<SEC-DOCUMENT>0001104659-20-057792.txt : 20200507
<SEC-HEADER>0001104659-20-057792.hdr.sgml : 20200507
<ACCEPTANCE-DATETIME>20200507083121
ACCESSION NUMBER:		0001104659-20-057792
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20200504
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200507
DATE AS OF CHANGE:		20200507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSMED Inc
		CENTRAL INDEX KEY:			0001104506
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				541972729
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30739
		FILM NUMBER:		20854713

	BUSINESS ADDRESS:	
		STREET 1:		700 US HIGHWAY 202/206
		CITY:			BRIDGEWATER
		STATE:			NJ
		ZIP:			08807
		BUSINESS PHONE:		908-977-9900

	MAIL ADDRESS:	
		STREET 1:		700 US HIGHWAY 202/206
		CITY:			BRIDGEWATER
		STATE:			NJ
		ZIP:			08807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INSMED INC
		DATE OF NAME CHANGE:	20000128
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b> WASHINGTON, DC 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_90B_edei--DocumentType_c20200503__20200504_zqvaINkdBcak"><ix:nonNumeric contextRef="From2020-05-03to2020-05-04" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact Name of Registrant as Specified
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<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<td style="vertical-align: top; text-align: center"><b>(Commission</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of Principal Executive Offices,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&#8217;s Telephone Number,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Not Applicable</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<i>see</i> General Instruction
A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0 0pt 0.25in; font-size: 10pt"><span id="xdx_90E_edei--WrittenCommunications_c20200503__20200504_zWN2qNnfdN11" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-05-03to2020-05-04" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span>&#160;&#160;&#160;&#160;&#160;
<span style="font: 10pt Times New Roman, Times, Serif">Written communication pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0 0pt 0.25in; font-size: 10pt"><span id="xdx_90C_edei--SolicitingMaterial_c20200503__20200504_zHc4hZ3WFBcc" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-05-03to2020-05-04" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span>&#160;&#160;&#160;&#160;&#160; <span style="font: 10pt Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0 0pt 0.25in; font-size: 10pt"><span id="xdx_90C_edei--PreCommencementTenderOffer_c20200503__20200504_z3Gg3sysA6kk" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-05-03to2020-05-04" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span>&#160;&#160;&#160;&#160;&#160; <span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement
communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0 0pt 0.25in; font-size: 10pt"><span id="xdx_90F_edei--PreCommencementIssuerTenderOffer_c20200503__20200504_zD1TDhaNPWld" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-05-03to2020-05-04" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span>&#160;&#160;&#160;&#160;&#160; <span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &#167;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt"><p style="margin: 0pt">&#160;</p></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 8.01 &#8212; Other Events. </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 4, 2020, Insmed Incorporated (the &#8220;Company&#8221;)
entered into an Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;) with SVB Leerink LLC, as representative of the
underwriters named in Schedule I thereto (the &#8220;Underwriters&#8221;), pursuant to which, subject to satisfaction of the conditions
set forth therein, the Company has agreed to sell to the Underwriters, and the Underwriters have agreed to purchase from the Company,
9,700,000 shares (the &#8220;Firm Shares&#8221;) of the common stock, par value $0.01 per share, of the Company (the &#8220;Common
Stock&#8221;). The Company also granted the Underwriters an option to purchase up to an additional 1,455,000 shares of Common Stock
(together with the Firm Shares, the &#8220;Shares&#8221;) within 30 days after May 4, 2020, which the Underwriters exercised in
full on May 5, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriters will purchase the Shares from the Company at
a price, after underwriting discounts and commissions, of $22.0875 per share, resulting in net proceeds to the Company before other
estimated offering expenses payable by the Company of approximately $246.4 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offering is being made pursuant to the Company&#8217;s shelf
registration statement on Form S-3 (Registration Statement No. 333-218118) that became automatically effective upon filing,
as amended by Post-Effective Amendment No 1 thereto, filed with the Securities and Exchange Commission (the
&#8220;SEC&#8221;) on January 22, 2018, which includes a base prospectus dated January 22, 2018, as supplemented by a
preliminary prospectus supplement filed with the SEC on May 4, 2020, and a final prospectus supplement, dated May 4, 2020 and
filed with the SEC on May 5, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company made certain customary representations,
warranties and covenants in the Underwriting Agreement concerning the Company, the Company&#8217;s registration statement and
the offering of the Shares. The Company has agreed to indemnify the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended. The Company and the Underwriters expect to consummate the sale and
purchase of the Shares pursuant to the Underwriting Agreement on May 7, 2020, subject to the satisfaction of customary closing conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Underwriting Agreement is filed as Exhibit 1.1
to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the terms of the Underwriting
Agreement does not purport to be complete and is qualified in its entirety by reference to the Underwriting Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The legal opinion of Hunton Andrews Kurth LLP relating to the Shares being offered is filed herewith as Exhibit 5.1.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 7.01 &#8212; Regulation FD Disclosure</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 4, 2020, the Company issued a press release announcing
the commencement of the offering. On May 5, 2020, the Company issued a press release announcing the pricing of the offering. Copies
of the press releases are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<tr>
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<tr>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2018832d1_ex1-1.htm">Underwriting Agreement, dated May 4, 2020, by and between Insmed Incorporated and SVB Leerink LLC, as representative of the underwriters named in Schedule I thereto.</a></td></tr>
<tr>
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<tr>
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<tr>
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<tr>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2018832d1_ex5-1.htm">Consent of Hunton Andrews Kurth LLP (included in Exhibit 5.1).</a></td></tr>
<tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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<tr>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2018832d1_ex99-1.htm">Press Release issued by Insmed Incorporated on May 4, 2020.</a></td></tr>
<tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt"><a href="tm2018832d1_ex99-2.htm">99.2</a></td>
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    <td style="vertical-align: top; font-size: 10pt"><a href="tm2018832d1_ex99-2.htm">Press Release issued by Insmed Incorporated on May 5, 2020.</a></td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt">104</td>
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    <td style="vertical-align: top; font-size: 10pt">Cover Page Interactive Date File (embedded within the Inline XBRL document).</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration: underline">SIGNATURES</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td>Dated: May 7, 2020 </td>
<td colspan="2">INSMED INCORPORATED </td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td colspan="2">&#160;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td>
<td colspan="2">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 50%">&#160; </td>
<td style="width: 5%; font-size: 10pt">By:</td>
<td style="border-bottom: black 1pt solid; width: 45%; font-size: 10pt">/s/ Christine Pellizzari</td></tr>
<tr style="vertical-align: top">
<td>&#160; </td>
<td style="font-size: 10pt">Name:</td>
<td style="font-size: 10pt">Christine Pellizzari<span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td>&#160; </td>
<td>Title: &#160;</td>
<td>Chief Legal Officer &#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DESCRIPTION>EXHIBIT 1.1
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<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">9,700,000 Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Insmed Incorporated</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock, Par Value $0.01 Per Share</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">UNDERWRITING
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">listed in Schedule I hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Federal Street, 37<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insmed Incorporated, a Virginia corporation
(the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several Underwriters named in Schedule I hereto (the &ldquo;<B>Underwriters</B>&rdquo;)
for whom you are acting as representative (the &ldquo;<B>Representative</B>&rdquo;) 9,700,000 shares of its common stock, par value
$0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;) (<FONT STYLE="font-size: 10pt">such shares to be issued and sold by the
Company being hereinafter called the</FONT> &ldquo;<B>Firm Shares</B>&rdquo;), in accordance with this Underwriting Agreement (the
 &ldquo;<B>Agreement</B>&rdquo;). The Company also proposes to issue and sell to the Underwriters not more than an additional 1,455,000
shares of Common Stock (the &ldquo;<B>Additional Shares</B>&rdquo;), if and to the extent that the Representative shall have determined
to exercise, on behalf of the Underwriters, the right to purchase such shares of Common Stock granted to the Underwriters pursuant
to Section 2 hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the &ldquo;<B>Shares</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has filed with the Securities
and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) an automatic shelf registration statement, including a prospectus,
on Form S-3 (File No. 333-218118), as amended by Post-Effective Amendment No. 1 thereto, relating to securities (the &ldquo;<B>Shelf
Securities</B>&rdquo;), including the Shares, to be issued from time to time by the Company, which automatic shelf registration
statement became effective under Rule 462(e) under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;).
Such registration statement, as amended by Post-Effective Amendment No. 1 thereto in the form then filed with the Commission, including
the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A or
Rule 430B under the Securities Act is hereinafter referred to as the &ldquo;<B>Registration Statement</B>&rdquo;, and the related
prospectus covering the Shelf Securities <FONT STYLE="font-size: 10pt">dated January 22, 2018 in the form first used to confirm
sales of the Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant
to Rule 173 under the Securities Act) is hereinafter referred to as the</FONT> &ldquo;<B>Basic Prospectus</B>.&rdquo; The Basic
Prospectus, as supplemented by the prospectus supplement specifically relating to the Shares in the form first used to confirm
sales of the Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant
to Rule 173 of the Securities Act) is hereinafter referred to as the &ldquo;<B>Prospectus</B>,&rdquo; and the term &ldquo;<B>preliminary
prospectus</B>&rdquo; means any preliminary form of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Agreement, &ldquo;<B>free
writing prospectus</B>&rdquo; has the meaning set forth in Rule 405 under the Securities Act, &ldquo;<B>Time of Sale Prospectus</B>&rdquo;
means t<FONT STYLE="font-size: 10pt">he documents and pricing information set forth in Schedule II hereto</FONT>, and &ldquo;<B>broadly
available road show</B>&rdquo; means a &ldquo;bona fide electronic road show&rdquo; as defined in Rule 433(h)(5) under the Securities
Act that has been made available without restriction to any person. As used herein, the terms &ldquo;Registration Statement,&rdquo;
 &ldquo;Basic Prospectus,&rdquo; &ldquo;preliminary prospectus,&rdquo; &ldquo;Time of Sale Prospectus&rdquo; and &ldquo;Prospectus&rdquo;
shall include the documents, if any, incorporated by reference therein. The terms &ldquo;<B>supplement</B>,&rdquo; &ldquo;<B>amendment</B>,&rdquo;
and &ldquo;<B>amend</B>&rdquo; as used herein with respect to the Registration Statement, the Basic Prospectus, the Time of Sale
Prospectus, any preliminary prospectus or free writing prospectus shall include all documents subsequently filed by the Company
with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), that are
deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">1. <I>Representations and Warranties</I>.
