<PAGE>   1
                                                                  EXHIBIT 10.96




                            ASSET PURCHASE AGREEMENT

                                  by and among

                             THE EXOREX COMPANY, LLC

                               BIOGLAN PHARMA PLC

                       MEDICIS PHARMACEUTICAL CORPORATION

                                       and

                            IMX PHARMACEUTICALS, INC.

                         -------------------------------

                            Dated as of June 29, 1999
                         -------------------------------




<PAGE>   2
                                TABLE OF CONTENTS


<TABLE>
<CAPTION>

                                                                                                                Page
<S>                                                                                                             <C>
ARTICLE I DEFINITIONS..........................................................................................  1

ARTICLE II SALE AND PURCHASE; PURCHASE PRICE...................................................................  3
   Section   2.1    Sale and Purchase of Assets................................................................  3
   Section   2.2    Purchase Price.............................................................................  4
   Section   2.3    Form of Payment............................................................................  4
   Section   2.4    Assumption of Obligations..................................................................  4

ARTICLE III CLOSING............................................................................................  4
   Section   3.1    Closing....................................................................................  4
   Section   3.2    Closing Deliveries of the LLC..............................................................  4
   Section   3.3    Closing Deliveries of Bioglan..............................................................  5

ARTICLE IV CONDITIONS TO CLOSING...............................................................................  5
   Section   4.1    Conditions to Bioglan's Obligations........................................................  5
   Section   4.2    Conditions to the LLC's Obligations........................................................  6

ARTICLE V OTHER MATTERS........................................................................................  6
   Section   5.1    Use of Know-How............................................................................  6
   Section   5.2    New Product Development....................................................................  7
   Section   5.3    Risks Associated With the Products.........................................................  7
   Section   5.4    Agreement to Distribute....................................................................  7
   Section   5.5    Notification of Customers..................................................................  7
   Section   5.6    Customer Orders............................................................................  7
   Section   5.7    Accounts Receivable........................................................................  7
   Section   5.8    Product Registration.......................................................................  8
   Section   5.9    Recall and Return of Products..............................................................  9
   Section   5.10   Dissolution of the LLC.....................................................................  9
   Section   5.11   Payment of Royalties.......................................................................  9

ARTICLE VI REPRESENTATIONS AND WARRANTIES......................................................................  9
   Section   6.1    Representations and Warranties of the LLC..................................................  9
   Section   6.2    Representations and Warranties of Bioglan..................................................  12

ARTICLE VII CONDUCT PRIOR TO CLOSING...........................................................................  13
   Section   7.1    Cooperation................................................................................  13
   Section   7.2    Conduct of Business by LLC.................................................................  13
   Section   7.3    Review.....................................................................................  13
   Section   7.4    Contribution Margin........................................................................  13

ARTICLE VIII INDEMNIFICATION...................................................................................  14
   Section   8.1    Indemnification by Medicis and IMX.........................................................  14
   Section   8.2    Indemnification by Bioglan.................................................................  15
</TABLE>

                                       i

<PAGE>   3

<TABLE>
<CAPTION>

<S>                 <C>                                                                                          <C>
   Section   8.4    Discontinuance of Operations...............................................................  16
   Section   8.5    Returns of Products........................................................................  16

ARTICLE IX GENERAL PROVISIONS..................................................................................  16
   Section   9.1    Survival of Representations and Warranties.................................................  16
   Section   9.2    Notices....................................................................................  16
   Section   9.3    Confidential Information...................................................................  17
   Section   9.4    Amendment..................................................................................  18
   Section   9.5    Binding Effect.............................................................................  18
   Section   9.6    Press Releases.............................................................................  18
   Section   9.7    Expenses; Taxes............................................................................  18
   Section   9.8    Headings...................................................................................  19
   Section   9.9    Entire Agreement...........................................................................  19
   Section   9.10   Waiver.....................................................................................  19
   Section   9.11   Severability...............................................................................  19
   Section   9.12   Termination................................................................................  19
   Section   9.13   Governing Law..............................................................................  19
   Section   9.14   Counterparts...............................................................................  20
   Section   9.15   Shareholder Approval.......................................................................  20

