----

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| x ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                               |
| For the fiscal year ended December 31, 2009                                                                                                                                        |
|                                                                                                                                                                               |
| OR                                                                                                                                                                                 |
|                                                                                                                                                                               |
| o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                   |
|                                                                                                                                                                               |
| for the transition period from                          to |

| Bermuda                                                       | 52-2154066                                      |
|---------------------------------------------------------------|-------------------------------------------------|
| (State or other jurisdictionof incorporation or organization) | (I.R.S.  Employer Identification No.) |
|                                                          |                                            |
| 2910 Seventh Street, Berkeley,California 94710                | (510) 204-7200                                  |
| (Address of principal executive offices,including zip code)   | (Telephone Number)                              |

| Title of each class                                                   |   | Name of each exchange on which registered |
|-----------------------------------------------------------------------|--------|-------------------------------------------|
| Common Shares, U.S. $0.0005 par valuePreference Share Purchase Rights |   | The NASDAQ Global Market                  |

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| Name andPrincipalPosition             | Year   |   | Salary ($)(1) |    | Bonus ($)(2) |   | StockAwards ($) |   | OptionAwards ($)(3) |   | Non-EquityIncentive Plan Com-pensation ($)(4)(5) |    | Change inPension Valueand Nonqualified De-ferredCompensationEarnings ($) |   | All Other Compensation ($)(6) |    | Total ($) |
|---------------------------------------|--------|--------|---------------|---------|--------------|--------|-----------------|--------|---------------------|--------|--------------------------------------------------|---------|--------------------------------------------------------------------------|--------|------------------------------------|---------|-----------|
| Steven B. Engle                       | 2009   |   | $             | 540,750 |         | $      | 0               |   | $                   | 0      |                                             | $       | 212,280                                                                  |   | $                                  | 262,267 |      |   | N/A |   | $ | 38,725 |   | $ | 1,054,022 |
| (Chairman of the Board, Chief         | 2008   |   | $             | 515,000 |         | $      | 0               |   | $                   | 0      |                                             | $       | 243,787                                                                  |   | $                                  | 0       |      |   | N/A |   | $ | 390,489 |   | $ | 1,149,276 |
| Executive Officer and President) | 2007   |   |  $       | 202,760 |         | $      | 50,000          |   |  $             | 0      |                                             |  $ | 4,572,830                                                                |   | $                             | 112,472 |      |   | N/A |   | $ | 36,980 |   | $ | 4,975,042 |
|                                  |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| Patrick J. Scannon, M.D., Ph.D.       | 2009   |   | $             | 389,340 |         | $      | 0               |   | $                   | 0      |                                             | $       | 70,760                                                                   |   | $                                  | 123,811 |      |   | N/A |   | $ | 13,136 |   | $ | 597,047 |
| (Executive Vice President and Chief   | 2008   |   | $             | 370,800 |         | $      | 0               |   | $                   | 0      |                                             | $       | 86,680                                                                   |   | $                                  | 0       |      |   | N/A |   | $ | 17,045 |   | $ | 474,525 |
| Medical Officer)                 | 2007   |   | $             | 360,000 |         | $      | 0               |   | $                   | 0      |                                             | $       | 461,248                                                                  |   | $                                  | 115,631 |      |   | N/A |   | $ | 17,269 |   | $ | 954,148 |
|                                  |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| Fred Kurland                          | 2009   |   | $             | 310,000 |         | $      | 0               |   | $                   | 0      |                                             | $       | 70,760                                                                   |   | $                                  | 108,655 |      |   | N/A |   | $ | 12,785 |   | $ | 502,200 |
| (Vice President, Finance and Chief    | 2008   |   |  $       | 3,577   |         |   | N/A             |   |                | N/A    |                                             |  $ | 305,680                                                                  |   |  $                            | 0       |      |   | N/A |   | $ | 0 |   |  $ | 309,257 |
| Financial Officer)               | 2007   |   |          | N/A     |         |   | N/A             |   |                | N/A    |                                             |    | N/A                                                                      |   |                               | N/A     |      |   | N/A |   |   | N/A |   |   | N/A |
|                                  |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| Christopher J. Margolin               | 2009   |   | $             | 338,520 |         | $      | 0               |   | $                   | 0      |                                             | $       | 70,760                                                                   |   | $                                  | 114,810 |      |   | N/A |   | $ | 28,356 |   | $ | 552,446 |
| (Vice President, General Counsel      | 2008   |   | $             | 322,400 |         | $      | 0               |   | $                   | 0      |                                             | $       | 86,680                                                                   |   | $                                  | 0       |      |   | N/A |   | $ | 29,944 |   | $ | 439,024 |
| and Secretary)                   | 2007   |   | $             | 310,000 |         | $      | 0               |   | $                   | 0      |                                             | $       | 367,646                                                                  |   | $                                  | 110,033 |      |   | N/A |   | $ | 29,890 |   | $ | 817,569 |
|                                  |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| Charles C. Wells                      | 2009   |   | $             | 304,500 |         | $      | 0               |   | $                   | 0      |                                             | $       | 70,760                                                                   |   | $                                  | 95,918  |      |   | N/A |   | $ | 11,568 |   | $ | 482,746 |
| (Vice President, Human Resources      |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| and Information Technology)           |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
|                                  |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| Mary Anderson*                        | 2009   |   | $             | 113,474 |         | $      | 0               |   | $                   | 0      |                                             | $       | 70,760                                                                   |   | $                                  | 0       |      |   | N/A |   | $ | 214,689 |   | $ | 398,923 |
| (former VicePresident, Business       |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |
| Development)                     |   |   |          |    |         |   |            |   |                |   |                                             |    |                                                                     |   |                               |    |      |   |   |   |   |   |   |   |   |