The Company represents and warrants to and agrees with each of the Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a) The Registration Statement
became effective upon filing; the filing date of the Registration Statement was not earlier than the date three years before the
execution date of this Agreement; and no stop order suspending the effectiveness of the Registration Statement is in effect, and
no proceedings for such purpose are pending before or, to the knowledge of the Company, threatened by, the Commission. (i) At the
time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying
with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed
pursuant to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or any person acting
on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Shares in reliance on the
exemption in Rule 163, and (iv) as of the date hereof, the Company was or is, as applicable, a &ldquo;well-known seasoned issuer&rdquo;
(as defined in Rule 405 under the Securities Act) eligible to use the Registration Statement as an automatic shelf registration
statement and the Company has not received notice that the Commission objects to the use of the Registration Statement as an automatic
shelf registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) (i) Each document, if any,
filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Time of Sale Prospectus or the Prospectus
complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of
the Commission thereunder, (ii) each part of the Registration Statement, when such part became effective, did not contain, and
each such part, as amended or supplemented, if applicable, as of the Closing Date (as defined in Section 4) and as of any Option
Closing Date (as defined in Section 2) will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement, as
of the date hereof, does not and, as of the Closing Date and as of any Option Closing Date, will not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading, (iv) the Registration Statement and the Prospectus comply, and as amended or supplemented, if applicable, will comply
in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (v) the
Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus
is not yet available to prospective purchasers and at the Closing Date and as of any Option Closing Date, the Time of Sale Prospectus,
as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading, (vi) each broadly available road show, if any, when considered together with the Time of Sale Prospectus, does
not and will not as of the Closing Date and as of any Option Closing Date contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading and (vii) the Prospectus as of the date hereof does not contain and, as amended or supplemented, if applicable,
as of the Closing Date and as of any Option Closing Date will not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration
Statement, the Time of Sale Prospectus or the Prospectus based upon information relating to any Underwriter furnished to the Company
in writing by such Underwriter through you expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(c) (i) At the earliest time
after the filing of the Registration Statement that the Company or another offering participant made a <I>bona fide</I> offer (within
the meaning of Rule 164(h)(2)) of the Shares and (ii) as of the date hereof, the Company is not an &ldquo;ineligible issuer&rdquo;
in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the
Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in
accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each
free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or
that was prepared by or on behalf of or used or referred to by the Company (x) complies or will comply in all material respects
with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder and (y) does
not include any information that conflicts with the information contained in the Registration Statement, including any document
incorporated therein by reference and any prospectus supplement deemed to be a part thereof that has not been superseded or modified.
Except for the free writing prospectuses, if any, identified in Schedule II hereto forming part of the Time of Sale Prospectus,
and electronic road shows, if any, each furnished to you before first use, the Company has not prepared, used or referred to, and
will not, without your prior consent, prepare, use or refer to, any free writing prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(d) There has not occurred any
material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise,
or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time
of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(e) The Company has been duly
incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has
the corporate power and authority to own its property and to conduct its business as described in the Time of Sale Prospectus and
is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its
ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in
good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(f) The Company&rsquo;s only
subsidiaries are as described in Exhibit 21.1 of the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December
31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(g) This Agreement has been duly
authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(h) The authorized capital stock
of the Company conforms as to legal matters to the description thereof contained in each of the Time of Sale Prospectus and the
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(i) The shares of Common Stock
outstanding prior to the issuance of the Shares have been duly authorized and are validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(j) The Shares have been duly
authorized and, when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid and
non-assessable, and the issuance of such Shares will not be subject to any preemptive or similar rights, which have not otherwise
been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(k) The execution and delivery
by the Company of, and the performance by the Company of its obligations under, this Agreement will not contravene any provision
of (i) applicable law, (ii) the articles of incorporation or bylaws of the Company, (iii) any agreement or other instrument binding
upon the Company or any of its subsidiaries or (iv) any judgment, order or decree of any governmental body, agency or court having
jurisdiction over the Company or any subsidiary, except in the cases of clauses (i), (iii) and (iv) for any such contravention
that would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries taken as a whole,
and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the
performance by the Company of its obligations under this Agreement, except such as may be required under the Securities Act or
the rules and regulations thereunder or by the securities or Blue Sky laws of the various states or the rules and regulations of
the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;) in connection with the offer and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(l) There are no legal or governmental
proceedings pending or, to the knowledge of the Company, threatened to which the Company or any of its subsidiaries is a party
or to which any of the properties of the Company or any of its subsidiaries is subject other than (i) proceedings accurately described
in all material respects in the Time of Sale Prospectus or (ii) proceedings that would not reasonably be expected to have a material
adverse effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its
obligations under this Agreement or to consummate the transactions contemplated by the Time of Sale Prospectus; and there are no
statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus
or to be filed as exhibits to the Registration Statement that are not described or filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(m) Each preliminary prospectus
with respect to the offering of the Shares filed as part of the Registration Statement as originally filed or as part of any amendment
thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities
Act and the applicable rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(n) The Company is not, and after
giving effect to the offering and sale of the Shares to be sold by the Company and the application of the proceeds thereof as described
in the Prospectus will not be, required to be registered as an &ldquo;investment company&rdquo; as such term is defined in the
Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(o) The Company and its subsidiaries
(i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection
of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (&ldquo;<B>Environmental
Laws</B>&rdquo;), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or
approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals
or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate,
have a material adverse effect on the Company and its subsidiaries, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(p) To the Company&rsquo;s knowledge,
there are no facts currently existing that will require the Company or any of its subsidiaries to incur costs or liabilities associated
with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of
properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities
and any potential liabilities to third parties) which would, singly or in the aggregate, have a material adverse effect on the
Company and its subsidiaries, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: 0.5in">(q) Except
as disclosed in the Time of Sale Prospectus and the Prospectus, none of the Company nor any of its subsidiaries is or, since January
1, 2018 has been, in violation of any Health Care Laws, except where the failure to be in compliance would not, individually or
in the aggregate, reasonably be expected to result in a material adverse effect on the Company and its subsidiaries taken as a
whole. For purposes of this Agreement, &ldquo;<B>Health Care Laws</B>&rdquo; means, to the extent applicable to the Company, (i)
the Federal Food, Drug, and Cosmetic Act, and the regulations promulgated thereunder, (ii) all federal and state fraud and abuse
laws, including, without limitation, the federal Anti-Kickback Statute (42 U.S.C. &sect;1320a-7b(b)), the Stark Law (42 U.S.C.
 &sect;1395nn), the civil False Claims Act (31 U.S.C. &sect;3729 et seq.), Sections 1320a-7 and 1320a-7a of Title 42 of the United
States Code and the regulations promulgated pursuant to such statutes, (iii) the administrative simplification provisions of the
Health Insurance Portability and Accountability Act of 1996 (18 U.S.C. &sect;&sect;669, 1035, 1347 and 1518; 42 U.S.C. &sect;1320d
et seq.) and the regulations promulgated thereunder, (iv) Titles XVIII (42 U.S.C. &sect;1395 et seq.) and XIX (42 U.S.C. &sect;1396
et seq.) of the Social Security Act and the regulations promulgated thereunder, (v) the Medicare Prescription Drug, Improvement,
and Modernization Act of 2003 (42 U.S.C. &sect;1395w-101 et seq.) and the regulations promulgated thereunder, (vi) the so-called
federal &ldquo;Sunshine Law&rdquo; or Open Payments (42 U.S.C. &sect;1320a-7h) and state or local laws regulating or requiring
reporting of interactions between pharmaceutical manufacturers and members of the healthcare industry and regulations promulgated
thereunder, (vii) laws governing government pricing or price reporting programs and regulations promulgated thereunder, including
without limitation the Medicaid Drug Rebate Program (42 U.S.C. &sect; 1396r-8) and any state supplemental rebate program, the Public
Health Service Act (42 U.S.C. &sect; 256b), the VA Federal Supply Schedule (38 U.S.C. &sect; 8126) or any state pharmaceutical
assistance program or U.S. Department of Veterans Affairs agreement, and any successor government programs, (viii) all statutes,
rules or regulations of applicable governmental authorities applicable to the ownership, testing, research, development, manufacture,
quality, safety, accreditation, packaging, storage, use, distribution, labeling, promotion, sale, offer for sale, import, export
or disposal of any product manufactured or distributed by the Company or its subsidiaries, including current good manufacturing
practices requirements; and (ix) any and all other health care laws and regulations applicable to the Company or its subsidiaries
or their respective businesses, each as currently conducted, as described in the Time of Sale Prospectus, each of (i) through (ix)
as may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: 0.5in">(r) Neither
the Company nor any of its subsidiaries has received written notice of any pending or threatened claim, suit, proceeding, hearing,
enforcement, audit, investigation, arbitration or other legal action that has not been resolved from any applicable governmental
authority or any third party, including employees, former employees or competitors, alleging that any operation or activity of
the Company or any of its subsidiaries is in violation of any applicable Health Care Laws, except as would not, singly or in the
aggregate, reasonably be expected to result in a material adverse effect on the Company and its subsidiaries taken as a whole.
