UPDATE 1-Axcan first-quarter results rise ahead of takeover

(Adds details. In U.S. dollars.)

TORONTO, Jan 31 (Reuters) - Axcan Pharma Inc AXP.TO reported a higher first-quarter profit on Thursday helped by strong sales of its key gastrointestinal treatments.

The company, which is in the final stages of being taken over by a U.S. private equity firm, said it earned $22.3 million, or 39 cents a share, for the period ended Dec. 31, up from $17.5 million, or 34 cents a share, for the same time in the previous year.

Revenue for the quarter was $92.9 million, up from $78.8 million for the same time last year. Its Ultrase pancreatic insufficiency treatment contributed $13.9 million, while Canasa, its treatment for active ulcerative proctitis, added $16.7 million.

Late last year U.S. private equity firm TPG Capital said it planned to buy the Quebec-based company and take it private in a deal worth about $1.3 billion.

Axcan said the deal, which was approved by shareholders last week, was expected to close in the first quarter. (Reporting by Scott Anderson; Editing by Ka Yan Ng)