----

| * | Ms. Anderson’s employment with the Company was terminated effective June 3, 2009. |
|---|----------------------------------------------------------------------------------------------|

| (1) | Mr.  Kurland was appointed to the position of Vice President, Finance and Chief Financial Officer effective December 28, 2008.  The amount in this column representing his 2008 salary was earned in 2008 but paid in 2009. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The amount in this column paid to Mr. Engle in 2007 represents a sign-on bonus.  The bonus amounts paid to Mr. Engle under the Company’s CICP and the amounts paid to Dr. Scannon and Messrs. Kurland, Margolin and Wells under the Company’s MICP are represented in the amounts under Non-Equity Incentive Plan Compensation.  CICP and MICP awards are reported on an earned basis. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The option amounts represent the aggregate grant date fair value for option awards calculated in accordance with FASB ASC Topic 718.  Amounts for 2007 and 2008 have been recomputed under the same methodology in accordance with SEC rules.  See Notes 2 and 9 of the consolidated financial statements in the Original Form 10-K regarding assumptions underlying valuation of equity awards.  The amount in this column for Ms. Anderson represents the grant date fair value of the total number of options granted; the grant date fair value of the options not forfeited as a result of Ms. Anderson's termination was $4,422. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The amounts in this column for 2009 for Dr. Scannon and Messrs. Kurland, Margolin and Wells represent awards under the Company’s MICP paid in 2010 relating to performance in 2009.   There were no payouts under the MICP plan in 2009 for performance in 2008.  The amounts in this column for 2007 for Dr. Scannon and Messrs. Margolin and Wells represent awards under the Company’s MICP paid in 2008 relating to performance in 2007. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The amount in this column for 2009 for Mr. Engle represents an award under the Company’s CICP paid in 2010 relating to performance in 2009.  There were no payouts under the CICP plan in 2009 for performance in 2008.  The amount in this column for 2007 for Mr. Engle represents an award under the Company’s CICP paid in 2008 relating to performance in 2007. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Amounts in this column for 2009, 2008 and 2007 include: |
|-----|---------------------------------------------------------|

----

----

| Name                           | Grant Date       | Estimated Future PayoutsUnder Non-Equity Incentive Plan  Awards |    | Estimated Future PayoutsUnder Equity Incentive Plan Awards |      | All OtherStockAwards:Numberof Sharesof Stockor Units(#) |  All OtherOptionAwards:Numberof SecuritiesUnderlyingOptions(#) |  Exerciseor Base Price ofOption Awards($/Sh) |  Grant DateFair Value ofStock andOptionAwards(1) |
|--------------------------------|------------------|---------------------------------------------------------------------------|---------|-----------------------------------------------------------------|-----------|---------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------|-------------------------------------------------------|
| Threshold($)                   | Target($)        | Maximum($)                                                                |    | Threshold(#)                                                    | Target(#) | Maximum(#)                                              |                                                                |
|                           |             |                                                                      |    |                                                            |      |                                                    |                                                                |                                              |                                                  |   |   |   |   |
| Steven B. Engle                | 02-26-2009       | -                                                                         | -       | -                                                               |      | -                                                       | -                                                                   | -                                                 |                                                  | - | 600,000 | $0.56 | $212,280 |
|                           |             |                                                                      |    |                                                            |      |                                                    |                                                                |                                              |                                                  |   |   |   |   |
| Patrick J. Scannon, M.D.,Ph.D. |  02-26-2009 |  -                                                                   |  - |  -                                                         |      |  -                                                 |  -                                                             |  -                                           |                                                  |  - |  200,000 |  $0.56 |  $70,760 |
|                           |             |                                                                      |    |                                                            |      |                                                    |                                                                |                                              |                                                  |   |   |   |   |
| Fred Kurland                   | 02-26-2009       | -                                                                         | -       | -                                                               |      | -                                                       | -                                                                   | -                                                 |                                                  | - | 200,000 | $0.56 | $70,760 |
|                           |             |                                                                      |    |                                                            |      |                                                    |                                                                |                                              |                                                  |   |   |   |   |
| Christopher J. Margolin        | 02-26-2009       | -                                                                         | -       | -                                                               |      | -                                                       | -                                                                   | -                                                 |                                                  | - | 200,000 | $0.56 | $70,760 |
|                           |             |                                                                      |    |                                                            |      |                                                    |                                                                |                                              |                                                  |   |   |   |   |
| Charles C. Wells               | 02-26-2009       | -                                                                         | -       | -                                                               |      | -                                                       | -                                                                   | -                                                 |                                                  | - | 200,000 | $0.56 | $70,760 |
|                           |             |                                                                      |    |                                                            |      |                                                    |                                                                |                                              |                                                  |   |   |   |   |
| Mary Anderson*                 | 02-26-2009       | -                                                                         | -       | -                                                               |      | -                                                       | -                                                                   | -                                                 |                                                  | - | 200,000 | $0.56 | $70,760 |