Except as would not, singly or in the aggregate, reasonably be expected to result in a material adverse effect on the Company and
its subsidiaries taken as a whole, (i) the Company and its subsidiaries have timely submitted all registrations or other filings
required under any applicable Health Care Laws with governmental authorities, (ii) and those filings have, to the knowledge of
the Company, been complete and accurate when filed or corrected as appropriate by the Company if subsequently determined not to
be complete or to be inaccurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: 0.5in">(s) Except
as would not, singly or in the aggregate, reasonably be expected to result in a material adverse effect on the Company and its
subsidiaries taken as a whole, the Company: (i) has in place current agreements for its marketed product to participate in Federal
Health Care Programs; and (ii) is in compliance with all such agreements including, without limitation, provisions in such agreements
pertaining to the timely and current submission of accurate prices to federal and state agencies. For purposes of this Agreement,
 &ldquo;<B>Federal Health Care Program</B>&rdquo; has the meaning set forth in 42 U.S.C. 1320a-7b(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: 0.5in">(t)
The Company and its subsidiaries have an operational healthcare compliance program that: (i) governs all employees and
contractors, including sales representatives; (ii) is materially consistent with the current U.S. Federal Sentencing
Guidelines standards for effective compliance programs and U.S. Department of Health and Human Services Office of Inspector
General Voluntary Compliance Guidance for Pharmaceutical Manufacturers; (iii) complies with the Pharmaceutical Research and
Manufacturers of America Code on Interactions with Healthcare Professionals; and (iv) addresses compliance with Health Care
Laws. The Company and each of its subsidiaries operates in material compliance with such healthcare compliance program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: 0.5in">(u) Neither
the Company nor any of its subsidiaries is a party to any corporate integrity agreements, monitoring agreements, consent decrees,
settlement orders or similar agreements with or imposed by any governmental authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(v) None of the Company, its
subsidiaries, or any of their respective officers, directors, or employees, or to the knowledge of the Company, any independent
contractor, is excluded, suspended or debarred from participation in any Federal Health Care Program or human research study or
clinical trial or, to the knowledge of the Company, is or has been the subject of a governmental inquiry, investigation, proceeding
or other action, including a criminal conviction or imposition of a civil monetary penalty, that would reasonably be expected to
result in debarment, suspension, or exclusion. The Company periodically conducts screening of officers, directors, employees and
independent contractors to confirm such persons are not excluded, suspended or debarred from participation in any Federal Health
Care Program or human research study or clinical trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(w) Except as described in the
Time of Sale Prospectus and the Prospectus, there are no contracts, agreements or understandings between the Company and any person
granting such person the right to require the Company to file a registration statement under the Securities Act with respect to
any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(x) Neither the Company nor any
of its subsidiaries or affiliates, nor any director or officer, nor to the knowledge of the Company, any employee, agent or representative
of the Company or of any of its subsidiaries or affiliates, has taken any action (i) in violation of the Foreign Corrupt Practices
Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions, and the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery
or anti-corruption law (collectively &ldquo;<B>Anti-Corruption Laws</B>&rdquo;), or (ii) in furtherance of an offer, payment, promise
to pay, or authorization or approval of the payment or giving or receiving of money, property, gifts or anything else of value
(including nonmonetary benefits such as employment opportunities, gifts, travel, or entertainment), directly or indirectly, to
any &ldquo;government official&rdquo; (including any officer or employee of a government or government-owned or controlled entity
or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office) or any other person to improperly influence official
action, to improperly gain or retain business, or secure an improper advantage for the benefit of the Company. The Company and
its subsidiaries have conducted their businesses in compliance in all material respects with the Anti-Corruption Laws, and the
Company and its subsidiaries will not knowingly, directly or indirectly, use the proceeds of the offering and sale of the Shares,
or lend, contribute or otherwise make available such proceeds to any subsidiary, affiliate, agent, partner or other person or entity,
for the purpose of financing or facilitating any activity that would violate any of the Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(y) The operations of the Company
and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements, including, without limitation, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, and the applicable anti-money
laundering statutes of jurisdictions where the Company and its subsidiaries conduct business, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency where
the Company and its subsidiaries conduct business (collectively, the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;), and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(z) Neither the Company nor any
of its subsidiaries or, any director, officer, or to the knowledge of the Company, any employee, agent, affiliate or representative
of the Company or any of its subsidiaries, is an individual or entity (&ldquo;<B>Person</B>&rdquo;) that is, or is owned or controlled
by a Person that is: (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office
of Foreign Assets Control (and including, without limitation, the designation as a &ldquo;specially designated national&rdquo;
or &ldquo;blocked person&rdquo;), the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury or other
relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor (ii) located, organized or resident in a country
or territory that is the subject of Sanctions (including, without limitation, Cuba, Iran, North Korea, Syria and the Crimea region
of Ukraine). For the past five years, the Company has not knowingly engaged in and is not now knowingly engaged in any dealings
or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject
of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(aa) Subsequent to the respective
dates as of which information is given in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i)
the Company and its subsidiaries have not incurred any material liability or obligation, direct or contingent, nor entered into
any material transaction; (ii) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise
made any dividend or distribution of any kind on its capital stock other than ordinary and customary dividends and net settlements
in connection with the Company&rsquo;s existing employee compensation plans; and (iii) there has not been any material change in
the capital stock, short-term debt or long-term debt of the Company and its subsidiaries, except in each case as described in each
of the Registration Statement, the Time of Sale Prospectus and the Prospectus, respectively, or except for a change in the number
of outstanding shares of common stock of the Company due to the issuance of shares upon the exercise of currently outstanding options
or other stock-based awards or the vesting of restricted stock units under (i) the Company&rsquo;s Amended and Restated 2000 Stock
Incentive Plan (the &ldquo;<B>2000 Plan</B>&rdquo;), 2013 Incentive Plan (the &ldquo;<B>2013 Plan</B>&rdquo;), 2015 Incentive Plan
(the &ldquo;<B>2015 Plan</B>&rdquo;), 2017 Incentive Plan (the &ldquo;<B>2017 Plan</B>&rdquo;) and the 2019 Incentive Plan (the
 &ldquo;<B>2019 Plan</B>&rdquo;) or (ii) inducement grants previously made to new employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(bb) The Company and its subsidiaries
do not own any real property. The Company and its subsidiaries have good title to all personal property owned by them which is
material to the business of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances and defects
except such as are described in the Time of Sale Prospectus or such as do not materially affect the value of such property and
do not interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any material
real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable
leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property
and buildings by the Company and its subsidiaries, in each case except as described in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(cc) Except as described in the
Time of Sale Prospectus, (A) the Company and its subsidiaries own or possess, or can acquire on reasonable terms, all material
patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures), trademarks, service marks, trade names and other intellectual
property (collectively, &ldquo;<B>Intellectual Property</B>&rdquo;) currently used and proposed to be used by them in connection
with the Company&rsquo;s business as now conducted and as described in the Time of Sale Prospectus, and (B) neither the Company
nor any of its subsidiaries has breached any material provision of any Intellectual Property license or received any notice of
infringement of or conflict with asserted rights of others with respect to any of the foregoing, in the case of each of (A) and
(B), which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected
to have a material adverse effect on the Company and its subsidiaries, taken as a whole. There are no valid and enforceable rights
of third parties to any Intellectual Property that are or would be infringed by the business currently conducted or planned to
be conducted by the Company and its subsidiaries or in the manufacture, use, sale or offer for sale of its presently proposed products,
as such planned business and proposed products are described in the Time of Sale Prospectus which infringement, singly or in the
aggregate, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.
There are no pending patent applications of which the Company is aware, which, if granted in current form, would be infringed by
the business currently conducted by it or proposed to be conducted by it as described in the Time of Sale Prospectus, which infringement,
singly or in the aggregate, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries,
taken as a whole. Neither the Company, nor any of its subsidiaries, is subject to any judgment, order, writ, injunction or decree
of any court or any federal, state, local, foreign or other governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, or any arbitrator, nor has it entered into or is it a party to any contract, in the case of each of the foregoing,
which materially restricts or impairs its use of any Intellectual Property and which restriction or impairment, singly or in the
aggregate, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.
To the knowledge of the Company, there are no ongoing infringements by others of any Intellectual Property owned by the Company
or its subsidiaries in connection with the business currently conducted by the Company and its subsidiaries or its presently proposed
products, as described in the Time of Sale Prospectus, which infringement, singly or in the aggregate, would reasonably be expected
to have a material adverse effect on the Company and its subsidiaries, taken as a whole. The Company is not aware of any reason
why any Intellectual Property owned or controlled by it is or should be held to be invalid or unenforceable, which holding, singly
or in the aggregate, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken
as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(dd) Except as described in the
Time of Sale Prospectus, no material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the
knowledge of the Company, is imminent; and the Company is not aware of any existing, threatened or imminent labor disturbance by
the employees of any of its principal suppliers, manufacturers or contractors that could have a material adverse effect on the
Company and its subsidiaries, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(ee) The Company and each of
its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts
as are prudent in the reasonable opinion of the Company&rsquo;s management and customary in the businesses in which they are engaged;
neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the
Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain comparable coverage from similar insurers as may be necessary to continue its business
at a cost that would not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as
a whole, except as described in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(ff) The Company and its subsidiaries
possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities
necessary to conduct their respective businesses in the manner described in the Time of Sale Prospectus, including, without limitation,
(i) all U.S. Food and Drug Administration (the &ldquo;<B>FDA</B>&rdquo;) clearances or approvals necessary to conduct the Company&rsquo;s
business as now conducted and (ii) applicable foreign regulatory agency clearances, permits or approvals necessary to conduct the
Company&rsquo;s business as now conducted. Neither the Company nor any of its subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such certificate, authorization or permit, including, without limitation, any
FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the FDA, any other
governmental or regulatory authority or any third party which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as
a whole, except as described in the Time of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(gg) The Company and each of
its subsidiaries have operated their businesses and currently are in compliance in all material respects with all applicable rules,
regulations and policies of the FDA and any applicable comparable foreign regulatory organization, including, without limitation,
all applicable directives and regulations of the European Medicines Agency. The Company has not received notice of any claim, action,
suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA, any other federal, state, local
or foreign governmental or regulatory authority or third party alleging that any product operation or activity is in material violation
of any applicable laws or material certificates, authorizations or permits and has no knowledge that the FDA or any other federal,
state, local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration,
action, suit, investigation or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(hh) The description of the results
of the studies, tests and trials conducted by or on behalf of the Company contained in the Time of Sale Prospectus and the Prospectus
are accurate in all material respects and the Company has no knowledge of any other studies, tests or trials, the results of which
are materially inconsistent with the results described in the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(ii) Any clinical trials or human
and animal studies conducted by or on behalf of the Company and described in the Time of Sale Prospectus were and, if still pending,
are being conducted (to the Company&rsquo;s knowledge, after due inquiry, with respect to such studies conducted by third parties)
in accordance, in all material respects, with standard medical and scientific research procedures, the Federal Food, Drug and Cosmetic
Act and the rules and regulations promulgated thereunder, and all applicable rules, regulations and policies of the FDA, including,
where applicable, current good clinical practices and Good Laboratory Practices, as such terms are understood in the Company&rsquo;s
industry, and all applicable foreign regulatory requirements and standards. Except as described in the Time of Sale Prospectus
or the Registration Statement, the Company has not received any notices or correspondence from the FDA or any other governmental
authority contemplating or requiring the termination, suspension or modification of any studies, tests or preclinical or clinical
trials conducted by or on behalf of the Company, other than ordinary course communications with respect to modifications in connection
with the design and implementation of such studies, trials and tests, none of which modifications would have a material impact
on such study, trial or test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(jj) Except as described in the
Time of Sale Prospectus or the Registration Statement, the Company and each of its subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles as applied in the United States (&ldquo;<B>U.S. GAAP</B>&rdquo;) and to maintain
asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as described in the Time of Sale Prospectus, since the end of the Company&rsquo;s
most recent audited fiscal year, there has been (A) no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B) no change in the Company&rsquo;s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(kk) Except as described in the
Time of Sale Prospectus or the Registration Statement, the Company has not sold, issued or distributed any shares of Common Stock
during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of,
the Securities Act, other than shares issued pursuant to employee benefit plans, qualified stock option plans or other compensation
or incentive plans or pursuant to the exercise or vesting of, as applicable, outstanding options, restricted stock units, other
stock-based awards or inducement grants made to new employee hires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(ll) The Company has filed all
federal, state, local and foreign tax returns required to be filed through the date of this Agreement or has requested extensions
thereof (except, in each case, where the failure to file would not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the Company and its subsidiaries, taken as a whole) and has paid all taxes required to be paid
thereon (except for cases in which the failure to file or pay would not reasonably be expected to have a material adverse effect
on the Company and its subsidiaries, taken as a whole, or, except as currently being contested in good faith and for which reserves
required by U.S. GAAP have been recorded in the financial statements of the Company), and there is no tax deficiency which if determined
adversely to the Company would reasonably be expected to have (nor does the Company have any notice or knowledge of any tax deficiency
which would reasonably be expected to be determined adversely to the Company and which would reasonably be expected to have) a
material adverse effect on the Company and its subsidiaries, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(mm) Except as disclosed in the
Time of Sale Prospectus or the Registration Statement, the Company and each of its subsidiaries are presently in compliance in
all material respects with all applicable privacy and data protection laws, judgments, orders, and other contractual or legal obligations
binding on the Company or its subsidiaries; statutes, rules and regulations of any court or arbitrator or other governmental or
regulatory authority, in each case, relating to the privacy and security of the information technology systems and personal data
used in connection with the operation of the Company&rsquo;s and its subsidiaries&rsquo; businesses as currently conducted. The
Company and each of its subsidiaries have, in accordance with industry standard practices for companies comparable in size to the
Company, taken steps designed to protect the information technology systems and personal data of the Company used in connection
with the operation of the Company&rsquo;s and its subsidiaries&rsquo; businesses. Except as disclosed in the Time of Sale Prospectus
or the Registration Statement and to the knowledge of the Company, there has been no material security breach, compromise, misuse,
misappropriation, or unauthorized use, access, disablement, or modification of or relating to any such information technology system
or personal data, and the Company and its subsidiaries have not been notified of, and have no knowledge of any event or condition
that would reasonably be expected to result in, any material security breach, compromise, misuse, misappropriation, or unauthorized
use, access, disablement, or modification of or relating to any such information technology system or personal data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">2. <I>Agreements to Sell and Purchase</I>.
