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

Press Release

Decision No. 226C0456 of the French Financial Markets Authority dated April 2, 2026.

cf. press release published by Beech Tree on March 20, 2026.

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.

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.

Ipsen Contacts

Investors

Henry Wheeler henry.wheeler@ipsen.com +33 7 66 47 11 49
Khalid Deojee khalid.deojee@ipsen.com +33 6 66 01 95 26

Media

Sally Bain sally.bain@ipsen.com +1 857 320 0517
Anne Liontas anne.liontas.ext@ipsen.com +33 7 67 34 72 96

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