a new version of recombinant
Factor IX which is in late stage clinical trials for the acute and
preventative treatment of bleeding in patients with hemophilia B. The firm
also held an equity interest in the company. As part of this transaction,
Celtic Pharma has exchanged both interests into a new class of preferred
shares in Inspiration, constituting a significant equity interest in the new
enterprise.

As part of the agreement, Ipsen will provide up to $259 million of
funding to Inspiration for the further development and commercialization of
OBI-1 and Inspiration's hemophilia products. At closing, Ipsen will acquire
shares of Inspiration preferred stock for $85 million, representing a 20%
ownership stake in Inspiration. Inspiration will exclusively sub-license
worldwide rights to OBI-1, Ipsen's recombinant porcine factor VIII product
for the treatment of patients with acquired hemophilia and hemophilia A, who
have developed an inhibitory immune reaction to human forms of factor VIII,
which is scheduled to begin a Phase III trial this year. Under the terms of
the agreement, Ipsen will make payments of up to $174 million to Inspiration
upon the achievement of certain clinical and regulatory milestones. Upon
certain triggering events, Ipsen would also have a defined path to acquire
control of Inspiration.

"The vision that has driven this bold strategic move by the leadership of
both Ipsen and Inspiration further validates our investment model," says
Stephen Evans-Freke, Managing General Partner of Celtic Pharma. "The
therapeutic expertise of both Inspiration and Ipsen creates the opportunity
to build the leading franchise in hemophilia over the coming years and,
through four products in development, make available therapy choices for
virtually the entire global hemophilia patient population. We are excited to
be a part of this important initiative, and thank the Inspiration team for
the opportunity to partner with them in bringing Inspiration and rFIX to this
point."

"This substantive transaction demonstrates a major increase in value and
creates a new force in hemophilia," commented John Mayo, Managing General
Partner of Celtic Pharma. "It is a win, win, win deal for Ipsen, Inspiration
and Celtic Pharma."

"We are thankful to Celtic Pharma for their early commitment to
Inspiration and their willingness to structure a creative investment in our
company," said John Taylor, Co-Founder and Chairman of Inspiration. "In
particular, we appreciate the contribution of Celtic's investment team, led
by Reinaldo M. Diaz, in enabling Inspiration to achieve this important
milestone."

About Celtic Pharmaceutical Holdings L.P.

Celtic Pharmaceutical Holdings L.P. (Celtic Pharma) is a global private
equity investment firm focused on the biotechnology and pharmaceutical
industries. Celtic Pharma was founded by Stephen Evans-Freke and John Mayo,
CBE and is based in Bermuda, with offices in New York and London. Celtic
Pharma acquires and invests in late stage pharmaceutical programs and manages
these programs through their development to regulatory approval. Celtic
Pharma's aim is to bridge the gap between the established pharmaceutical
companies' new product pipeline crisis and the biotech industry's capital
drought. For further information, please visit Celtic Pharma's website at
www.celticpharma.com.

Forward-Looking Statements

Certain statements in this press release that are not historical facts,
including statements that are preceded by, or followed by, or that include
words such as "may," "expect," "anticipate," "believe," or "plan," or similar
statements, are forward-looking statements that involve risks and
uncertainties, including risks relating to the results of the clinical trials
for rFIX and the ability of Inspiration to obtain regulatory approval for
rFIX. Actual results may differ materially from those projected. These
forward-looking statements represent our judgment as of the date of the
release. We disclaim, however, any intent to update these forward-looking
statements.

Kathy Armstrong, Investor Relations of Celtic Pharma, +1-212-616-4042, kathy at celticpharma.com; or media, in the US, Robert Stanislaro, +1-212-850-5657, or Irma Gomez-Dib, +1-212-850-5761, or in the UK, John Dineen, +44(0)20-7269-7193, all of FD