The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and
warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase from
the Company the respective numbers of Firm Shares set forth in Schedule I hereto opposite its name at $22.0875 per share (the &ldquo;<B>Purchase
Price</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the basis of the representations and
warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters
the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to 1,455,000 Additional
Shares at the Purchase Price, provided that the Purchase Price per Additional Share shall be reduced by an amount per share equal
to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Additional Shares.
You may exercise this right on behalf of the Underwriters in whole or, from time to time, in part by giving written notice to the
Company not later than 30 days after the date of the Prospectus. Any exercise notice shall specify the number of Additional Shares
to be purchased by the Underwriters from the Company and the date on which such shares are to be purchased. Each purchase date
must be at least two business days after the written notice is given and may not be earlier than the Closing Date nor later than
ten business days after the date of such notice; provided, however, that if an exercise notice is delivered prior to the Closing
Date, then the purchase date for such notice shall be the Closing Date. On each day, if any, that Additional Shares are to be purchased
(an &ldquo;<B>Option Closing Date</B>&rdquo;), each Underwriter agrees, severally and not jointly, to purchase the number of Additional
Shares from the Company (subject to such adjustments to eliminate fractional shares as you may determine) that bears the same proportion
to the total number of Additional Shares to be purchased from the Company on such Option Closing Date as the number of Firm Shares
set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">3. <I>Terms of Public Offering</I>.
The Company is advised by you that the Underwriters propose to make a public offering of their respective portions of the Shares
as soon after the Registration Statement and this Agreement have become effective as in your judgment is advisable. The Company
is further advised by you that the Shares are to be offered to the public initially at $23.25 per share (the &ldquo;<B>Public Offering
Price</B>&rdquo;) and to certain dealers selected by you at a price that represents a concession not in excess of $0.6975 per share
under the Public Offering Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">4. <I>Payment and Delivery</I>.
Payment for the Firm Shares shall be made to the Company in Federal or other funds immediately available in New York City against
delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on May
7, 2020 or at such other time on the same or such other date, not later than the fifth business day thereafter, as shall be designated
in writing by you. The time and date of such payment are hereinafter referred to as the &ldquo;<B>Closing Date</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for any Additional Shares shall
be made to the Company in Federal or other funds immediately available in New York City against delivery of such Additional Shares
for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding
notice described in Section 2 or at such other time on the same or on such other date, in any event not later than the tenth business
day thereafter, as shall be designated in writing by you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Firm Shares and Additional Shares shall
be registered in such names and in such denominations as you shall request in writing not later than one full business day prior
to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered
to you on the Closing Date or the applicable Option Closing Date, as the case may be, for the respective accounts of the several
Underwriters, with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters duly paid, against
payment of the Purchase Price therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">5. <I>Conditions to the Underwriters&rsquo;
Obligations</I>. The several obligations of the Underwriters are subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a) Subsequent to the execution
and delivery of this Agreement and prior to the Closing Date and any Option Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) there shall not have occurred
any downgrading, nor shall any notice have been given to the Company of any intended or potential downgrading or of any review
for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the securities
of the Company or any of its subsidiaries by any &ldquo;nationally recognized statistical rating organization,&rdquo; as such term
is defined for purposes of Section 3(A)(62) of the Exchange Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) there shall not have occurred
any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business,
prospects or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus
as of the date of this Agreement that, in your judgment, is material and adverse or is reasonably likely to be material and adverse,
and that makes it, in your judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time
of Sale Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) The Underwriters shall have
received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company, to the effect
set forth in Section 5(a)(i) above and to the effect that (i) the representations and warranties of the Company contained in this
Agreement are true and correct as of the Closing Date and (ii) that the Company has complied with all of the agreements and satisfied
all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date. The officer signing and
delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(c) The Underwriters shall have
received on the Closing Date an opinion and negative assurance letter of Covington &amp; Burling LLP, special counsel for the Company,
dated the Closing Date, in the form previously agreed, which shall be rendered to the Underwriters at the request of the Company
and shall so state therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(d) The Underwriters shall have
received on the Closing Date an opinion of Hunton Andrews Kurth LLP, Virginia counsel for the Company, dated the Closing Date,
in the form previously agreed, which shall be rendered to the Underwriters at the request of the Company and shall so state therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(e) The Underwriters shall have
received on the Closing Date an opinion of Cooley LLP, intellectual property counsel to the Company, dated the Closing Date, in
the form previously agreed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(f) The Underwriters shall have
received on the Closing Date an opinion or opinions of Ropes &amp; Gray LLP, counsel for the Underwriters, dated the Closing Date,
in form and substance reasonably satisfactory to the Representative, and such counsel shall have received such papers and information
as they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(g) The Underwriters shall have
received, on each of the date hereof and the Closing Date, a letter, dated the date hereof or the Closing Date, as the case may
be, in form and substance satisfactory to the Underwriters, from Ernst &amp; Young LLP, independent public accountants, containing
statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters
with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of
Sale Prospectus and the Prospectus; provided that the letter delivered on the Closing Date shall use a &ldquo;cut-off date&rdquo;
not earlier than the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(h) The &ldquo;lock-up&rdquo;
agreements, each substantially in the form of Exhibit A hereto, between you and each executive officer and director of the Company
relating to sales and certain other dispositions of shares of Common Stock or certain other securities, delivered to you on or
before the date hereof, shall be in full force and effect on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(i) The several obligations of
the Underwriters to purchase Additional Shares hereunder are subject to the delivery to you on the applicable Option Closing Date
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) a certificate, dated the Option
Closing Date and signed by an executive officer of the Company, confirming that the certificate delivered on the Closing Date pursuant
to Section 5(b) hereof remains true and correct as of such Option Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) an opinion and negative assurance
letter of Covington &amp; Burling LLP, special counsel for the Company, dated the Option Closing Date, relating to the Additional
Shares to be purchased on such Option Closing Date and, except as otherwise agreed by you, to the same effect as the opinion required
by Section 5(c) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii) an opinion of Hunton Andrews
Kurth LLP, Virginia counsel for the Company, dated the Option Closing Date, relating to the Additional Shares to be purchased on
such Option Closing Date and, except as otherwise agreed by you, to the same effect as the opinion required by Section 5(d) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv) an opinion of Cooley LLP,
intellectual property counsel to the Company, dated the Option Closing Date and otherwise to the same effect as the opinion required
by Section 5(e) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v) an opinion or opinions of
Ropes &amp; Gray LLP, counsel for the Underwriters, dated the Option Closing Date, relating to the Additional Shares to be purchased
on such Option Closing Date and otherwise to the same effect as the opinion required by Section 5(f) hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vi) a letter dated the Option
Closing Date, in form and substance satisfactory to the Underwriters, from Ernst &amp; Young, LLP, independent public accountants,
substantially in the same form and substance as the letter furnished to the Underwriters pursuant to Section 5(g) hereof; provided
that the letter delivered on the Option Closing Date shall use a &ldquo;cut-off date&rdquo; not earlier than three business days
prior to such Option Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vii) such other documents as
you may reasonably request with respect to the good standing of the Company, the due authorization and issuance of the Additional
Shares to be sold on such Option Closing Date and other matters related to the issuance of such Additional Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">6. <I>Covenants of the Company</I>.
