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

MONT-SAINT-HILAIRE, QUEBEC, Jan 22 (MARKET WIRE) --
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

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