Axcan Pharma to Hold Special Meeting of Shareholders on January 25, 2008

Market Wire, January, 2008

As previously announced, Axcan Pharma Inc. ("Axcan" or the "Company") (TSX: AXP)(NASDAQ: AXCA) will hold a special meeting of shareholders, at which shareholders will be asked to consider the previously-announced proposed arrangement with an affiliate of TPG Capital.

The special meeting will be held on Friday, January 25, 2008, at 9:30 a.m. in Montreal at the Hotel Omni Mont-Royal, 1050 Sherbrooke Street West, Montreal, Quebec, H3A 2R6, in the Salle Printemps. For those who are unable to attend in person, a video webcast of the special meeting will be available live on the Company's website at www.axcan.com . An archive of the video webcast will also be available on the Company's website approximately one hour after the end of the special meeting.

ABOUT AXCAN PHARMA

Axcan is a leading multinational specialty pharmaceutical company focused on gastroenterology. The Company develops and markets a broad line of prescription products to treat a range of gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, cholestatic liver diseases and complications related to pancreatic insufficiency. Axcan's products are marketed by its own specialized sales forces in North America and Europe and through commercial collaborations in many markets around the world. Its common shares are listed on the NASDAQ Global Market under the symbol "AXCA" and on the Toronto Stock Exchange under the symbol "AXP".

ABOUT TPG CAPITAL

TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $35 billion of assets under management and offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Melbourne, Menlo Park, Moscow, Mumbai, Beijing, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. Please visit www.tpg.com .

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995.

This release contains forward-looking statements, which reflect the Company's current expectations regarding future events. To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are often identified by words such as "anticipate," "expect," "estimate," "intend," "project," "plan" and "believe." Forward-looking statements are subject to risks and uncertainties, including the difficulty of predicting FDA and other regulatory approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results, the protection of our intellectual property and other risks detailed from time to time in the Company's filings with the Securities and Exchange and the Canadian Securities regulators. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive. Axcan undertakes no obligation to update or revise any forward-looking statement, unless obligated to do so pursuant to applicable securities laws and regulations.

The names AXCAN and AXCAN PHARMA appearing in this press release are trademarks or registered trademarks of Axcan Pharma Inc. and its subsidiaries.

Contacts: Axcan Pharma Inc. Isabelle Adjahi Senior Director, Investor Relations and Communications 450-467-2600 ext. 2000 www.axcan.com