UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 2)


Axcan Pharma Inc.
(Name of Issuer)

Common Shares, no par value
(Title of Class of Securities)

054923107
(CUSIP Number)


May 31, 2005
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



1. NAME OF REPORTING PERSONS/
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)

      Franklin Resources, Inc. (13-2670991)


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:


      5. SOLE VOTING POWER

            (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            (See Item 4)

      8. SHARED DISPOSITIVE POWER

            0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      7,685,518

10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      16.9%

12. TYPE OF REPORTING PERSON

      HC  (See Item 4)



1. NAME OF REPORTING PERSONS/
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)

      Charles B. Johnson


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:


      5. SOLE VOTING POWER

            (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            (See Item 4)

      8. SHARED DISPOSITIVE POWER

            0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      7,685,518

10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      16.9%

12. TYPE OF REPORTING PERSON

      HC  (See Item 4)




1. NAME OF REPORTING PERSONS/
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)

      Rupert H. Johnson, Jr.


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

      5. SOLE VOTING POWER

            (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            (See Item 4)

      8. SHARED DISPOSITIVE POWER

            0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      7,685,518

10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      16.9%

12. TYPE OF REPORTING PERSON

      HC  (See Item 4)




1. NAME OF REPORTING PERSONS/
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)

      Franklin Templeton Investments Corp.


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      Ontario, Canada

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:


      5. SOLE VOTING POWER

            4,739,834 (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            7,685,518 (See Item 4)

      8. SHARED DISPOSITIVE POWER

      0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      7,685,518

10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      16.9%

12. TYPE OF REPORTING PERSON

      IA


Item 1.
(a)  Name of Issuer:

     Axcan Pharma Inc.

(b) Address of Issuer's Principal Executive Offices:

     597 Laurier Boulevard
     Mont St-Hilaire
     Quebec, Canada  J3H 6C4

Item 2.
(a)  Name of Person Filing:

     (i):   Franklin Resources, Inc.
     (ii):  Charles B. Johnson
     (iii): Rupert H. Johnson, Jr.
     (iv):  Franklin Templeton Investments Corp.

(b) Address of Principal Business Office or, if None, Residence:

     (i), (ii), and (iii):
     One Franklin Parkway
     San Mateo, CA  94403-1906

     (iv):
     One Financial Place
     1 Adelaide Street East, Suite 2101
     Toronto, Ontario, Canada  M5C  3B8

(c) Citizenship:

     (i): Delaware
     (ii) and (iii): USA (iv): Ontario, Canada

(d) Title of Class of Securities:

     Common Shares, no par value

(e) CUSIP Number:

     054923107




Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or
(c), check whether the person filing is a:

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ]
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C 80a-8). (e) [X] An investment adviser in accordance with
240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in
accordance with 240.13d-1(b)(1)(ii)(F); (g) [X] A parent holding company or
control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings
associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12
U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3); (j) [ ] Group, in accordance with 240.13d-1 (b)(1)(ii)(J).


Item 4.  Ownership

The securities reported on herein are beneficially owned by one or more open or
closed-end investment companies or other managed accounts which are advised by
direct and indirect investment advisory subsidiaries, including any such
subsidiary(ies) identified pursuant to Item 7 below, (the "Adviser
Subsidiaries") of Franklin Resources, Inc. ("FRI"). Such advisory contracts
grant to such Adviser Subsidiaries all investment and/or voting power over the
securities owned by such advisory clients. Therefore, such Adviser Subsidiaries
may be deemed to be, for purposes of Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the "1934 Act"), the beneficial owners of the
securities covered by this statement.

Beneficial ownership by investment advisory subsidiaries and other affiliates of
FRI is being reported in conformity with the guidelines articulated by the SEC
staff in Release No. 34-39538 (January 12, 1998) relating to organizations, such
as FRI, where related entities exercise voting and investment powers over the
securities being reported independently from each other. The voting and
investment powers held by Franklin Mutual Advisers, LLC ("FMA"), formerly
Franklin Mutual Advisers, Inc., an indirect wholly owned investment advisory
subsidiary of FRI, are exercised independently from FRI and from all other
investment advisory subsidiaries of FRI (FRI, its affiliates and investment
advisory subsidiaries other than FMA are collectively referred to herein as "FRI
affiliates"). Furthermore, FMA and FRI internal policies and procedures
establish informational barriers that prevent the flow between FMA and the FRI
affiliates of information that relates to the voting and investment powers over
the securities owned by their respective advisory clients. Consequently, FMA and
the FRI affiliates are each reporting the securities over which they hold
investment and voting power separately from each other.

Charles B. Johnson and Rupert H. Johnson, Jr. (the "Principal Shareholders")
each own in excess of 10% of the outstanding common stock of FRI and are the
principal shareholders of FRI. FRI and the Principal Shareholders may be deemed
to be, for purposes of Rule 13d-3 under the 1934 Act, the beneficial owner of
securities held by persons and entities advised by FRI subsidiaries. FRI, the
Principal Shareholders and each of the Adviser Subsidiaries disclaim any
economic interest or beneficial ownership in any of the securities covered by
this statement.

