MONT-SAINT-HILAIRE, QUEBEC -- (MARKET WIRE) -- May 10, 2007 -- Axcan Pharma Inc. (“Axcan” or the “Company”) - (TSX: AXP)(NASDAQ: AXCA) today announced that the Company intends to redeem all of its US$125.0 million 4 1/4% convertible subordinated notes (“Notes”) due in April 2008. The redemption price payable by the Company is 100.85 % of the principal amount of the Notes plus accrued and unpaid interest to, but excluding, the redemption date. The Company is required to give at least a 30 business day notice of the date fixed for redemption, and the Company expects to provide this notice in the upcoming days. Once the Notes are called for redemption, they will become convertible, and the Note holders may convert their Notes into common shares of Axcan until the close of business on the business day immediately preceding the redemption date at a conversion price of US $14.01 per common share.
