Group 1 - The total number of shares composing the share capital as of December 31, 2025, is 83,814,526 [1] - The gross total of voting rights is 132,013,627, while the net total of voting rights is 130,586,129 [1] - There exists a statutory clause that imposes an obligation to declare threshold crossing, which is complementary to the legal thresholds [1] Group 2 - The gross total includes shares with double voting rights and treasury shares, while the net total excludes shares without voting rights [2]

Core Viewpoint - Ipsen has provided a half-year statement regarding its liquidity agreement with NATIXIS ODDO BHF, detailing the resources allocated to the liquidity account as of December 31, 2025, and the trading volume executed during the second half of 2025 [1]. Group 1: Company Overview - Ipsen is a global biopharmaceutical company focused on transformative medicines in oncology, rare diseases, and neuroscience, with nearly 100 years of development experience [2]. - The company operates in over 40 countries and partners globally to deliver medicines to more than 100 countries [2]. Group 2: Financial Details - As of December 31, 2025, the liquidity account included resources amounting to €2,126,437.66 from 30,064 shares and €3,137,934.80 from 12,751 shares [6]. - The trading volume during the period from July 1, 2025, to December 31, 2025, included 384,725 shares purchased for €44,989,151.30 and 392,691 shares sold for €45,795,172 [6].

Group 1 - The global stock market has seen a significant rise, with the Hang Seng Index increasing nearly 3% in the first week of the new year, particularly driven by the innovative drug sector, which is expected to continue its rebound [1][2] - The innovative drug sector was previously affected by liquidity issues and year-end accounting effects, but the current market conditions present an opportunity for investors as the sector has returned to levels seen in June 2025 [1][2] - The recent comments from Trump regarding Venezuelan oil extraction, which could increase oil supply by approximately 30%, are expected to exert downward pressure on inflation and raise the likelihood of interest rate cuts by the Federal Reserve, benefiting the innovative drug sector [1][2] Group 2 - The innovative drug sector is anticipated to remain a key investment theme in 2025, with the Hang Seng Innovative Drug Index having outperformed the Hang Seng Technology Index significantly, showing a 64% increase compared to the latter's 23% [4] - The sector has experienced a remarkable rebound, with a peak increase of over 116%, although it has since retraced to levels seen in June 2025 due to overall market weakness [4][20] - The trend of overseas licensing deals for Chinese innovative drug companies has become a norm, with several high-value transactions occurring, such as a $60 billion deal between 3SBio and Pfizer, indicating strong international interest [6][8][11] Group 3 - The innovative drug sector is benefiting from supportive policies that have shifted focus towards quality, reducing previous concerns about profitability in the domestic market [14][19] - The introduction of measures to stabilize pricing and ensure quality in the procurement process is expected to positively impact innovative drug companies [16][19] - The overall valuation of the innovative drug sector has adjusted downwards, making it more attractive for investment, especially with the anticipated increase in business development (BD) transactions and favorable monetary policy [20][22] Group 4 - The innovative drug sector's performance is expected to be bolstered by a series of upcoming medical conferences, which are typically high points for BD transactions, providing opportunities for early investment [13] - The sector's growth is supported by a multi-faceted payment system that includes insurance and government funding, creating a conducive environment for rapid expansion [19] - Investment in innovative drugs can be effectively achieved through ETFs, such as the E Fund Innovative Drug ETF (159316), which focuses on leading companies in the sector [22][24]

Core Insights - Ipsen has secured a licensing deal for a Chinese-developed antibody drug conjugate (ADC) that could exceed $1 billion, highlighting the growing significance of ADCs in the oncology sector in 2025 [1][2]. Company Summary - Ipsen has signed a licensing agreement with Simcere Zaiming for the ADC asset SIM0613, which is set to begin clinical development in 2026. The deal grants Ipsen global rights for the cancer treatment outside of Greater China, with potential payments to Simcere Zaiming reaching $1.06 billion [2]. - Ipsen will manage manufacturing rights and oversee Phase I preparation activities, including regulatory submissions. The therapy has shown promising results in preclinical models, with plans for a Phase I trial in cancer patients anticipated in the second half of 2026 [3]. - SIM0613 targets the LRRC15 protein, which is highly expressed in various tumor types and cancer-associated fibroblasts, while exhibiting limited expression in normal cells, allowing for a targeted approach in killing cancer cells [4]. - Ipsen has been actively expanding its oncology portfolio, adding over 20 early-stage programs since 2020, and aims to position itself as a leader in the oncology market [5]. Industry Summary - The ADC market is experiencing rapid growth, with projected revenues expected to exceed $45 billion by 2030, indicating a strong investment trend among pharmaceutical companies [6]. - Major pharmaceutical companies, including Boehringer Ingelheim and Roche, have made significant investments in ADC technologies this year, reflecting the competitive landscape and the increasing importance of ADCs in cancer treatment [7].

Core Insights - Ipsen has entered an exclusive licensing agreement for global rights outside of Greater China for SIM0613, an antibody-drug conjugate (ADC) targeting the LRRC15 protein, which is designed for enhanced tumor penetration and differentiated anti-tumor activity in solid tumors with high unmet needs [1][2][3] Company Overview - Ipsen is a global biopharmaceutical company focused on transformative medicines in oncology, rare diseases, and neuroscience, with nearly 100 years of development experience and operations in over 40 countries [4][5] Product Details - SIM0613 targets the LRRC15 protein, which is highly expressed in various tumor types and cancer-associated fibroblasts, allowing for selective internalization and release of a cytotoxic payload to kill cancer cells while sparing healthy cells [3][7] - The ADC is engineered for deep tumor penetration, showing robust tumor regressions in multiple in vivo preclinical models [3][7] Financial Terms - Under the licensing agreement, Simcere Zaiming is eligible to receive up to $1.06 billion in total payments, which includes upfront, development, regulatory, and commercial milestone payments, as well as tiered royalties on sales [2][7] Development Timeline - The program is expected to enter Phase I clinical development in the second half of 2026 [7]

