<PAGE>
Exhibit 23.2
Consent of Independent Auditors
We consent to the incorporation by reference in this Registration Statement on
Form S-1 of our report dated January 13, 2000, with respect to the consolidated
financial statements of Insmed Pharmaceuticals, Inc., which report appears in
Amendment No. 1 to the Registration Statement (Form S-1 No. 333-46552) and
related Prospectus of Insmed Incorporated, and to the references to our firm
under the captions "Experts", "Summary Financial Data", and "Selected
Consolidated Financial Data" in the Prospectus.
/s/ Ernst & Young LLP
Richmond, Virginia
October 20, 2000