----

| * | Ms. Anderson’s employment with the Company was terminated effective June 3, 2009. |
|---|----------------------------------------------------------------------------------------------|

| (1) | The grant date fair values were calculated in accordance with FASB ASC 718. See Notes 2 and 9 of the consolidated financial statements in the Original Form 10-K regarding assumptions underlying valuation of equity awards. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                             |   | Option Awards                                                                               |   | Stock Awards                                                          |
|------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| Name                                                                                                             |   | Number of Securities Underlying Unexercised Options (#) Exercisable(1)                      |   | Number of Securities Underlying Unexercised Options (#) Unexercisable |   | Equity Incentive Plan Awards:  Number of Securities Underlying  Unexercised Unearned Options (#) |   | Option Exercise Price ($) |   | OptionExpirationDate |   | Number of Shares or Units of Stock That Have Not Vested (#) |   | Market Value of Shares or Units of Stock That Have Not Vested ($) |   | EquityIncentive Plan Awards:  Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |   | EquityIncentive Plan Awards:  Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |
| Steven B. Engle                                                                                                  |   | 500,0001,225,001812,500103,125125,000                                                       |   | 0874,999687,500121,875475,000                                         |   | 0 |   | $5.0000$2.1700$3.6700$2.7100$0.5600 |   | 08-03-201708-03-201710-31-201702-21-201802-26-2019 |   | 0 |   | 0 |   | 0 |   | 0 |
|                                                                                                             |   |                                                                                        |   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Patrick J. Scannon, M.D., Ph.D.                                                                                  |   | 25,00025,00025,00030,00030,00030,00028,75028,333216,66736,66741,667                         |   | 0000001,25011,667183,33343,333158,333                                 |   | 0 |   | $9.7500$8.6250$10.1600$3.3300$5.7700$1.4000$1.6800$3.3900$3.6700$2.7100$0.5600 |   | 02-23-201002-21-201102-20-201202-26-201302-25-201402-23-201502-28-201602-21-201710-31-201702-21-201802-26-2019 |   | 0 |   | 0 |   | 0 |   | 0 |
|                                                                                                             |   |                                                                                        |   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fred Kurland                                                                                                     |   | 200,00041,667                                                                               |   | 600,000158,333                                                        |   | 0 |   | $0.6200$0.5600 |   | 12-29-201802-26-2019 |   | 0 |   | 0 |   | 0 |   | 0 |
|                                                                                                             |   |                                                                                        |   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Christopher J. Margolin                                                                                          |   | 25,00025,00025,00025,00040,00010,00030,00030,00025,00028,75028,33315,000143,54236,66741,667 |   | 0000000001,25011,6670121,45843,333158,333                             |   |   |   | $5.3125$9.7500$8.6250$10.1600$3.3300$3.9200$5.7700$1.4000$1.7800$1.6800$3.3900$3.6700$3.6700$2.7100$0.5600 |   | 01-21-201002-23-201002-21-201102-20-201202-26-201304-10-201302-25-201402-23-201510-25-201502-28-201602-21-201710-31-201710-31-201702-21-201802-26-2019 |   |   |   |   |   |   |   |   |
|                                                                                                             |   |                                                                                        |   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charles C. Wells                 |   | 50,00025,00030,00030,00030,00028,75028,333162,50036,66741,667                               |   | 000001,25011,667137,50043,333158,333                                  |   | 0 |   | $10.4500$10.1600$3.3300$5.7700$1.4000$1.6800$3.3900$3.6700$2.7100$0.5600 |   | 05-07-201102-20-201202-26-201302-25-201402-23-201502-28-201602-21-201710-31-201702-21-201802-26-2019 |   | 0 |   | 0 |   | 0 |   | 0 |
|                                                                                                             |   |                                                                                        |   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mary Anderson*                                                                                                   |   | 00                                                                                          |   | 00                                                                    |   | 0 |   | $2.7100$0.5600 |   | 02-21-201802-26-2019 |   | 0 |   | 0 |   | 0 |   | 0 |

----

| * | Ms. Anderson’s employment with the Company was terminated effective June 3, 2009. |
|---|----------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                        |   | Option Awards                            |   | Stock Awards                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|-------------------------------|
| Name                                                                                                                                                                                                        |   | Number of SharesAcquired On Exercise (#) |   | ValueRealized on Exercise ($) |   | Number of SharesAcquired On Vesting (#) |   | ValueRealized on Vesting ($) |
| Steven B. Engle                                       |   | 0                                        |   | $0                            |   | 0 |   | $0 |
| Patrick J. Scannon M.D., Ph.D.                                                                                                                                                                              |   | 0                                        |   | $0                            |   | 0 |   | $0 |
| Fred Kurland                                          |   | 0                                        |   | $0                            |   | 0 |   | $0 |
| Christopher J. Margolin                               |   | 0                                        |   | $0                            |   | 0 |   | $0 |
| Charles C. Wells                                      |   | 0                                        |   | $0                            |   | 0 |   | $0 |
| Mary Anderson*                                                                                                                                                                                              |   | 12,500                                   |   | $3,637.50                     |   | 0 |   | $0 |

| * | Ms. Anderson’s employment with the Company was terminated effective June 3, 2009. |
|---|----------------------------------------------------------------------------------------------|

----

----

| W.  Denman Van Ness, Chairman |
|-----------------------------------------|
| William K. Bowes, Jr.                   |
| Charles J. Fisher, Jr., M.D.            |

----

| Name                                                                                                                                                                    |   | Fees Earned or Paid in Cash($) |   | Stock Awards ($) |   | Option Awards ($)(1) |   | Non-EquityIncentive Plan Compensation ($) |   | Change in PensionValue and NonqualifiedDeferredCompensationEarnings |   | All OtherCompen-sation ($) |   | Total    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|------------------|--------|----------------------|--------|-------------------------------------------|--------|---------------------------------------------------------------------|--------|----------------------------|--------|----------|
| William K. Bowes, Jr.                                                                                                                                                   |   | $54,250                        |   | $0               |   | $17,881              |   | $0                                        |   | $0                                                                  |   | $0                         |   | $72,131  |
| Charles J. Fisher, Jr., M.D.                                                                                                                                            |   | $41,000                        |   | $0               |   | $17,881              |   | $0                                        |   | $0                                                                  |   | $0                         |   | $58,881  |
| Peter Barton Hutt                                                                                                                                                       |   | $41,000                        |   | $0               |   | $17,881              |   | $0                                        |   | $0                                                                  |   | $0                         |   | $58,881  |
| W. Denman Van Ness                                                                                                                                                      |   | $70,500                        |   | $0               |   | $22,990              |   | $0                                        |   | $0                                                                  |   | $0                         |   | $93,490  |
| John Varian                                                                                                                                                             |   | $46,042                        |   | $0               |   | $17,881              |   | $0                                        |   | $0                                                                  |   | $0                         |   | $63,923  |
| Patrick J. Zenner                                                                                                                                                       |   | $50,000                        |   | $0               |   | $17,881              |   | $0                                        |   | $0                                                                  |   | $0                         |   | $67,881  |
| TOTAL                            |   | $302,792                       |   | $0               |   | $112,395             |   | $0                                        |   | $0                                                                  |   | $0                         |   | $415,187 |

