Axcan Pharma To Hold Annual And Special Meeting Of Shareholders February 22, 2006

MONT SAINT-HILAIRE, QC, Feb. 20 /PRNewswire-FirstCall/ - Axcan Pharma Inc. (“Axcan” or the “Company”) announced today that it will host its fiscal 2005 Annual General Meeting of Shareholders on Wednesday, February 22, 2006. The Meeting will be held at the Centre Mont-Royal in Montreal, 2200 Mansfield Street, at 9:00 A.M. (ET). For those who are unable to attend in person, a webcast of the meeting and management presentation will be available on the Company’s website at www.axcan.com.

Axcan shareholders of record at the close of business on January 9, 2006, will be entitled to vote upon matters considered at the meeting.

Axcan is a leading specialty pharmaceutical company specialized in the field of gastroenterology. Axcan markets a broad line of prescription products sold for the treatment of symptoms in a number of gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, cholestatic liver diseases and complications related to cystic fibrosis. Axcan’s products are marketed by its own sales force in North America and Europe. Its common shares are listed on the Toronto Stock Exchange under the symbol “AXP” and on the NASDAQ National Market under the symbol “AXCA”.

AXCAN PHARMA INC.

CONTACT: Isabelle Adjahi, Director, Investor Relations, Axcan Pharma Inc.,(450) 467-2600 ext. 2000; www.axcan.com; Source: Axcan Pharma Inc. Torequest a free copy of this organization’s annual report, please go tohttp://www.newswire.ca and click on reports@cnw.

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