ARTICLE X ARBITRATION..........................................................................................  20
   Section   10.1   Submission to Arbitration..................................................................  20
   Section   10.2   Arbitrator and Rules of Arbitration........................................................  20
   Section   10.3   Selection of Arbitrators...................................................................  20
   Section   10.4   Procedure..................................................................................  20
   Section   10.5   Arbitration Costs..........................................................................  21
</TABLE>

                                       ii

<PAGE>   4
                             SCHEDULES AND EXHIBITS


                                    SCHEDULES

Schedule 1.............................................................Products
Schedule 2...........................................................Trademarks



                                    EXHIBITS

Exhibit A.................................................Form of Bill of Sale
Exhibit B.................................Form of Transition Services Agreement
Exhibit C............................................Form of License Assignment
Exhibit D..........................................Form of Trademark Assignment

                                      iii

<PAGE>   5
                               PURCHASE AGREEMENT

PURCHASE AGREEMENT (the "Agreement") dated as of this 29th day of June 1999, by
and among THE EXOREX COMPANY, LLC, a Delaware limited liability company (the
"LLC"), BIOGLAN PHARMA PLC, a company incorporated under the laws of England and
Wales under company registration number 1779870 ("Bioglan"), MEDICIS
PHARMACEUTICAL CORPORATION ("Medicis") and IMX PHARMACEUTICALS, INC.
("IMX").

                              W I T N E S S E T H:

         WHEREAS, Medicis and Bioglan have entered into an Asset Purchase
Agreement (the "Asset Purchase Agreement") dated as of June 29, 1999 whereby
Medicis has agreed to sell to Bioglan and Bioglan has agreed to purchase from
Medicis all of Medicis' right, title and interest in, to and under the Purchased
Assets (as defined therein);

         WHEREAS, in connection with the transactions contemplated by the Asset
Purchase Agreement the parties thereto have conditioned execution of the Asset
Purchase Agreement on the execution of this Agreement.

         NOW, THEREFORE, in consideration of the premises and of the mutual
agreements contained herein, the parties hereby agree as follows:

                                   ARTICLE I
                                 DEFINITIONS

         In this Agreement the following terms shall have the following
meanings:

         "Affiliate" means any person, firm, corporation or other business
entity, directly or indirectly controlling, controlled by or under direct or
indirect common control with another person. A person shall be deemed to control
another person if such person possesses, directly or indirectly, the power to
direct or cause the direction of the management and policies of such entity,
whether through ownership of voting securities, by contract or otherwise.

         "Business" means the development, manufacture, marketing and sale of
the Exorex Product Line and the related telephone product information and
ordering services provided to customers and distributors and product fulfillment
center.

         "Contribution Margin" means the amount equal to Net Sales less (i) all
reasonable charges from June 1, 1999 to the Closing for overhead directly
associated with the Products and the direct and indirect cost of goods (absent
the cost of Inventory paid at the Closing Date by Bioglan), and (ii) returns
from the period from June 1, 1999 to the Closing.

         "Disclosure Letter" means the disclosure letter as of the date hereof
from the LLC to Bioglan relating to the representations and warranties set out
in Section 6.1.

         "Exorex Product Line" means all skin care products developed by the LLC
for the treatment of and relief from psoriasis or other dermatological
conditions including, without

                                       1

<PAGE>   6
limitation, shampoos and cream products and marketed under the trademark or
tradename "Exorex," including without limitation the Products listed on Schedule
1.

     "Know-How" means the information known to the LLC relating solely and
uniquely to the formulae, manufacturing processes, customer lists, marketing and
advertising rights and promotional materials, technology and testing data for
the Products.

     "Products" means the pharmaceutical products which are set forth on
Schedule 1.