| (1) | The option amounts represent the aggregate grant date for fair value for option awards computed in accordance with FASB ASC Topic 718.  See Notes 2 and 9 of the consolidated financial statements in the Original Form 10-K regarding assumptions underlying valuation of equity awards.  As of December 31, 2009, the aggregate option amounts outstanding for each non-employee director were as follows:  Mr. Bowes—177,000; Dr. Fisher—198,600; Mr. Hutt—200,600; Mr. Van Ness—269,500 (224,500 of which are held by The Van Ness 1983 Revocable Trust); Mr. Varian—105,000 and Mr. Zenner—196,800. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|     Name of Beneficial Owner                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  Number ofCommonSharesBeneficiallyOwned | Percentageof CommonSharesBeneficiallyOwned |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|--------------------------------------------|
| William K. Bowes, Jr.(1)                                                                                                                                                         | 200,569                                      |                                       |   | * |
| Steven B. Engle(2)                                                                                    | 3,275,001                                    |                                       |   | 1.24% |
| Charles J. Fisher, Jr., M.D.(3)                                                                                                                                                                      | 198,600                                      |                                       |   | * |
| Peter Barton Hutt(4)                                                                                  | 200,600                                      |                                       |   | * |
| Fred Kurland(5)                                                                                       | 345,833                                      |                                       |   | * |
| Christopher J. Margolin(6)                                                                                                                                                  | 619,375                                      |                                       |   | * |
| Patrick J. Scannon, M.D., Ph.D.(7)                                                                                                                                                                                                           | 696,417                                      |                                       |   | * |
| Charles C. Wells(8)                                                                                   | 571,935                                      |                                       |   | * |
| W. Denman Van Ness(9)                                                                                                                                             | 319,431                                      |                                       |   | * |
| John Varian(10)                                                                                       | 70,000                                       |                                       |   | * |
| Patrick J. Zenner(11)                                                                                                     | 196,800                                      |                                       |   | * |
| All named executive officers and directors as a group asof the record date (11 persons)(12)                                                                                                                                             | 6,694,561                                    |                                       |   | 2.49% |

|  * | Indicates less than 1%. |
|---------|-------------------------|

| (1) | Includes 169,500 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (2) | Represents 3,275,001 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date.  Does not include 32,704 Common Shares that have vested pursuant to the Company’s Deferred Savings Plan. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Represents 198,600 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (4) | Represents 200,600 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (5) | Represents 345,833 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date.  Does not include 16,124 Common Shares that have vested pursuant to the Company’s Deferred Savings Plan. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (6) | Includes 543,646 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date.  Does not include 59,792 Common Shares that have vested pursuant to the Company’s Deferred Savings Plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Includes 60,805 Common Shares held by The Patrick J. Scannon Separate Property Trust.  Includes 570,834 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date.  Does not include 60,255 Common Shares that have vested pursuant to the Company’s Deferred Savings Plan. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Includes 531,250 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date.  Does not include 37,465 Common Shares that have vested pursuant to the Company’s Deferred Savings Plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Includes 49,481 Common Shares held by The Van Ness 1983 Revocable Trust, of which Mr. Van Ness is a trustee.  Includes 269,500 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Represents 70,000 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date. |
|------|------------------------------------------------------------------------------------------------------------------------|

| (11) | Represents 196,800 Common Shares issuable upon the exercise of options exercisable as of 60 days after the record date. |
|------|-------------------------------------------------------------------------------------------------------------------------|

| (12) | Includes 6,371,564 Common Shares issuable upon exercise of options exercisable as of 60 days after the record date.  Does not include 209,213 Common Shares that have vested pursuant to the Company’s Deferred Savings Plan. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        Plan category                                                                                                                                                                                                                                            |   |   Number of securities to be issued upon exercise of outstanding options, warrants and rights |       |   |   Weighted-averageexercise price ofoutstanding options,warrants and rights |   | Number of securi-ties remaining avail-able for future issu-ance under equity compensation plans (excludingsecurities reflected in the first column) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|------------|--------|--------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| Equity compensation plansapproved by security holders                                                                                                                                                                                                                                              |   |                                                                                                    | 21,686,533 |   |                                                                                 | $      | 2.58                                                                                                                                                |   | 8,195,750 |
| Equity compensation plansnot approved by securityholders                                        |   |                                                                                                    | 1,115,000  |   |                                                                                 | $      | 2.20                                                                                                                                                |   | 0 |
| Total                                                                                           |   |                                                                                                    | 22,801,533 |   |                                                                                 | $      | 2.56                                                                                                                                                |   | 8,195,750 |

