<PAGE>
EXHIBIT 23.2
Consent of Ernst & Young LLP, Independent Auditors
We consent to the incorporation by reference in the Current Report on Form 8-K
of Insmed Incorporated of our report dated May 28, 1999, with respect to the
consolidated financial statements of Celtrix Pharmaceuticals, Inc. included in
the Registration Statement on Form S-4 (No. 333-30098) and Prospectus of Insmed
Incorporated, filed with the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Palo Alto, California
June 14, 2000