The Company covenants with each Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a) To furnish to you, without
charge, a signed copy of the Registration Statement (including exhibits thereto) and for delivery to each other Underwriter a conformed
copy of the Registration Statement (without exhibits thereto) and to furnish to you in New York City, without charge, as promptly
as practicable and in any event no later than 10:00 a.m. New York City time on the second business day succeeding the date of this
Agreement and during the period mentioned in Section 6(e) or 6(f) below, as many copies of the Time of Sale Prospectus, the Prospectus
and any supplements and amendments thereto or to the Registration Statement as you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) Before amending or supplementing
the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to you a copy of each such proposed amendment
or supplement and to provide you a reasonable opportunity to comment on any such proposed amendment or supplement prior to filing
it, and to file with the Commission within the applicable period specified in Rule&nbsp;424(b) under the Securities Act any prospectus
required to be filed pursuant to such Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(c) To furnish to you a copy
of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company with respect
to the Shares and not to use or refer to any such proposed free writing prospectus to which you reasonably and promptly object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(d) Not to take any action that
would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required
to file thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(e) If the Time of Sale Prospectus
is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers
and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus
in order to make the statements therein, in the light of the circumstances, not misleading, or if, in the opinion of counsel for
the Company or the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law,
promptly to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request,
either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended
or supplemented will not, in the light of the circumstances under which they were made, when the Time of Sale Prospectus is delivered
to a prospective purchaser, be misleading, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with
applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(f) If, during such period after
the first date of the public offering of the Shares as in the opinion of counsel for the Company or the Underwriters the Prospectus
(or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is required by law to be delivered in connection
with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend
or supplement the Prospectus in order to make the statements therein, in the light of the circumstances under which they were made,
when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser,
not misleading, or if, in the opinion of counsel for the Company or the Underwriters, it is necessary to amend or supplement the
Prospectus to comply with applicable law, promptly to prepare, file with the Commission and furnish, at its own expense, to the
Underwriters and to the dealers (whose names and addresses you will furnish to the Company) to which Shares may have been sold
by you on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus
so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances under which
they were made, when the Prospectus (or in lieu thereof the notice referred to in Rule&nbsp;173(a) under the Securities Act) is
delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(g) To endeavor to qualify the
Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably request; provided,
that in no event shall the Company or any of its subsidiaries be obligated to qualify to do business as a foreign corporation in
any jurisdiction in which it is not now so qualified or to file any general consent to service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(h) To make generally available
to the Company&rsquo;s security holders and to you as soon as practicable an earning statement covering a period of at least 12
months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the
provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(i) The Company will not, directly
or indirectly, knowingly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other Person: (x) to fund or facilitate any activities or business of or with any Person or
in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (y) in any other
manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether
as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(j) Whether or not the transactions
contemplated in this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid all expenses incident
to the performance of the Company&rsquo;s obligations under this Agreement, including: (i) the fees, disbursements and expenses
of the Company&rsquo;s counsel and the Company&rsquo;s accountants in connection with the registration and delivery of the Shares
under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement,
any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of,
used by, or referred to by the Company and amendments and supplements to any of the foregoing, including all printing costs associated
therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified,
(ii) all costs and expenses related to the transfer and delivery of the Shares to the Underwriters, including any transfer or other
taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or Legal Investment memorandum in connection with the
offer and sale of the Shares under state securities laws and all expenses in connection with the qualification of the Shares for
offer and sale under state securities laws as provided in Section 6(g) hereof, including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or Legal
Investment memorandum, (iv) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in
connection with the review and qualification of the offering of the Shares by FINRA, (v) all costs and expenses incident to listing
the Shares on the Nasdaq Global Select Market, (vi) the cost of printing certificates representing the Shares, (vii) the costs
and charges of any transfer agent, registrar or depositary for the Shares, (viii) the costs and expenses of the Company relating
to investor presentations on any &ldquo;road show&rdquo; undertaken in connection with the marketing of the offering of the Shares,
including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses
associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with
the road show presentations with the prior written approval of the Company, travel and lodging expenses of the representatives
and officers of the Company and any such consultants, and the cost of any aircraft chartered in connection with any road show (provided,
that the prior written approval of the Company is obtained prior to the chartering of any such aircraft), (ix) the document production
charges and expenses associated with printing this Agreement, and (x) all other costs and expenses incident to the performance
of the obligations of the Company hereunder for which provision is not otherwise made in this Section 6. It is understood, however,
that except as provided in this Section 6, Section 8 entitled &ldquo;Indemnity and Contribution,&rdquo; the last sentence of Section
9 below and the last paragraph of Section 10 below, the Underwriters will pay all of their costs and expenses, including fees and
disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them, travel and lodging expenses
of their representatives in connection with any road show, and any advertising expenses connected with any offers they may make,
it being further understood, however, that the fees and disbursements of counsel for the Underwriters to be paid by the Company
pursuant to clauses (iii) and (iv) above shall not exceed $10,000, in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company also covenants with each Underwriter
that, without the prior written consent of the Representative on behalf of the Underwriters, it will not, during the period through
the 60<SUP>th</SUP> day after the date of the Prospectus, (A) offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer
or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock or (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Stock, whether any such transaction described in clause (A) or (B) above is to be settled
by delivery of Common Stock or such other securities, in cash or otherwise or (C) file any registration statement (other than on
Form S-8) with the Commission relating to the offering of any shares of Common Stock or any securities convertible into or exercisable
or exchangeable for Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The restrictions contained in the preceding
paragraph shall not apply to (1) the Shares to be sold hereunder, (2) (i) the issuance by the Company of Common Stock upon the
exercise of outstanding stock options or other stock-based awards or vesting of outstanding restricted stock units or other stock-based
awards or issuances of shares of Common Stock under the 2000 Plan, the 2013 Plan, the 2015 Plan, the 2017 Plan or the 2019 Plan
or pursuant to inducement grants to new employees or upon the exercise of currently outstanding options granted outside of such
plans, (ii) the grant by the Company of stock options, restricted stock units or other stock-based awards under the 2019 Plan or
pursuant to inducement grants to new employees or (iii) the conversion of a security outstanding on the date hereof described in
the Registration Statement or of which the Underwriters have been advised in writing or (3) issuances of Common Stock or other
securities in connection with a transaction that includes a commercial relationship (including joint ventures, marketing or distribution
arrangements, collaboration agreements or intellectual property license agreements) or any acquisition of assets or at least a
controlling portion of the equity of another entity provided that (x) the aggregate number of shares of securities issued pursuant
to this clause (3) shall not exceed 10% of the total number of outstanding shares of Common Stock immediately following the issuance
and sale of the Shares pursuant hereto and (y) the holder of such shares or securities shall sign a lock-up agreement in the form
attached hereto as Exhibit A if the issuance of Common Stock or other securities occurs during the 60-day restricted period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">7. <I>Covenants of the Underwriters</I>.
Each Underwriter severally covenants with the Company not to take any action that would result in the Company being required to
file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise
would not be required to be filed by the Company thereunder, but for the action of the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">8. <I>Indemnity and Contribution</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a) The Company agrees to indemnify
and hold harmless each Underwriter, the directors, officers, employees, affiliates and agents of each Underwriter and each person,
if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act from and against any and all
losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection
with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus
or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act,
any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any
road show as defined in Rule 433(h) under the Securities Act (a &ldquo;<B>road show</B>&rdquo;) or the Prospectus or any amendment
or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused
by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter
furnished to the Company in writing by such Underwriter through you expressly for use therein. For purposes of this Agreement,
the only information furnished shall be (a) the last sentence on the cover page of the Prospectus concerning the delivery of shares
by the Underwriters; (b) the table following the first paragraph under the caption &ldquo;Underwriting&rdquo; in the Prospectus,
setting forth the names of the Underwriters and number of Firm Shares to be purchased by each Underwriter; (c) the first paragraph
under the sub-caption &ldquo;Discounts and Commissions&rdquo; under the caption &ldquo;Underwriting&rdquo; in the Prospectus, concerning
the terms of the offering by the Underwriters; and (d) the first three paragraphs under the sub-caption &ldquo;Price Stabilization,
Short Positions and Penalty Bids&rdquo; under the caption &ldquo;Underwriting&rdquo; in the Prospectus, relating to stabilizing
transactions, short sales, purchases to cover positions created by short sales and the imposition of penalty bids by the Underwriters
(the &ldquo;<B>Underwriter Information</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) Each Underwriter agrees,
severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign the Registration Statement
and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act to the same extent as the foregoing indemnity from the Company to the Underwriters, but only with reference to
the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(c) In case any proceeding (including
any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to
Section 8(a) or 8(b), such person (the &ldquo;<B>indemnified party</B>&rdquo;) shall promptly notify the person against whom such
indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;) in writing and the indemnifying party, upon request of the
indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and
any others the indemnifying party may designate in such proceeding and shall pay the reasonably incurred fees and disbursements
of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such
proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of
interest. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all such indemnified parties, and that all such fees and expenses shall
be reimbursed as they are incurred. Such firm shall be designated in writing by the Representative, in the case of parties indemnified
pursuant to Section 8(a), and by the Company, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party
shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against
any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent
of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party
is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding
and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(d) To the extent the indemnification
provided for in Section 8(a) or 8(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages
or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified
party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the indemnified party or parties on the other hand from the offering of the Shares or (ii) if the
allocation provided by Section 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in Section 8(d)(i) above but also the relative fault of the indemnifying party or parties
on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted
in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received
by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand in connection with
the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the
Shares (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the
Underwriters, as such net proceeds received by the Company and total underwriting discounts and commissions received by the Underwriters
are set forth in the section of the Prospectus entitled &ldquo;Underwriting&rdquo;, bear to the aggregate Public Offering Price
of the Shares. The relative fault of the indemnifying party or parties on the one hand and the indemnified party or parties on
the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement fact or
the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or parties
on the one hand or by the indemnified party or parties on the other hand, and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission. The Underwriters&rsquo; respective obligations
to contribute pursuant to this Section 8 are several in proportion to the respective number of Shares they have purchased hereunder,
and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(e) The Company and the Underwriters
agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a result
of the losses, claims, damages and liabilities referred to in Section 8(d) shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with
respect to the offering of the Shares exceeds the amount of any damages that such Underwriter has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding anything herein to the contrary,
no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section
8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law
or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(f) The indemnity and contribution
provisions contained in this Section 8 and the representations and warranties of the Company contained in this Agreement shall
remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made
by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter, or by or on behalf
of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of
the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">9. <I>Termination</I>. The Underwriters
may terminate this Agreement by notice given by you to the Company if, after the execution and delivery of this Agreement and prior
to the Closing Date, (a) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of
the Commission, the New York Stock Exchange, NYSE American (formerly known as the American Stock Exchange), the Nasdaq Global Select
Market or the Nasdaq Global Market, (b) trading of any securities of the Company shall have been suspended on any exchange or in
any over-the-counter market, (c) a material disruption in securities settlement, payment or clearance services in the United States
shall have occurred, (d) any moratorium on commercial banking activities shall have been declared by Federal or New York state
authorities, or (e) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or
any calamity or crisis that, in your judgment, is material and adverse and which, singly or together with any other event specified
in this clause (e), makes it, in your judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the
Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus. If this Agreement shall be
terminated by the Underwriters pursuant to this Section 9, the Company will reimburse the Underwriters for all out-of-pocket accountable
expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this
Agreement or the offering contemplated hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">10. <I>Effectiveness; Defaulting
Underwriters</I>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, on the Closing Date or an Option Closing
Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have
agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such
date, the non-defaulting Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth
opposite their respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all
such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Shares which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of
Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 10 by an amount
in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter
or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such
default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory
to you and the Company for the purchase of such Firm Shares are not made within 48 hours after such default, this Agreement shall
terminate. In the event of such termination, the Company shall not have any liability to any Underwriter (except to the extent
provided in Sections 6(j) and 8 hereof) nor shall any Underwriter (other than an Underwriter who shall have failed otherwise than
for some reason permitted under this Agreement to purchase the amount of Firm Shares agreed by such Underwriter to be purchased
hereunder) be under any liability to the Company (except to the extent provided under Sections 6(j) and 8 hereof). In any such
case either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in
order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in
any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail
or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs
is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting
Underwriters shall have the option to (a) terminate their obligation hereunder to purchase the Additional Shares to be sold on
such Option Closing Date or (b) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would
have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting
Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Agreement shall be terminated by
the Underwriters because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the
conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement
(unless such failure to comply or inability to perform is due primarily to any default of any Underwriter), the Company will reimburse
the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket
accountable expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection
with this Agreement or the offering contemplated hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">11. <I>Entire Agreement</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a) This Agreement, together
with any contemporaneous written agreements that relate to the offering of the Shares, represents the entire agreement between
the Company on one hand and the Underwriters on the other hand, with respect to the preparation of any preliminary prospectus,
the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) The Company acknowledges
that in connection with the offering of the Shares: (i)&nbsp;the Underwriters have acted at arms&rsquo; length, are not agents
of, and owe no fiduciary duties to, the Company or any other person, (ii) the Underwriters owe the Company only those duties and
obligations set forth in this Agreement and prior written agreements (to the extent not superseded by this Agreement), if any,
and (iii) the Underwriters may have interests that differ from those of the Company. The Company waives to the full extent permitted
by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection
with the offering of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">12. <I>Waiver of Jury Trial</I>.