----

----

----

| XOMA LTD. |
|-----------|
|      |   |
| By:       |   | /s/    STEVEN B. ENGLE            |
|      |   | Steven B. EngleChairman, Chief Executive Officer and President |

|                                                                                                                           |         |                                                |   |           |
|--------------------------------------------------------------------------------------------------------------------------------|--------------|-----------------------------------------------------|--------|----------------|
| Signature                                                                                                                      | Title        | Date                                                |
|                                                                                                                           |         |                                                |
| /s/    STEVEN B. ENGLE        (Steven B. Engle)                    |    | Chairman, Chief Executive Officer and President     |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    FRED KURLAND        (Fred Kurland)                          |    | Vice President, Finance and Chief Financial Officer |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    PATRICK J. SCANNON        (Patrick J. Scannon, M.D., Ph.D.) |    | Executive Vice President, Chief Medical Officer     |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    W. DENMAN VAN NESS        (W. Denman Van Ness)              |    | Lead Director                                       |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    WILLIAM K. BOWES , JR .        (William K. Bowes, Jr.)      |    | Director                                            |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    CHARLES J. FISHER        (Charles J. Fisher, M.D.)          |    | Director                                            |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    PETER BARTON HUTT        (Peter Barton Hutt)                |    | Director                                            |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    JOHN VARIAN        (John Varian)                            |    | Director                                            |   | April 30, 2010 |
|                                                                                                                           |         |                                                |
| /s/    PATRICK J. ZENNER        (Patrick J. Zenner)                |    | Director                                            |   | April 30, 2010 |

----

|                        |         |                                                                                                                                                                                   |
|-----------------------------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNumber               |    |                                                                                                                                                                                   |
|   1.1   |    | Underwriting Agreement dated February 2, 2010 (Exhibit 10.1) 1                                                                                                                         |
|                        |         |
|   3.1   |    | Memorandum of Continuance of XOMA Ltd. (Exhibit 3.4) 2                                                                                                                                 |
|                        |         |
|   3.2   |    | Bye-Laws of XOMA Ltd. (as amended) (Exhibit 3.2) 3                                                                                                                                     |
|                        |         |
|   4.1   |    | Shareholder Rights Agreement dated as of February 26, 2003, by and between XOMA Ltd. and Mellon Investor Services LLC as Rights Agent (Exhibit 4.1) 3                                  |
|                        |         |
|   4.2   |    | Resolution Regarding Preferences and Rights of Series A Preference Shares (Exhibit A to Exhibit 4.1) 3                                                                                 |
|                        |         |
|   4.3   |    | Resolution Regarding Preferences and Rights of Series B Preference Shares (Exhibit B to Exhibit 3) 4                                                                                   |
|                        |         |
|   4.4   |    | Form of Common Stock Purchase Warrant (Incyte Warrants) (Exhibit 2) 35                                                                                                                 |
|                        |         |
|   4.5   |    | Indenture between XOMA Ltd. and Wells Fargo Bank, National Association, as trustee, relating to the Company’s 6.50% Convertible SNAPs SM due February 1, 2012 (Exhibit 2) 5 |
|                        |         |
|   4.6   |    | Form of Warrant (May 2009 Warrants) (Exhibit 10.2) 6                                                                                                                                   |
|                        |         |
|   4.7   |    | Form of Warrant (June 2009 Warrants) (Exhibit 10.2) 7                                                                                                                                  |
|                        |         |
|   4.8   |    | Form of Warrant (February 2010 Warrants) (Exhibit 10.2) 1                                                                                                                              |
|                        |         |
|   4.9   |    | Form of Amended and Restated Warrant (May 2009 Warrants) (Exhibit 10.5) 1                                                                                                              |
|                        |         |
|   4.10            |    | Form of Amended and Restated Warrant (June 2009 Warrants) (Exhibit 10.6) 1                                                                                                             |
|                        |         |
|   5.1   |    | Legal Opinion of Conyers Dill & Pearman Regarding Shares Issued Pursuant to At Market Issuance Sales Agreement**                                                                   |
|                        |         |
| 10.1              |    | 1981 Share Option Plan as amended and restated (Exhibit 10.1) 8                                                                                                                        |
|                        |         |
| 10.1A                       |    | Form of Share Option Agreement for 1981 Share Option Plan (Exhibit 10.1A) 9                                                                                                            |
|                        |         |
| 10.1B                       |    | Amendment to 1981 Share Option Plan (Exhibit 10.1B) 10                                                                                                                                 |
|                        |         |
| 10.1C                       |    | Amendment No. 2 to 1981 Share Option Plan (Exhibit 10.1C) 10                                                                                                                           |
|                        |         |
| 10.1D                       |    | Amendment No. 3 to 1981 Share Option Plan (Exhibit 10.1) 11                                                                                                                            |
|                        |         |
| 10.2              |    | Restricted Share Plan as amended and restated (Exhibit 10.3) 8                                                                                                                         |
|                        |         |
| 10.2A                       |    | Form of Share Option Agreement for Restricted Share Plan (Exhibit 10.2A) 9                                                                                                             |
|                        |         |
| 10.2B                       |    | Amendment to Restricted Share Plan (Exhibit 10.2C) 10                                                                                                                                  |
|                        |         |
| 10.2C                       |    | Amendment No. 2 to Restricted Share Plan (Exhibit 10.2D) 10                                                                                                                            |
|                        |         |
| 10.2D                       |    | Amendment No. 3 to Restricted Share Plan (Exhibit 10.2D) 9                                                                                                                             |
|                        |         |
| 10.2E                       |    | Amendment No. 4 to Restricted Share Plan (Exhibit 10.2) 11                                                                                                                             |
|                        |         |
| 10.2F                       |    | 2007 CEO Share Option Plan (Exhibit 10.7) 12                                                                                                                                           |
|                        |         |
| 10.3              |    | 1992 Directors Share Option Plan as amended and restated (Exhibit 10.3) 9                                                                                                              |
|                        |         |
| 10.3A                       |    | Amendment No. 1 to 1992 Directors Share Option Plan 13                                                                                                                                 |
|                        |         |
| 10.3B                       |    | Form of Share Option Agreement for 1992 Directors Share Option Plan (initial grants) (Exhibit 10.3A) 9                                                                                 |
|                        |         |