     "Net Sales" means the gross amount invoiced by the LLC and its Affiliates
to third parties on all sales of Products and any improvements (as defined in
the License Agreement), less deductions for: (i) sales taxes, value-added taxes
and excise taxes, tariffs, import or export duties, and duties paid or allowed
by a selling party and any other governmental charges imposed upon the import,
use or sale of such Products (except income taxes of the LLC, its Affiliates and
sublicensees) which are included in the gross amount invoiced; (ii) allowed
customary trade and quantity discounts (such discounts not to exceed 10% of the
sales price) and sales discounts (as defined in accordance with GAAP, such
discounts not to exceed 5% of the sales price); (iii) transportation, bulk
packaging, handling and freight charges (such charges not to exceed 3% of the
sales price) and reasonable and customary insurance where such are separately
stated as part of the sales price and are included in the gross amount invoiced;
and (iv) allowances and credits to its Affiliates or sublicensees which shall be
excluded from the computation of Net Sales, but Net Sales shall include
subsequent sales to third parties by such Affiliates or sublicensees. For
purposes of determining Net Sales, a sale shall be deemed to have occurred when
the Products have been shipped by the LLC, its Affiliates or a sublicensee.

     "Trademarks" means the trademarks listed in Schedule 2 hereto together with
the goodwill symbolized by such trademarks.

     "Warranties" means the warranties and representations of the LLC set out in
Section 6.1.

     The following terms have the meanings defined for such terms in the
Sections set forth below:

Term                                                                   Section
Agreement.............................................................Recitals
Asset Purchase Agreement..............................................Recitals
Assumed Liabilities........................................................2.4
Award.....................................................................10.4
Basket..................................................................8.3(e)
Bill of Sale ..........................................................3.2 (a)
Bioglan...............................................................Recitals
Closing....................................................................3.1
Closing Date...............................................................3.1
Excluded Assets............................................................2.1
GAAP....................................................................6.1(g)
Hearing...................................................................10.4
IMX...................................................................Recitals

                                       2

<PAGE>   7
Indemnified Party.......................................................8.3(a)
Indemnifying Party......................................................8.3(a)
Inventory..................................................................2.2
Joint Notice...............................................................5.5
License Agreement..........................................................2.1
LLC...................................................................Recitals
Losing Party..............................................................10.5
Losses.....................................................................8.1
Material Adverse Effect.................................................6.1(d)
Medical Affairs Liaison.................................................5.8(d)
Medicis...............................................................Recitals
New Authorizations......................................................5.8(a)
Purchase Price.............................................................2.2
Purchased Assets...........................................................2.1
Required Consents.......................................................4.1(c)
Successful Party..........................................................10.5


                                   ARTICLE II
                        SALE AND PURCHASE; PURCHASE PRICE

     Section 2.1 Sale and Purchase of Assets. Subject to the terms and
conditions set forth herein, and in reliance upon the representations and
warranties contained herein, the LLC will sell, assign, convey, transfer and
deliver to Bioglan or to the nominated Affiliate of Bioglan, and Bioglan will
purchase and acquire from the LLC the following assets of the LLC, including,
without limitation, (i) the Exorex Product Line in the United States, (ii) all
rights related to the Exorex Product Line in the United States, (iii) the Exorex
trademark, (iv) an assignment of the license by and between Pegasus Dermasearch
(Pty) Limited and Interderm Limited dated June 23, 1995 as subsequently amended
on September 18, 1995, September 1, 1996, January 15, 1998, and March [ ], 1998
(the "License Agreement") to the extent it relates to the Exorex Product, (v)
the helpline, including all employees of the Business and all obligations
relating to such employees, (vi) the Facility Agreement between the LLC and IMX
dated June 18, 1998, (vii) the Inventory (as defined herein), (viii) an amount
equal to the Contribution Margin to be paid pursuant to the Transition Services
Agreement, (ix) the Software License Agreement from IMX to LLC, dated as of June
18, 1998, and (x) all other ordinary course obligations, including obligations
and contracts related to distribution, sales and marketing obligations related
to the Business (the "Purchased Assets") except: (i) the New Product Agreement
between Medicis and IMX dated June 18, 1998; (ii) the non-Disclosure and
Invention Agreements entered into by (a) Adele Folk, dated as of June 18, 1998,
(b) Gary Spielfogel, dated as of June 18, 1998, (c) Marc Falkin, dated as of
June 18, 1998 and (d) Bill Forster, dated as of June 18, 1998; (iii) the
Consulting, Confidentiality and Non-Compete Agreement between the LLC and IMX
dated June 18, 1998 ; (iv) the Exclusive Distribution Assignment Agreement
between IMX and the LLC, dated June 18, 1998; and (v) the Assignment and
Assumption Agreement between IMX and the LLC, dated June 18, 1998 (the "Excluded
Assets").

