March 9 , 2005

FOR IMMEDIATE RELEASE

Aspreva Pharmaceuticals Announces Closing of IPO

Aspreva Pharmaceuticals Corporation (Nasdaq: ASPV; TSX: ASV) today announced the closing of its initial public offering of 8,280,000 common shares at US$11.00 (C$13.68) per share. The shares are listed on the Nasdaq National Market under the trading symbol ASPV and the Toronto Stock Exchange under the trading symbol ASV.

The offering was made through an underwriting syndicate led by Merrill Lynch & Co., co-led by Banc of America Securities LLC, and co-managed by Pacific Growth Equities LLC and BMO Nesbitt Burns Inc.

A copy of the US final prospectus relating to this offering may be obtained from Merrill Lynch & Co., 4 World Financial Center, New York, NY, 10080, phone (212)449-1000, Banc of America Securities, Capital Markets Operations (Prospectus Fulfillment), DL-ProspectusDistribution@bofasecurities.com, phone (646)733-4166, or Pacific Growth Equities, LLC, One Bush Street, San Francisco, CA, 94104, phone (415)274-6800. A copy of the Canadian final prospectus may be obtained from BMO Nesbitt Burns Inc., 1 First Canadian Place, Toronto, Ontario, M5X 1H3, phone (416)363-6996.

In the United States, a registration statement relating to these securities was declared effective by the Securities and Exchange Commission. In Canada, a receipt for a final prospectus was issued on behalf of the securities regulatory authorities in each of the provinces of Canada. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or other jurisdiction.

About Aspreva Pharmaceuticals
Aspreva Pharmaceuticals is an emerging pharmaceutical company focused on identifying, developing and commercializing new indications for approved drugs and drug candidates for underserved patient populations.
For further information please contact:

Sage Baker
Director, Corporate Communications
Aspreva Pharmaceuticals
250-744-2488 ext. 270
sbaker@aspreva.com