----

| ExhibitNumber                |    |                                                                                                                                                                                                                                                                                                                                                |
|------------------------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.3C                        |    | Form of Share Option Agreement for 1992 Directors Share Option Plan (subsequent grants) (Exhibit 10.3B) 9                                                                                                                                                                                                                                           |
|                         |         |
| 10.3D                        |    | 2002 Director Share Option Plan (Exhibit 10.10) 8                                                                                                                                                                                                                                                                                                   |
|                         |         |                                                                                                                                                                                                                                                                                                                                                |
|                         |         |
| 10.4               |    | Management Incentive Compensation Plan as amended and restated (Exhibit 10.3) 11                                                                                                                                                                                                                                                                    |
|                         |         |
| 10.4A                        |    | CEO Incentive Compensation Plan (Exhibit 10.4A) 9                                                                                                                                                                                                                                                                                                   |
|                         |         |
| 10.4B                        |    | Bonus Compensation Plan (Exhibit 10.4B) 9                                                                                                                                                                                                                                                                                                           |
|                         |         |
| 10.5               |    | 1998 Employee Share Purchase Plan as amended and restated (Exhibit 10.11) 8                                                                                                                                                                                                                                                                         |
|                         |         |
| 10.5A                        |    | Amendment to 1998 Employee Share Purchase Plan (Exhibit 10.5A) 10                                                                                                                                                                                                                                                                                   |
|                         |         |
| 10.5B                        |    | Amendment No. 2 to 1998 Employee Share Purchase Plan (Exhibit 10.5B) 10                                                                                                                                                                                                                                                                             |
|                         |         |
| 10.6               |    | Form of Amended and Restated Indemnification Agreement for Officers (Exhibit 10.6) 14                                                                                                                                                                                                                                                               |
|                         |         |
| 10.6A                        |    | Form of Amended and Restated Indemnification Agreement for Employee Directors (Exhibit 10.7) 14                                                                                                                                                                                                                                                     |
|                         |         |
| 10.6B                        |    | Form of Amended and Restated Indemnification Agreement for Non-employee Directors (Exhibit 10.8) 14                                                                                                                                                                                                                                                 |
|                         |         |
| 10.7               |    | Form of Employment Agreement entered into between XOMA (US) LLC and certain of its executives, with reference schedule**                                                                                                                                                                                                                            |
|                         |         |
| 10.7A                        |    | Consulting Agreement effective as of August 3, 2007 between XOMA (US) LLC and John L. Castello (Exhibit 10.8) 12                                                                                                                                                                                                                                    |
|                         |         |
| 10.8     |    | Form of Change of Control Severance Agreement entered into between XOMA Ltd. and certain of its executives, with reference schedule**                                                                                                                                                                                                               |
|                         |         |
| 10.9     |    | Lease of premises at 890 Heinz Street, Berkeley, California dated as of July 22, 1987 (Exhibit 10.12) 15                                                                                                                                                                                                                                       |
|                         |         |
| 10.10                        |    | Lease of premises at Building E at Aquatic Park Center, Berkeley, California dated as of July 22, 1987 and amendment thereto dated as of April 21, 1988 (Exhibit 10.13) 15                                                                                                                                                                          |
|                         |         |
| 10.11                        |    | Lease of premises at Building C at Aquatic Park Center, Berkeley, California dated as of July 22, 1987 and amendment thereto dated as of August 26, 1987 (Exhibit 10.14) 15                                                                                                                                                                         |
|                         |         |
| 10.12                        |    | Letter of Agreement regarding CPI adjustment dates for leases of premises at Buildings C, E and F at Aquatic Park Center, Berkeley, California dated as of July 22, 1987 (Exhibit 10.15) 15                                                                                                                                                         |
|                         |         |
| 10.13                        |    | Lease of premises at 2910 Seventh Street, Berkeley, California dated March 25, 1992 (Exhibit 10.16) 15                                                                                                                                                                                                                                         |
|                         |         |
| 10.13A                       |    | Fifth amendment to lease of premises at 2910 Seventh Street, Berkeley, California dated June 1, 2006 (Exhibit 10.58) 16                                                                                                                                                                                                                             |
|                         |         |
| 10.14              |    | Lease of premises at 5860 and 5864 Hollis Street, Emeryville, California dated as of November 2, 2001 (with addendum) (Exhibit 10.19) 17                                                                                                                                                                                                            |
|                         |         |
| 10.15              |    | Lease of premises at 2850 Seventh Street, Second Floor, Berkeley, California dated as of December 28, 2001 (with addendum and guaranty) (Exhibit 10.20) 17                                                                                                                                                                                          |
|                         |         |
| 10.16              |    | Amended and Restated Research and License Agreement dated September 1, 1993, between the Company and New York University (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.28) 15 |
|                         |         |