                                       3

<PAGE>   8
     Section 2.2 Purchase Price. In consideration for the sale, assignment,
conveyance, transfer and delivery of the Purchased Assets, Bioglan will pay the
LLC consideration as set forth in Section 2.2(a) of the Asset Purchase Agreement
and LLC's cost (less the sum of US $200,000) for all inventory (the "Inventory")
of the Products as of June 1, 1999 with a remaining shelf life of no less than
twelve (12) months as of June 1, 1999 (the "Purchase Price") and in the manner
herein and therein provided and the LLC hereby gives its consent to the payment
of the Purchase Price being satisfied in such manner. The parties hereby agree
that any Inventory with a shelf life of less than twelve (12) months shall be
transferred by the LLC to IMX. Medicis agrees to accept payment of the balance
of the sum due in respect of that portion of the Inventory related to raw
material and bulk inventory (after allowing for the sum paid therefor on the
Closing in accordance with Section 3.3(f)) on September 30, 1999.

     Section 2.3 Form of Payment. Except as otherwise provided herein, all
payments made hereunder shall be made in United States Dollars by wire transfer
in immediately available funds to an account designated in writing by Medicis to
Bioglan.

     Section 2.4 Assumption of Obligations. Subject to the terms and conditions
set forth herein, and in reliance upon the representations and warranties
contained herein, at the Closing, in consideration for the sale, assignment,
conveyance, transfer and delivery of the Purchased Assets to Bioglan, the LLC
will assign, convey and transfer to Bioglan, and Bioglan will unconditionally
assume and undertake to pay, perform and discharge, in a timely manner and in
accordance with the terms thereof, all liabilities related to or arising out of
the Purchased Assets as are incurred and become due at any time following June
1, 1999 (collectively, the "Assumed Liabilities"). Without limiting the
generality of the foregoing, Bioglan hereby agrees to assume, undertake and
perform all obligations of the LLC under the Assumed Liabilities to the extent
such obligations arise or are to be performed after June 1, 1999.

                                  ARTICLE III
                                     CLOSING

     Section 3.1 Closing. The consummation of the transactions contemplated
herein (the "Closing") shall take place within five (5) business days of
satisfaction of the conditions set forth in Article IV, or at such other date
and time as mutually agreed to by the parties (the "Closing Date").

     Section 3.2 Closing Deliveries of the LLC. At the Closing, and subject
always to Section 9.15, the LLC shall execute (where appropriate) and deliver to
Bioglan:

          (a) a Bill of Sale substantially in the form of Exhibit A attached
     hereto, executed by the LLC;

          (b) a Transition Services Agreement substantially in the form of
     Exhibit B attached hereto, executed by the LLC, Medicis and IMX;

          (c) a Secretary's Certificate of the LLC setting forth copies of the
     resolutions or other instruments authorizing this Agreement and the
     transactions contemplated herein;

                                       4

<PAGE>   9
          (d) an Officer's Certificate of the LLC as required under Section
     4.1(b) hereof;

          (e) a copy of all consents, approvals and authorizations as required
     under Section 4.1(c) hereof;

          (f) a License Assignment for the License Agreement substantially in
     the form of Exhibit C attached hereto;

          (g) a Trademark Assignment substantially in the form of Exhibit D
     attached hereto;

          (h) the Inventory, together with a receipt of payment for the sum paid
     on account therefor pursuant to Section 3.3(f);

          (i) a certified true copy of the License Agreement and all amendments
     thereto; and

          (j) such other documents as Bioglan shall reasonably request.

     Section 3.3 Closing Deliveries of Bioglan. At the Closing, and subject
always to Section 9.15, Bioglan shall deliver to the LLC:

          (a) a Transition Services Agreement substantially in the form of
     Exhibit B attached hereto, executed by Bioglan;

          (b) a Secretary's Certificate of Bioglan setting forth copies of the
     resolutions or other instruments authorizing this Agreement and the
     transactions contemplated herein;

          (c) an Officer's Certificate of Bioglan as required under Section
     4.2(a) hereof;

          (d) a counterpart License Assignment for the License Agreement
     substantially in the form of Exhibit C attached hereto;

          (e) a counterpart Trademark Assignment substantially in the form of
     Exhibit D attached hereto;

          (f) an amount equal to the LLC's cost for the finished goods included
     in the Inventory; and

          (g) such other documents as the LLC shall reasonably request.