The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in
any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">13. <I>Recognition of the U.S.
Special Resolution Regimes</I>. In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under
this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a)&nbsp;In the event that any
Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were
governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) For purposes of this Section
13, a &ldquo;<B>BHC Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted
in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<B>Covered Entity</B>&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered
entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii) a &ldquo;covered
bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered
FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;<B>Default Right</B>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable. &ldquo;<B>U.S. Special Resolution Regime</B>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and
the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">14. <I>Counterparts</I>. This
Agreement may be signed in two or more counterparts (which may include counterparts delivered by any standard form of electronic
communication), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">15. <I>Applicable Law</I>. This
Agreement shall be governed by and construed in accordance with the laws of the state of New York without regard to principles
of conflict of laws that would result in the application of any law other than the laws of the state of New York. The Company agrees
that any suit or proceeding arising in respect of this Agreement will be tried exclusively in the U.S. District Court for the Southern
District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County
of New&nbsp;York, and the Company agrees to submit to the jurisdiction of, and to venue in, such courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">16. <I>Headings</I>. The headings
of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">17. <I>Notices</I>. All communications
hereunder shall be in writing and effective only upon receipt and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(a) if to the Underwriters shall
be delivered, mailed or sent to SVB Leerink LLC, One Federal Street, Floor 37, Boston, Massachusetts 02110, Attention: John I.
Fitzgerald, Esq.; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">(b) if to the Company shall be
delivered, mailed or sent to 700 US Highway 202/206, Bridgewater, New Jersey 08807, Attention: Chief Legal Officer, with a copy
(which shall not constitute notice) to Covington &amp; Burling LLP, One CityCenter, 850 Tenth Street, NW, Washington, DC 20001-4956,
Attention: Michael J. Riella, email: mriella@cov.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0.5in">&nbsp;</P>

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of page intentionally left blank.)</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">INSMED INCORPORATED</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%"> /s/ Sara M. Bonstein</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Sara M. Bonstein</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Underwriting Agreement]</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted as of the date hereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SVB LEERINK LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acting severally on behalf of themselves and the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">several Underwriters named in Schedule I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%">/s/ Dan Dubin</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Dan Dubin</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Vice Chairman</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Underwriting Agreement]</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SCHEDULE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">Number of Firm</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">Shares To Be</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; font: 10pt Times New Roman, Times, Serif; text-align: left">SVB Leerink LLC</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,790,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Suisse Securities&nbsp;(USA) LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,164,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stifel, Nicolaus &amp; Company, Incorporated</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,164,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">JMP Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">485,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">H.C. Wainwright &amp; Co., LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: 22.5pt">Total:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,700,000</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SCHEDULE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Time of Sale Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Basic Prospectus, dated January 22, 2018 and included in the Registration Statement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">Preliminary prospectus, dated May 4, 2020</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify">Orally communicated pricing information:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">a.)</TD><TD STYLE="text-align: justify">Number of shares to be offered by the Company: 9,700,000
shares</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">b.)</TD><TD STYLE="text-align: justify">Public Offering Price: $23.25</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">FORM
OF LOCK-UP LETTER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">as Representative of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o SVB Leerink LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Federal Street, 37<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that SVB Leerink
LLC, as representative of the Underwriters (as defined below) (the &ldquo;<B>Representative</B>&rdquo;), proposes to enter into
an Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with Insmed Incorporated, a Virginia corporation (the
 &ldquo;<B>Company</B>&rdquo;), providing for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) by the several Underwriters
listed on Schedule I to the Underwriting Agreement (the &ldquo;<B>Underwriters</B>&rdquo;), of shares of common stock, $0.01 par
value per share, of the Company (the &ldquo;<B>Common Stock</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To induce the Underwriters that may participate
in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without
the prior written consent of the Representative, on behalf of the Underwriters, it will not, during the period commencing on the
date hereof through the 60<SUP>th</SUP> day after the date of the final prospectus relating to the Public Offering (the &ldquo;<B>Restricted
Period</B>&rdquo;), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended
(the &ldquo;<B>Exchange Act</B>&rdquo;)), by the undersigned or any securities so owned convertible into or exercisable or exchangeable
for Common Stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled
by delivery of Common Stock or such other securities, in cash or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing sentence shall not apply to
(a) transfers of shares of Common Stock or any security convertible into Common Stock as a bona fide gift or by will, other testamentary
document or intestate succession, (b) distributions of shares of Common Stock or any security convertible into Common Stock to
limited partners, members, stockholders, or wholly-owned subsidiaries of the undersigned, (c) transfers of shares of Common Stock
or any security convertible into Common Stock pursuant to any order or settlement agreement not involving any public sale of shares
of Common Stock or other securities and approved by any court of competent jurisdiction, (d) transfers of shares of Common Stock
or any security convertible into Common Stock to any trust for the direct or indirect benefit of the undersigned or the immediate
family of the undersigned, (e) transfers of shares of Common Stock or any security convertible into Common Stock to any corporation,
partnership, limited liability company or similar entity of which all of the beneficial ownership interests are held by the undersigned
or the immediate family of the undersigned; provided that in the case of any transfer or distribution pursuant to clauses (a)-(e),
(i) each donee, distributee or transferee shall sign and deliver to the Representative a lock-up letter substantially in the form
of this letter, (ii) no public announcement or filing <FONT STYLE="background-color: white">by any party (the undersigned, donor,
donee, distributor, distributee, transferor or transferee) </FONT>under the Exchange Act, including<FONT STYLE="background-color: white">,
without limitation,</FONT> any Section 16(a) filing, <FONT STYLE="background-color: white">shall be required or </FONT>voluntarily
made <FONT STYLE="background-color: white">in connection with such transfer or distribution and (iii) any such transfer or distribution
shall not involve a disposition for value</FONT>, (f) the establishment of a new trading plan pursuant to Rule 10b5-1 under the
Exchange Act (a &ldquo;<B>10b5-1 trading plan</B>&rdquo;) providing for dispositions or sales of Common Stock; provided that such
plan does not permit dispositions or sales of shares of Common Stock or any security convertible into Common Stock during the Restricted
Period and no public announcement or filing under the Exchange Act regarding the establishment of such plan shall be voluntarily
made during the Restricted Period, (g) transfers of shares of Common Stock pursuant to a 10b5-1 trading plan entered into prior
to the date of this agreement; provided that to the extent a public announcement or filing under the Exchange Act is required for
such transfer, such announcement or filing shall include a statement to the effect that the transfer was made pursuant to a 10b5-1
trading plan, (h) the exercise of options or other stock-based awards to purchase Common Stock or vesting of restricted stock units
or other stock-based awards outstanding as of the date hereof or granted under equity incentive plans or pursuant to inducement
awards in effect as of the date hereof or described in the registration statement with respect to the Public Offering; provided
that the underlying Common Stock continues to be subject to the terms of this agreement, (i) transfers of shares of Common Stock
or any security convertible into Common Stock pursuant to a bona fide third party tender offer, merger, consolidation or other
similar transaction made to holders of the Common Stock involving a change of control of the Company; provided that in the event
that the tender offer, merger, consolidation or other such transaction is not completed during the Restricted Period, the undersigned
shall remain subject to the restrictions contained herein during such period, (j) the repurchase or forfeiture of securities by
the Company in connection with termination of the undersigned&rsquo;s employment with the Company, and (k) the settlement of restricted
stock, restricted stock units, options or other stock-based awards on a &ldquo;net&rdquo; basis or any other withholding of shares
of Common Stock by the Company upon vesting and/or settlement of restricted stock, restricted stock units, options or other stock-based
awards; provided that (x) the underlying shares of Common Stock received by the undersigned shall continue to be subject to the
restrictions on transfer set forth in this agreement and (y) any such settled or withheld shares are surrendered to the Company
in the net exercise; provided further, in each case (a) through (f) and (h) through (k), that the undersigned shall provide you
two days&rsquo; advance notice of such transfers, distributions, plan establishments, exercises, repurchases, forfeitures, settlements
or withholdings, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the undersigned agrees that,
without the prior written consent of the Representative on behalf of the Underwriters, it will not, during the Restricted Period,
make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible
into or exercisable or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions
with the Company&rsquo;s transfer agent and registrar against the transfer of the undersigned&rsquo;s shares of Common Stock except
in compliance with the foregoing restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that the Company
and the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering. The undersigned
further understands that this agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives,
successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whether or not the Public Offering actually
occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to the Underwriting
Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. If (i) the closing of the Public
Offering has not occurred prior to June 30, 2020, (ii) the Company notifies you in writing prior to the date of the execution of
the Underwriting Agreement that it does not intend to proceed with the Public Offering, (iii) prior to the date of the execution
of the Underwriting Agreement, the registration statement filed with respect to the Public Offering is withdrawn or (iv) for any
reason the Underwriting Agreement shall be terminated prior to the Closing Date (as defined in the Underwriting Agreement), this
agreement shall be of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(Name of Party&mdash;Please Print)</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(Signature)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2018832d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 5.75pt; padding-left: 4.3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2018832d1_ex5-1img001.jpg" ALT="" STYLE="height: 49px; width: 179px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Hunton AndrEws Kurth LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">File No: 058036.0000021</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">May 7, 2020</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10 Finderne Avenue, Building 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bridgewater, New Jersey 08807</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Insmed Incorporated
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Public Offering of
11,155,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special Virginia counsel
to Insmed Incorporated, a Virginia corporation (the &ldquo;Company&rdquo;), in connection with the Company&rsquo;s issuance and
sale of 11,155,000 shares of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;Shares&rdquo;), pursuant to
(i) the Registration Statement on Form S-3 (File No. 333-218118) filed by the Company with the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) on May 19, 2017 pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
as amended by Post-Effective Amendment No. 1 thereto, filed with the Commission on January 22, 2018 (as so amended, the &ldquo;Registration
Statement&rdquo;), and (ii) the prospectus, dated January 22, 2018, contained in the Registration Statement and the prospectus
supplement thereto, dated May 4, 2020 (collectively, the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is being furnished in
accordance with the requirements of Item 16 of Form S-3 and Item 601(b)(5)(i) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion
letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents and
records of the Company, certificates of public officials and officers of the Company and such other documents, certificates
and records as we have deemed necessary to render the opinions set forth herein, including, among other things, (i) the
Company&rsquo;s Articles of Incorporation, as amended through the date hereof, (ii) the Company&rsquo;s Amended and Restated
Bylaws, as amended through the date hereof, (iii) the Registration Statement, (iv) the Prospectus, (v) the Underwriting
Agreement, dated as of May 4, 2020 (the &ldquo;Underwriting Agreement&rdquo;), among the Company and SVB Leerink LLC and the
several underwriters (the &ldquo;Underwriters&rdquo;) named in Schedule I to the Underwriting Agreement, for whom
SVB Leerink LLC is acting as representative, (vi) resolutions of the Company&rsquo;s Board of Directors and pricing committee
thereof and (vii) a certificate issued by the Clerk of the State Corporation Commission of the Commonwealth of Virginia on
May 7, 2020 to the effect that the Company is existing under the laws of the Commonwealth of Virginia and in good standing
the (&ldquo;Good Standing Certificate&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ATLANTA&nbsp;&nbsp;&nbsp;AUSTIN&nbsp;&nbsp;&nbsp;BANGKOK&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;BOSTON&nbsp;&nbsp;&nbsp;BRUSSELS&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;DALLAS&nbsp;&nbsp;&nbsp;DUBAI&nbsp;&nbsp;&nbsp;HOUSTON&nbsp;&nbsp;&nbsp;LONDON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">LOS ANGELES&nbsp;&nbsp;&nbsp;MIAMI&nbsp;&nbsp;&nbsp;NEW
YORK&nbsp;&nbsp;&nbsp;NORFOLK&nbsp;&nbsp;&nbsp;RICHMOND&nbsp;&nbsp;&nbsp;SAN FRANCISCO&nbsp;&nbsp;&nbsp;THE WOODLANDS&nbsp;&nbsp;&nbsp;TYSONS&nbsp;&nbsp;&nbsp;WASHINGTON,
DC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">www.HuntonAK.com</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2018832d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of the opinions expressed below,
we have assumed (i) the legal capacity of all natural persons, (ii) the genuineness of all signatures, (iii) the authenticity of
all documents submitted to us as originals, (iv) the conformity to authentic original documents of all documents submitted to us
as certified, electronic or photostatic copies and (v) the due authorization, execution and delivery of all documents by all parties
and the validity, binding effect and enforceability thereof (other than the authorization, execution and delivery of certain documents
by the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As to factual matters, we have relied upon,
and assumed the accuracy of, representations included in the documents submitted to us, upon certificates of officers of the Company
and upon certificates of public officials. Except as otherwise expressly indicated, we have not undertaken any independent investigation
of factual matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not purport to express an opinion
on any laws other than those of the Commonwealth of Virginia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing and such other
information and documents as we have considered necessary for the purposes hereof, and subject to the assumptions, qualifications
and limitations stated herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55in 0pt 0.5in; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company is a corporation validly existing and in good standing under the laws of the Commonwealth of Virginia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55in 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55in 0pt 0.5in; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Shares have been duly authorized and, when issued and delivered to and paid for by the Underwriters in accordance with
the terms of the Underwriting Agreement, will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55in 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinion set forth in paragraph 1 above
as to the valid existence and good standing of the Company is based solely upon our review of the Good Standing Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2018832d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to (i) the filing of this
opinion letter with the Commission as an exhibit to the Company&rsquo;s Current Report on Form 8-K filed on the date hereof, (ii)
the incorporation by reference of this opinion letter into the Registration Statement and (iii) the reference to our firm under
the heading &ldquo;Legal Matters&rdquo; in the Registration Statement and the Prospectus. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section 7 of the Securities Act and the rules and regulations
of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is rendered as of the
date hereof, and we disclaim any obligation to advise you of facts, circumstances, events or developments that hereafter may be
brought to our attention and that may alter, affect or modify the opinion expressed herein. This opinion letter is expressly limited
to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any matters beyond the matters
expressly set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,</TD>
</TR>                                   <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">/s/ Hunton Andrews Kurth LLP</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>tm2018832d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2018832d1_ex99-1img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Insmed Announces Proposed Public Offering
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BRIDGEWATER, NJ, May 4, 2020 /PRNewswire/ &mdash; Insmed Incorporated
(Nasdaq: INSM) announced today that it intends to offer and sell shares of its common stock in an underwritten public offering.
In addition, Insmed intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common
stock offered in the public offering. All of the shares to be sold in the offering are to be sold by Insmed. The offering is subject
to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the
actual size or terms of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SVB Leerink is acting as sole bookrunning manager for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above has been filed with the Securities and Exchange Commission (SEC), as amended
by Post-Effective Amendment No. 1 thereto, and became automatically effective upon filing on May 19, 2017. A preliminary prospectus
supplement relating to the offering will be filed with the SEC and will be available on the SEC&rsquo;s website at www.sec.gov.
Copies of the preliminary prospectus supplement and the accompanying prospectus related to this offering may be obtained, when
available, from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110,
by telephone: 1-800-808-7525, ext. 6218 or by email at syndicate@svbleerink.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or
a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Insmed</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed Incorporated is a global biopharmaceutical company on
a mission to transform the lives of patients with serious and rare diseases. Insmed's first commercial product, ARIKAYCE<SUP>&reg;
</SUP>(amikacin liposome inhalation suspension), is the first and only therapy approved in the United States for the treatment
of refractory <I>Mycobacterium avium</I> complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult
patients with limited or no alternative treatment options. MAC lung disease is a chronic, debilitating condition that can cause
severe and permanent lung damage. Insmed's earlier-stage clinical pipeline includes brensocatib, a novel oral reversible inhibitor
of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis bronchiectasis and other inflammatory diseases, and
treprostinil palmitil, an inhaled formulation of a treprostinil prodrug that may offer a differentiated product profile for rare
pulmonary disorders, including pulmonary arterial hypertension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Forward-looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This press release contains forward-looking
statements that involve substantial risks and uncertainties. &quot;Forward-looking statements,&quot; as that term is defined in
the Private Securities Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks
and uncertainties. Words herein such as &quot;may,&quot; &quot;will,&quot; &quot;should,&quot; &quot;could,&quot; &quot;would,&quot;
 &quot;expects,&quot; &quot;plans,&quot; &quot;anticipates,&quot; &quot;believes,&quot; &quot;estimates,&quot; &quot;projects,&quot;
 &quot;predicts,&quot; &quot;intends,&quot; &quot;potential,&quot; &quot;continues,&quot; and similar expressions (as well as other
words or expressions referencing future events, conditions or circumstances) may identify forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The forward-looking statements in this press release are based
upon the Company's current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which
may cause the Company's actual results, performance and achievements and the timing of certain events to differ materially from
the results, performance, achievements or timing discussed, projected, anticipated or indicated in any forward-looking statements.