----

| ExhibitNumber     |    |                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.16A            |    | Third Amendment to License Agreement dated June 12, 1997, between the Company and New York University (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.28A) 15                                                                                            |
|              |         |
| 10.16B            |    | Fourth Amendment to License Agreement dated December 23, 1998, between the Company and New York University (Exhibit 10.22B) 18                                                                                                                                                                                                                                                                                               |
|              |         |                                                                                                                                                                                                                                                                                                                                                                                                                         |
|              |         |
| 10.16C            |    | Fifth Amendment to License Agreement dated June 25, 1999, between the Company and New York University (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.21C) 19                                                                                            |
|              |         |
| 10.16D            |    | Sixth Amendment to License Agreement dated January 25, 2000, between the Company and New York University (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.1) 20                                                                                      |
|              |         |
| 10.16E            |    | Seventh Amendment to License Agreement by and among New York University, XOMA Technology Limited and XOMA Ireland Limited effective as of November 10, 2004 (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 3) 21                                           |
|              |         |
| 10.17   |    | Second Amended and Restated Collaboration Agreement dated January 12, 2005, by and between XOMA (US) LLC and Genentech, Inc. (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) 10                                                                                      |
|              |         |
| 10.17A            |    | Agreement related to LUCENTIS ® License Agreement and RAPTIVA ® Collaboration Agreement dated September 9, 2009, by and between XOMA (Bermuda) Ltd., XOMA (US) LLC and Genentech, Inc. (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.18A) 22 |
|              |         |
| 10.18   |    | License Agreement by and between XOMA Ireland Limited and MorphoSys AG, dated as of February 1, 2002 (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.43) 23                                                                                              |
|              |         |
| 10.19   |    | Amended and Restated License Agreement by and between XOMA Ireland Limited and DYAX Corp., dated as of October 27, 2006 (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.32) 14                                                                           |
|              |         |
| 10.20   |    | License Agreement by and between XOMA Ireland Limited and Cambridge Antibody Technology Limited, dated as of December 22, 2002 (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.46) 3                                                                     |
|              |         |
| 10.21   |    | License Agreement, dated as of December 29, 2003, by and between Diversa Corporation and XOMA Ireland Limited (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 2) 24                                                                                         |
|              |         |
| 10.22   |    | Agreement, dated February 27, 2004, by and between Chiron Corporation and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.50) 25                                                                                                           |
|              |         |

----

| ExhibitNumber     |    |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.22A            |    | Research, Development and Commercialization Agreement, dated as of May 26, 2005, by and between Chiron Corporation and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.2) 26                                                                     |
|              |         |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|              |         |
| 10.22B            |    | Secured Note Agreement, dated as of May 26, 2005, by and between Chiron Corporation and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.3) 26                                                                                                    |
|              |         |
| 10.22C            |    | Amended and Restated Agreement Research, Development and Commercialization Agreement, executed November 7, 2008, by and between Novartis Vaccines and Diagnostics, Inc. (formerly Chiron Corporation) and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) 13 |
|              |         |
| 10.22D            |    | Manufacturing and Technology Transfer Agreement, executed December 16, 2008, by and between Novartis Vaccines and Diagnostics, Inc. (formerly Chiron Corporation) and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) 13                                     |
|              |         |
| 10.23   |    | Collaboration Agreement, dated as of September 23, 2004, by and between Aphton Corporation and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 2) 27                                                                                           |
|              |         |
| 10.24   |    | Agreement dated March 8, 2005, between XOMA (US) LLC and the National Institute of Allergy and Infectious Diseases (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.53) 10                                                                                      |
|              |         |
| 10.24A            |    | Agreement dated July 28, 2006, between XOMA (US) LLC and the National Institute of Allergy and Infectious Diseases (Exhibit 10.60) 16                                                                                                                                                                                                                                                                                              |
|              |         |
| 10.24B            |    | Agreement dated September 15, 2008, between XOMA (US) LLC and the National Institute of Allergy and Infectious Diseases (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.39) 28                                                                                 |
|              |         |
| 10.25   |    | License Agreement, effective as of June 20, 2005, by and between Merck & Co., Inc. and XOMA Ireland Limited (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.4) 26                                                                                          |
|              |         |
| 10.26   |    | Form of Dealer Manager Agreement relating to the Company’s 6.50% Convertible SNAPs SM due February 1, 2012 (Exhibit 1.1) 29                                                                                                                                                                                                                                                                                             |
|              |         |
| 10.26A            |    | Form of Placement Agreement relating to the Company’s 6.50% Convertible SNAPs SM due February 1, 2012 (Exhibit 1.2) 29                                                                                                                                                                                                                                                                                                  |
|              |         |
| 10.27   |    | Collaboration Agreement dated as of May 22, 2006, by and between Schering Corporation, acting through its Schering-Plough Research Institute division, and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.59) 16                                |
|              |         |

