Paris - Ipsen, the French biopharmaceutical company, raised Euro170.9 million through the sale of 7.7 million shares at Euro22.20 in an IPO on Euronext. The price came in the near low end of the company's proposed Euro21.70 to Euro25.20 range. The company was valued at Euro1.8 billion. Brokers were Goldman Sachs, BNP Paribas, ABN Amro, HSBC and Societé Générale. The IPO has turned Ipsen founders, the Beaufour family, which owns 76% of the stock, into billionaires. The money raised from the float will be used to fund further growth through the sale of ten cancer products as well as medicines in the field of neurology, musculosceletal, gastrointestinal, endocrine and cardiovascular indications. The IPO raises to five the number of businesses in the biotech-pharmaceuticals sector admitted to Euronext markets since the beginning of the year.