FRI, the Principal Shareholders, and each of the Adviser Subsidiaries are of the
view that they are not acting as a "group" for purposes of Section 13(d) of the
1934 Act and that they are not otherwise required to attribute to each other the
"beneficial ownership" of securities held by any of them or by any persons or
entities advised by FRI subsidiaries.

   (a) Amount Beneficially Owned:

       7,685,518

   (b) Percent of Class:

       16.9%

   (c) Number of shares as to which the person has:

     (i) Sole power to vote or to direct the vote

         Franklin Resources, Inc.:                      0
         Charles B. Johnson:                            0
         Rupert H. Johnson, Jr.:                        0
         Franklin Templeton Investments Corp.:          4,739,834

    (ii) Shared power to vote or to direct the vote

           0

   (iii) Sole power to dispose or to direct the disposition of

         Franklin Resources, Inc.:                      0
         Charles B. Johnson:                            0
         Rupert H. Johnson, Jr.:                        0
         Franklin Templeton Investments Corp.:          7,685,518

    (iv) Shared power to dispose or to direct the disposition of

           0

Item 5. Ownership of Five Percent or Less of a Class If this statement is being
filed to report the fact that as of the date hereof the reporting person has
ceased to be the beneficial owner of more than five percent of the class of
securities, check the following [].

        Not Applicable

Item 6.  Ownership of More than Five Percent on Behalf of Another Person

The clients of the Adviser Subsidiaries, including investment companies
registered under the Investment Company Act of 1940 and other managed accounts,
have the right to receive or power to direct the receipt of dividends from, as
well as the proceeds from the sale of, such securities reported on in this
statement. Bissett Canadian Equity Fund has an interest in more than 5% of the
class of securities reported on herein.

Item 7.  Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company or Control
Person

         Franklin Templeton Investments Corp.   Item 3 classification: 3(e)
           (See also Item 4)

Item 8.  Identification and Classification of Members of the Group

         Not Applicable (See also Item 4)

Item 9.  Notice of Dissolution of Group

         Not Applicable


Item 10. Certification

By signing below we certify that, to the best of our knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.

This report shall not be construed as an admission by the persons filing the
report that they are the beneficial owner of any securities covered by this
report.

SIGNATURE

After reasonable inquiry and to the best of our knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.

Dated: June 9, 2005


Franklin Resources, Inc.
Charles B. Johnson
Rupert H. Johnson, Jr.




By: /s/BARBARA J. GREEN
    -------------------
Barbara J. Green
Vice President, Deputy General Counsel,
and Secretary of Franklin Resources, Inc.

Attorney-in-Fact for Charles B. Johnson pursuant to Power of Attorney
attached to this Schedule 13G

Attorney-in-Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
attached to this Schedule 13G



Franklin Templeton Investments Corp.




By: /s/POONAM (PAM) THADANI
    -----------------------
Poonam (Pam) Thadani
Chief Compliance Officer, Canada
Franklin Templeton Investments Corp.








EXHIBIT A

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, the undersigned hereby agree to the joint filing with each other of the
attached statement on Schedule 13G and to all amendments to such statement and
that such statement and all amendments to such statement are made on behalf of
each of them.

IN WITNESS WHEREOF, the undersigned have executed this agreement on June 9,
2005.


Franklin Resources, Inc.
Charles B. Johnson
Rupert H. Johnson, Jr.




By: /s/BARBARA J. GREEN
    -------------------
Barbara J. Green
Vice President, Deputy General Counsel,
and Secretary of Franklin Resources, Inc.

Attorney-in-Fact for Charles B. Johnson pursuant to Power of Attorney
attached to this Schedule 13G

Attorney-in-Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
attached to this Schedule 13G



Franklin Templeton Investments Corp.




By: /s/POONAM (PAM) THADANI
    -----------------------
Poonam (Pam) Thadani
Chief Compliance Officer, Canada
Franklin Templeton Investments Corp.


EXHIBIT B

POWER OF ATTORNEY

CHARLES B. JOHNSON hereby appoints BARBARA J. GREEN his true and lawful
attorney-in-fact and agent to execute and file with the Securities and Exchange
Commission any Schedule 13G or 13D, any amendments thereto or any related
documentation which may be required to be filed in his individual capacity as a
result of his position as an officer, director or shareholder of Franklin
Resources, Inc. and, granting unto said attorney-in-fact and agent, full power
and authority to do and perform each and every act and thing which he might or
could do in person, hereby ratifying and confirming all that said attorney-in-
fact and agent, may lawfully do or cause to be done by virtue hereof.

Date: 9-11-03           /s/Charles B. Johnson
      -------           ---------------------
 Charles B. Johnson

POWER OF ATTORNEY

RUPERT H. JOHNSON hereby appoints BARBARA J. GREEN his true and lawful attorney-
in-fact and agent to execute and file with the Securities and Exchange
Commission any Schedule 13G or 13D, any amendments thereto or any related
documentation which may be required to be filed in his individual capacity as a
result of his position as an officer, director or shareholder of Franklin
Resources, Inc. and, granting unto said attorney-in-fact and agent, full power
and authority to do and perform each and every act and thing which he might or
could do in person, hereby ratifying and confirming all that said attorney-in-
fact and agent, may lawfully do or cause to be done by virtue hereof.

Date: Sept 4, 2003      /s/Rupert H. Johnson, Jr.
      ------------      -------------------------
                                Rupert H. Johnson