Insider Trades - IPSEN, S.A.

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IPSEN, S.A.: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
Tercica, Inc. Beneficial Owner (10% or more) NasdaqGM:TRCA (historical quotes, other insiders)	22-Jul-08	16,653,533	Direct

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
22-Jul-08 15,723,601 TRCA Acquisition (Non Open Market) at $7.41 - $47337000 per share.
22-Jul-08 410,831 TRCA Purchase at $8.92 per share.
(Cost of $3,664,612)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
22-Jul-08	15,723,601	TRCA	Acquisition (Non Open Market) at $7.41 - $47337000 per share.
22-Jul-08	410,831	TRCA	Purchase at $8.92 per share. (Cost of $3,664,612)