----

| ExhibitNumber     |    |                                                                                                                                                                                                                                                                                                                                                                          |
|-------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.28        |         | Collaboration Agreement, dated as of November 1, 2006, between Takeda Pharmaceutical Company Limited and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.46) 14                   |
| 10.28A            |    | First Amendment to Collaboration Agreement, effective as of February 28, 2007, between Takeda Pharmaceutical Company Limited and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.48) 30     |
|              |         |
| 10.28B            |    | Second Amendment to Collaboration Agreement, effective as of February 9, 2009, among Takeda Pharmaceutical Company Limited and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) 13                       |
|              |         |
| 10.29   |    | Loan Agreement, dated as of November 9, 2006, between Goldman Sachs Specialty Lending Holdings, Inc., XOMA (US) LLC and XOMA Ltd. (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.47) 14                  |
|              |         |
| 10.29A            |    | Amended & Restated Loan Agreement, dated as of May 9, 2008 between Goldman Sachs Specialty Lending Holdings, Inc., XOMA Ltd. and XOMA (US) LLC (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.37) 31 |
|              |         |
| 10.30   |    | License Agreement, effective as of August 27, 2007, by and between Pfizer Inc. and XOMA Ireland Limited (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 2) 32                                                |
|              |         |
| 10.31   |    | Common Stock Purchase Agreement, dated as of October 21, 2008, by and between XOMA Ltd. and Azimuth Opportunity Ltd. (Exhibit 10.1) 33                                                                                                                                                                                                                                   |
|              |         |
| 10.32   |    | Securities Purchase Agreement dated May 15, 2009, between XOMA Ltd. and the investors named therein (Exhibit 10.1) 6                                                                                                                                                                                                                                                          |
|              |         |
| 10.32A            |    | Engagement Letter dated May 15, 2009 (Exhibit 10.3) 6                                                                                                                                                                                                                                                                                                                         |
|              |         |
| 10.33   |    | Securities Purchase Agreement dated June 5, 2009, between XOMA Ltd. and the investors named therein (Exhibit 10.1) 7                                                                                                                                                                                                                                                          |
|              |         |
| 10.33A            |    | Engagement Letter dated June 4, 2009 (Exhibit 10.3) 7                                                                                                                                                                                                                                                                                                                         |
|              |         |
| 10.34   |    | Discovery Collaboration Agreement dated September 9, 2009, by and between XOMA Development Corporation and Arana Therapeutics Limited (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission) (Exhibit 10.35) 34              |
|              |         |
| 10.35   |    | At Market Issuance Sales Agreement dated July 14, 2009, by and between XOMA Ltd. and Wm Smith & Co. (Exhibit 10.36) 22                                                                                                                                                                                                                                                    |
|              |         |
| 10.36   |    | Discovery Collaboration Agreement dated October 29, 2009, by and between XOMA Development Corporation and The Chemo-Sero-Therapeutic Research Institute (with certain confidential information omitted, which omitted information is the subject of a confidential treatment request and has been filed separately with the Securities and Exchange Commission)**             |
|              |         |
| 10.37   |    | Warrant Amendment Agreement dated February 2, 2010 (May 2009 Warrants) (Exhibit 10.3) 1                                                                                                                                                                                                                                                                                       |
|              |         |
| 10.37A            |    | Form of Warrant Amendment Agreement dated February 2, 2010 (June 2009 Warrants) (Exhibit 10.4) 1                                                                                                                                                                                                                                                                              |
|              |         |

----

| ExhibitNumber                |    |                                                                                                   |
|------------------------------|--------------|--------------------------------------------------------------------------------------------------------|
| 21.1     |    | Subsidiaries of the Company**                                                                          |
|                         |         |
| 23.1     |    | Consent of Independent Registered Public Accounting Firm**                                             |
|                         |         |
| 31.1     |    | Certification of Steven B. Engle, filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*     |
|                         |         |
| 31.2     |    | Certification of Fred Kurland, filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*        |
|                         |         |
| 32.1     |    | Certification of Steven B. Engle, furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
|                         |         |
| 32.2     |    | Certification of Fred Kurland, furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*    |
|                         |         |
| 99.1     |    | Press Release dated March 11, 2010 furnished with the Original Form 10-K                               |

| ** | Filed with the Original Form 10-K.                                                                                                                                  |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *  | Filed herewith.                                                                                                                                                     |
| 1  | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed February 2, 2010.                                       |
| 2  | Incorporated by reference to the referenced exhibit to the Company’s Registration Statement on Form S-4 filed November 27, 1998, as amended.             |
| 3  | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002.             |
| 4  | Incorporated by reference to the referenced exhibit to the Company’s Amendment No. 1 to Form 8-K/A filed April 18, 2003.                            |
| 5  | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed February 13, 2006.                                 |
| 6  | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed May 19, 2009.                                           |
| 7  | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed June 10, 2009.                                          |
| 8  | Incorporated by reference to the referenced exhibit to the Company’s Registration Statement on Form S-8 filed August 28, 2003.                           |
| 9  | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as amended. |
| 10 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004.             |
| 11 | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed November 6, 2007.                                       |
| 12 | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed August 7, 2007.                                         |
| 13 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008.             |
| 14 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.             |
| 15 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997, as amended. |
| 16 | Incorporated by reference to the referenced exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006.         |
| 17 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2001.             |
| 18 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998.             |

----

| 19 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1999.                                                              |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 20 | Incorporated by reference to the referenced exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2000.                                                         |
| 21 | Incorporated by reference to the referenced exhibit to the Company’s Amendment No. 1 on Form 8-K/A filed November 30, 2004.                                                                          |
| 22 | Incorporated by reference to the referenced exhibit to the Company’s Quarterly Report on Form 10-Q filed November 9, 2009.                                                                                     |
| 23 | Incorporated by reference to the referenced exhibit to Amendment No. 2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 filed on December 12, 2002. |
| 24 | Incorporated by reference to the referenced exhibit to the Company’s Amendment No. 2 on Form 8-K/A filed March 19, 2004.                                                                             |
| 25 | Incorporated by reference to the referenced exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003.                                                              |
| 26 | Incorporated by reference to the referenced exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005.                                                          |
| 27 | Incorporated by reference to the referenced exhibit to the Company’s Amendment No. 1 on Form 8-K/A filed October 26, 2004.                                                                                |
| 28 | Incorporated by reference to the referenced exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008.                                                          |
| 29 | Incorporated by reference to the referenced exhibit to Amendment No. 2 to the Company’s Registration Statement on Form S-4 filed January 11, 2006.                                                        |
| 30 | Incorporated by reference to the referenced exhibit to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2007 filed on March 5, 2010.                    |
| 31 | Incorporated by reference to the referenced exhibit to Amendment No. 2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008 filed on March 5, 2010.                     |
| 32 | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed September 13, 2007.                                                                                      |
| 33 | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed October 22, 2008.                                                                                   |
| 34 | Incorporated by reference to the referenced exhibit to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009 filed on March 5, 2010.                |
| 35 | Incorporated by reference to the referenced exhibit to the Company’s Current Report on Form 8-K filed July 16, 1998.                                                                                      |