Such risks, uncertainties and other factors include, among others, the following: the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions related to the proposed public offering; the risk that brensocatib
does not prove effective or safe for patients in the STOP-COVID19 study; business or economic disruptions due to catastrophes or
other events, including natural disasters or public health crises; impact of the novel coronavirus (COVID-19) pandemic and efforts
to reduce its spread on our business, employees, including key personnel, patients, partners and suppliers; the risk that the full
data set from the WILLOW study, our six-month Phase 2 trial of brensocatib in patients with NCBFE or data generated in further
clinical trials of brensocatib will not be consistent with the top-line results of the study; failure to successfully commercialize
or maintain U.S. approval for ARIKAYCE, the Company's only approved product; uncertainties in the degree of market acceptance of
ARIKAYCE by physicians, patients, third-party payors and others in the healthcare community; the Company's inability to obtain
full approval of ARIKAYCE from the FDA, including the risk that the Company will not timely and successfully complete the study
to validate a PRO tool and complete the confirmatory post-marketing study required for full approval of ARIKAYCE; inability of
the Company, PARI or the Company's other third party manufacturers to comply with regulatory requirements related to ARIKAYCE or
the Lamira&reg; Nebulizer System; the Company's inability to obtain adequate reimbursement from government or third-party payors
for ARIKAYCE or acceptable prices for ARIKAYCE; development of unexpected safety or efficacy concerns related to ARIKAYCE or brensocatib;
inaccuracies in the Company's estimates of the size of the potential markets for ARIKAYCE or brensocatib or in data the Company
has used to identify physicians; expected rates of patient uptake, duration of expected treatment, or expected patient adherence
or discontinuation rates; the Company's inability to create an effective direct sales and marketing infrastructure or to partner
with third parties that offer such an infrastructure for distribution of ARIKAYCE; failure to obtain regulatory approval to expand
ARIKAYCE's indication to a broader patient population; failure to successfully conduct future clinical trials for ARIKAYCE, brensocatib
and the Company's other product candidates, including due to the Company's limited experience in conducting preclinical development
activities and clinical trials necessary for regulatory approval and the Company's inability to enroll or retain sufficient patients
to conduct and complete the trials or generate data necessary for regulatory approval; risks that the Company's clinical studies
will be delayed or that serious side effects will be identified during drug development; failure to obtain, or delays in obtaining,
regulatory approvals for ARIKAYCE outside the U.S. or for the Company's product candidates in the U.S., Europe, Japan or other
markets, including the United Kingdom as a result of its recent exit from the European Union; failure of third parties on which
the Company is dependent to manufacture sufficient quantities of ARIKAYCE or the Company's product candidates for commercial or
clinical needs, to conduct the Company's clinical trials, or to comply with laws and regulations that impact the Company's business
or agreements with the Company; the Company's inability to attract and retain key personnel or to effectively manage the Company's
growth; the Company's inability to adapt to its highly competitive and changing environment; the Company's inability to adequately
protect its intellectual property rights or prevent disclosure of its trade secrets and other proprietary information and costs
associated with litigation or other proceedings related to such matters; restrictions or other obligations imposed on the Company
by its agreements related to ARIKAYCE or the Company's product candidates, including its license agreements with PARI and AstraZeneca
AB, and failure of the Company to comply with its obligations under such agreements; the cost and potential reputational damage
resulting from litigation to which the Company is or may become a party, including product liability claims; the Company's limited
experience operating internationally; changes in laws and regulations applicable to the Company's business, including any pricing
reform, and failure to comply with such laws and regulations; inability to repay the Company's existing indebtedness and uncertainties
with respect to the Company's ability to access future capital; and delays in the execution of plans to build out an additional
FDA-approved third-party manufacturing facility and unexpected expenses associated with those plans.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may not actually achieve the results, plans, intentions
or expectations indicated by the Company's forward-looking statements because, by their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For
additional information about the risks and uncertainties that may affect the Company's business, please see the factors discussed
in Item 1A, &quot;Risk Factors,&quot; in the Company's Annual Report on Form 10-K for the year ended&nbsp;December 31, 2019, our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020&nbsp;and any subsequent Company filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company cautions readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation,
except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any
change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect
the likelihood that actual results will differ from those set forth in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argot
Partners<BR>
Laura Perry or Heather Savelle<BR>
(212) 600-1902<BR>
</FONT><U>insmed@argotpartners.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mandy Fahey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Director, Corporate Communications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(732) 718-3621</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">amanda.fahey@insmed.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>tm2018832d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2018832d1_ex99-2img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Insmed Announces Pricing of Public Offering
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BRIDGEWATER, NJ, May 5, 2020 /PRNewswire/ &mdash; Insmed Incorporated
(Nasdaq: INSM) announced today that it priced a registered underwritten public offering of 9,700,000 shares of its common stock
at a price to the public of $23.25 per share. The gross proceeds to Insmed from the offering, before deducting underwriting discounts
and commissions and other offering expenses payable by Insmed, are expected to be approximately $225.5 million. In addition, Insmed
has granted the underwriters a 30-day option to purchase up to an additional 1,455,000 shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed intends to use its net proceeds from this offering to
continue to commercialize ARIKAYCE<SUP>&reg;</SUP> (amikacin liposome inhalation suspension)&#894; conduct further trials of ARIKAYCE,
including Insmed&rsquo;s required confirmatory trial to assess and describe the clinical benefit of ARIKAYCE in patients with <I>Mycobacterium
avium</I> complex (MAC) lung disease&#894; conduct further trials of brensocatib (formerly known as INS1007), including its planned
Phase 3 program in bronchiectasis; fund further clinical development of treprostinil palmitil (formerly known as INS1009)&#894;
invest in third-party manufacturing capacity&#894; fund business expansion activities in Europe and Japan&#894; fund working capital,
potential debt repayment, capital expenditures, and general research and development&#894; and for other general corporate purposes,
which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SVB Leerink is acting as sole bookrunning manager for the offering.
Credit Suisse and Stifel are acting as co-lead managers for the offering. JMP Securities and H.C. Wainwright &amp; Co. are acting
as co-managers for the offering. The offering is expected to close on May 7, 2020, subject to the satisfaction of customary closing
conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above has been filed with the Securities and Exchange Commission (SEC), as amended
by Post-Effective Amendment No. 1 thereto, and became automatically effective upon filing on May 19, 2017. A preliminary prospectus
supplement relating to and describing the terms of the offering was filed with the SEC and is available on the SEC&rsquo;s website
at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus related to this offering may be obtained,
when available, from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110,
by telephone: 1-800-808-7525, ext. 6218 or by email at syndicate@svbleerink.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release shall not constitute an offer to sell or
a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Insmed</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed Incorporated is a global biopharmaceutical company on
a mission to transform the lives of patients with serious and rare diseases. Insmed's first commercial product, ARIKAYCE<SUP>&reg;
</SUP>(amikacin liposome inhalation suspension), is the first and only therapy approved in the United States for the treatment
of refractory <I>Mycobacterium avium</I> complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult
patients with limited or no alternative treatment options. MAC lung disease is a chronic, debilitating condition that can cause
severe and permanent lung damage. Insmed's earlier-stage clinical pipeline includes brensocatib, a novel oral reversible inhibitor
of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis bronchiectasis and other inflammatory diseases, and
treprostinil palmitil, an inhaled formulation of a treprostinil prodrug that may offer a differentiated product profile for rare
pulmonary disorders, including pulmonary arterial hypertension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Forward-looking Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements that
involve substantial risks and uncertainties. &quot;Forward-looking statements,&quot; as that term is defined in the Private Securities
Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks and uncertainties. Words
herein such as &quot;may,&quot; &quot;will,&quot; &quot;should,&quot; &quot;could,&quot; &quot;would,&quot; &quot;expects,&quot;
 &quot;plans,&quot; &quot;anticipates,&quot; &quot;believes,&quot; &quot;estimates,&quot; &quot;projects,&quot; &quot;predicts,&quot;
 &quot;intends,&quot; &quot;potential,&quot; &quot;continues,&quot; and similar expressions (as well as other words or expressions
referencing future events, conditions or circumstances) may identify forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The forward-looking statements in this press release are based
upon the Company's current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which
may cause the Company's actual results, performance and achievements and the timing of certain events to differ materially from
the results, performance, achievements or timing discussed, projected, anticipated or indicated in any forward-looking statements.
Such risks, uncertainties and other factors include, among others, the following: the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions related to the public offering; the risk that brensocatib does
not prove effective or safe for patients in the STOP-COVID19 study; business or economic disruptions due to catastrophes or other
events, including natural disasters or public health crises; impact of the novel coronavirus (COVID-19) pandemic and efforts to
reduce its spread on our business, employees, including key personnel, patients, partners and suppliers; the risk that the full
data set from the WILLOW study, our six-month Phase 2 trial of brensocatib in patients with NCBFE or data generated in further
clinical trials of brensocatib will not be consistent with the top-line results of the study; failure to successfully commercialize
or maintain U.S. approval for ARIKAYCE, the Company's only approved product; uncertainties in the degree of market acceptance of
ARIKAYCE by physicians, patients, third-party payors and others in the healthcare community; the Company's inability to obtain
full approval of ARIKAYCE from the FDA, including the risk that the Company will not timely and successfully complete the study
to validate a PRO tool and complete the confirmatory post-marketing study required for full approval of ARIKAYCE; inability of
the Company, PARI or the Company's other third party manufacturers to comply with regulatory requirements related to ARIKAYCE or
the Lamira&reg; Nebulizer System; the Company's inability to obtain adequate reimbursement from government or third-party payors
for ARIKAYCE or acceptable prices for ARIKAYCE; development of unexpected safety or efficacy concerns related to ARIKAYCE or brensocatib;
inaccuracies in the Company's estimates of the size of the potential markets for ARIKAYCE or brensocatib or in data the Company
has used to identify physicians; expected rates of patient uptake, duration of expected treatment, or expected patient adherence
or discontinuation rates; the Company's inability to create an effective direct sales and marketing infrastructure or to partner
with third parties that offer such an infrastructure for distribution of ARIKAYCE; failure to obtain regulatory approval to expand
ARIKAYCE's indication to a broader patient population; failure to successfully conduct future clinical trials for ARIKAYCE, brensocatib
and the Company's other product candidates, including due to the Company's limited experience in conducting preclinical development
activities and clinical trials necessary for regulatory approval and the Company's inability to enroll or retain sufficient patients
to conduct and complete the trials or generate data necessary for regulatory approval; risks that the Company's clinical studies
will be delayed or that serious side effects will be identified during drug development; failure to obtain, or delays in obtaining,
regulatory approvals for ARIKAYCE outside the U.S. or for the Company's product candidates in the U.S., Europe, Japan or other
markets, including the United Kingdom as a result of its recent exit from the European Union; failure of third parties on which
the Company is dependent to manufacture sufficient quantities of ARIKAYCE or the Company's product candidates for commercial or
clinical needs, to conduct the Company's clinical trials, or to comply with laws and regulations that impact the Company's business
or agreements with the Company; the Company's inability to attract and retain key personnel or to effectively manage the Company's
growth; the Company's inability to adapt to its highly competitive and changing environment; the Company's inability to adequately
protect its intellectual property rights or prevent disclosure of its trade secrets and other proprietary information and costs
associated with litigation or other proceedings related to such matters; restrictions or other obligations imposed on the Company
by its agreements related to ARIKAYCE or the Company's product candidates, including its license agreements with PARI and AstraZeneca
AB, and failure of the Company to comply with its obligations under such agreements; the cost and potential reputational damage
resulting from litigation to which the Company is or may become a party, including product liability claims; the Company's limited
experience operating internationally; changes in laws and regulations applicable to the Company's business, including any pricing
reform, and failure to comply with such laws and regulations; inability to repay the Company's existing indebtedness and uncertainties
with respect to the Company's ability to access future capital; and delays in the execution of plans to build out an additional
FDA-approved third-party manufacturing facility and unexpected expenses associated with those plans.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may not actually achieve the results, plans, intentions
or expectations indicated by the Company's forward-looking statements because, by their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For
additional information about the risks and uncertainties that may affect the Company's business, please see the factors discussed
in Item 1A, &quot;Risk Factors,&quot; in the Company's Annual Report on Form 10-K for the year ended&nbsp;December 31, 2019, our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020&nbsp;and any subsequent Company filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company cautions readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation,
except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any
change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect
the likelihood that actual results will differ from those set forth in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Argot Partners<BR>
Laura Perry or Heather Savelle<BR>
(212) 600-1902<BR>
<U>insmed@argotpartners.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mandy Fahey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Director, Corporate Communications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insmed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(732) 718-3621</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">amanda.fahey@insmed.com</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
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<FILENAME>insm-20200504_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>13
<FILENAME>0001104659-20-057792-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6636470080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 04, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May  04,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-30739<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">INSMED INCORPORATED<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001104506<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">54-1972729<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">VA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">700
US Highway<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">202/206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Bridgewater<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">08807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">977-9900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">INSM<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td>na</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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