Core Viewpoint - The announcement highlights a significant licensing agreement between Jiangsu Xiansheng Zaiming Pharmaceutical Co., Ltd. and Ipsen Pharma SAS, granting Ipsen exclusive global rights to develop, manufacture, and commercialize the antibody-drug conjugate SIM0613 outside Greater China, with potential financial benefits for the company totaling up to $1.06 billion [1]. Group 1 - Jiangsu Xiansheng has entered into an exclusive licensing agreement with Ipsen Pharma for the ADC SIM0613, targeting LRRC15 [1]. - The agreement includes an upfront payment of $45 million, along with milestone payments related to research, regulatory, and commercialization achievements, and tiered royalties on sales [1]. - SIM0613 is designed to target LRRC15, which is highly expressed in various solid tumors and tumor-associated fibroblasts, while showing minimal expression in normal cells [1]. Group 2 - The ADC SIM0613 is engineered to penetrate tumors and tumor-associated fibroblasts effectively, demonstrating significant tumor regression in various preclinical in vivo models [1]. - The potential total financial inflow of $1.06 billion includes various payment structures, indicating a strong commercial opportunity for Jiangsu Xiansheng [1].

Core Insights - Ipsen announced that the pivotal Phase II FALKON trial did not meet its primary endpoint of reducing new heterotopic ossification (HO) in patients with fibrodysplasia ossificans progressiva (FOP) compared to placebo, leading to the closure of the study [1] - The investigational product, fidrisertib, was generally well tolerated with no safety concerns reported during the trial [1] Summary by Sections FALKON Trial Results - The FALKON trial was the largest Phase II trial for FOP, enrolling 113 patients globally over a period of more than 5 years [2][5] - The primary endpoint was the annualized change from baseline in HO volume, which was not achieved [5] Patient Impact and Community Response - The results are seen as disappointing for the FOP community, but the data is expected to contribute to ongoing research and understanding of the disease [2] - Ipsen expressed gratitude to the patients, caregivers, and the FOP community for their commitment to the trial [2] About FOP - FOP is a genetic condition caused by pathogenic variants of the ALK2 kinase, leading to irreversible bone formation in soft tissues [3] - The average age of diagnosis is 5 years, with a median life expectancy of 56 years due to complications from bone formation [3] - FOP has an estimated prevalence of 1.36 per million individuals, with approximately 900 diagnosed cases worldwide [3] About Fidrisertib - Fidrisertib is an oral small molecule inhibitor targeting pathogenic variants of the ALK2 kinase, designed to address both flare-up and non-flare-up based HO formation [4] - It is administered orally, either sprinkled on food or dissolved in water, without dose changes during flare-ups [4] Company Overview - Ipsen is a global biopharmaceutical company focused on transformative medicines in oncology, rare diseases, and neuroscience [6] - The company has nearly 100 years of development experience and operates in over 40 countries, bringing medicines to more than 100 countries [6]

Core Viewpoint - Ipsen has successfully completed the acquisition of ImCheck Therapeutics, a private French biotechnology company focused on next-generation immuno-oncology therapies [1] Company Overview - Ipsen is a global biopharmaceutical company dedicated to developing transformative medicines in three main therapeutic areas: Oncology, Rare Disease, and Neuroscience [2] - The company has nearly 100 years of development experience and operates global hubs in the U.S., France, and the U.K., with teams in over 40 countries [2] - Ipsen's medicines are available to patients in more than 100 countries, supported by both internal and external innovation [2] Stock Information - Ipsen is listed on Euronext under the ticker IPN and has a Sponsored Level I American Depositary Receipt program in the U.S. under the ticker IPSEY [3]

Core Points - The document provides monthly information regarding the total number of voting rights and shares in the company's share capital as of November 30, 2025 [1] - The total number of shares is reported as 83,814,526, with a gross total of voting rights amounting to 132,020,284 and a net total of 130,610,873 [1][2] Summary by Category - **Total Number of Shares and Voting Rights** - As of November 30, 2025, the company has a total of 83,814,526 shares [1] - The gross total of voting rights is 132,020,284, which includes shares with double voting rights and treasury shares [2] - The net total of voting rights is 130,610,873, excluding shares without voting rights [2] - **Regulatory Compliance** - The document mentions a statutory clause that requires the declaration of threshold crossings in addition to legal thresholds [1]

Core Viewpoint - Ipsen is undergoing a transfer of shares from Beech Tree to the Alasol Foundation, following the wishes of the late Mr. Henri Beaufour, a board member and representative of the founding family [1][2]. Group 1: Share Transfer Details - Beech Tree is the holding company that owns Mr. Beaufour's stake in Ipsen [2]. - The Alasol Foundation, created by Mr. Beaufour, focuses on promoting education and vocational training for disadvantaged children and young adults [2]. - The share transfer is expected to occur in early 2026, pending regulatory approvals [1]. Group 2: Company Overview - Ipsen is a global biopharmaceutical company specializing in transformative medicines across three therapeutic areas: Oncology, Rare Disease, and Neuroscience [3]. - The company has nearly 100 years of development experience and operates global hubs in the U.S., France, and the U.K., with teams in over 40 countries [3]. - Ipsen's medicines reach patients in more than 100 countries, supported by both internal and external innovation [3]. Group 3: Stock Information - Ipsen is listed on Euronext Paris under the ticker IPN and has a Sponsored Level I American Depositary Receipt program in the U.S. under the ticker IPSEY [4].