Paladin Labs Inc. Acquires Products from Shire Pharmaceuticals

MONTREAL, CANADA--(MARKET WIRE)--May 2, 2007 -- Paladin Labs Inc. (Toronto:PLB.TO - News), through its wholly owned subsidiary, Squire Pharmaceuticals Inc. today announced that it has entered into an agreement with Shire BioChem Inc., Shire US Inc. Shire US Manufacturing Inc. and Shire LLC to acquire a total of eight products currently marketed in Canada by Shire BioChem Inc. The agreement includes the acquisition of the rights to the following products: (1) Barriere-H.C.® (hydrocortisone - silicone), (2) Betnesol® (betamethasone), (3) Duvoid® (bethanechol chloride), (4) Florinef® (fludrocortisone acetate), and (5) Propaderm® (beclomethasone dipropionate). In addition, the agreement includes three additional products to be announced and phased in at a later date. Financial terms of the agreement were not disclosed.

According to IMS Canada, in 2006, Canadian sales of the portfolio of products amounted to approximately $6.7 million. The portfolio spans urology, dermatology, metabolic and central nervous system disorders, and will complement existing Paladin products in these therapeutic areas.

"We welcome the opportunity to expand our business relationship with Shire. This portfolio of products includes several medically necessary products that Paladin is pleased to continue to make available to Canadian patients," said Jonathan Ross Goodman, President and CEO of Paladin Labs. "The on-boarding and continued distribution of this portfolio falls within one of our organization's core competencies and will prove synergistic with existing distribution activities on our broader base business. As always, Paladin remains focused on pursuing additional opportunities to extend our product portfolio."

About Paladin Labs

Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Company's web site at www.paladinlabs.com.

These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiary may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2006. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly fillings, annual report and Annual Information Form and other fillings found on SEDAR at www.sedar.com

Contact: Contacts: Paladin Labs Inc. Samira Sakhia, Chief Financial Officer 514-340-5067 514-344-4675 (FAX) info@paladin-labs.com http://www.paladinlabs.com

Source: Paladin Labs Inc.

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