                                   ARTICLE IV
                              CONDITIONS TO CLOSING

     Section 4.1 Conditions to Bioglan's Obligations. Bioglan's obligation to
consummate the transactions contemplated herein at the Closing are subject to
the fulfillment at

                                       5

<PAGE>   10
or prior to the Closing of each of the following conditions, the fulfillment of
any of which may be waived, in whole or in part or subject to conditions, by
Bioglan:

          (a) The completion by the LLC, Medicis and IMX of all acts necessary
     to authorize their execution, delivery and performance of this Agreement
     and the other agreements provided for herein, and the consummation of the
     transactions contemplated herein and therein.

          (b) All the representations and warranties (including the disclosures
     made in the Disclosure Letter) of the LLC contained in this Agreement being
     true and correct in all material respects as of the date of execution of
     this Agreement and at the Closing Date and all of the agreements of the LLC
     which are provided in this Agreement to be performed at or prior to the
     Closing having been duly performed, and the LLC having complied with this
     Agreement in all other material respects and the LLC having delivered to
     Bioglan a certificate, dated as of the Closing Date, and signed by an
     executive officer of the LLC, to the effect set forth in this Section
     4.1(b).

          (c) The LLC, Medicis and IMX having obtained all consents, approvals,
     releases, discharges and authorizations necessary to be obtained on the
     part of the LLC, Medicis and IMX to consummate the transactions
     contemplated hereby, including without limitation, all necessary consents
     of shareholders, mortgagees, lienholders, encumbrancers, assignees and
     licensors (pursuant to the License Agreement) (the "Required Consents").

          (d) The simultaneous consummation of the transactions contemplated
     pursuant to the Asset Purchase Agreement.

     Section 4.2 Conditions to the LLC's Obligations. The obligations of the LLC
to consummate the transactions contemplated at the Closing are subject to the
fulfillment at or prior to the Closing of each of the following conditions, the
fulfillment of any of which may be waived, in whole or in part or subject to
conditions, by the LLC:

          (a) All the representations and warranties of Bioglan contained in
     this Agreement being true and correct in all material respects as of the
     date of execution of this Agreement and at the Closing Date and all of the
     agreements of Bioglan which are provided in this Agreement to be performed
     at or prior to the Closing Date having been duly performed, and Bioglan
     having complied with this Agreement in all other material respects, and
     Bioglan having delivered to the LLC a certificate, dated as of the Closing
     Date and signed by an executive officer of Bioglan, to the effect set forth
     in this Section 4.2(a).

          (b) The simultaneous consummation of the transactions contemplated
     pursuant to the Asset Purchase Agreement.

                                   ARTICLE V
                                  OTHER MATTERS

     Section 5.1 Use of Know-How. Except as otherwise provided for in this
Agreement, after the Closing, the LLC shall not use the Know-How. Furthermore,
after the Closing the LLC shall not disclose the Know-How to any third party,
unless such disclosure is required by law or regulation.

                                       6

<PAGE>   11
     Section 5.2 New Product Development. Notwithstanding anything in this
Agreement to the contrary, the transfer and assignment to Bioglan by the LLC of
the Purchased Assets shall not prevent the LLC, IMX or Medicis from continuing
to manufacture and sell other products included or expected to be included in
their current line or to use other trademarks owned by the LLC, IMX or Medicis
or restrict the rights of the LLC, IMX or Medicis to develop and sell new
products using the same active ingredients contained in the Products, but using
different formulations, or different presentations, and under different product
trademarks.

     Section 5.3 Risks Associated With the Products. After the Closing Date,
subject to the terms of the Transition Services Agreement, Bioglan shall bear
the entire responsibility for and risk in the manufacture, distribution,
marketing and sale of the Products, including, subject to Section 8.5, those
associated with returns of Product sold by the LLC prior to June 1, 1999, and
compliance with all regulations and laws pertaining to the Products. The LLC
shall, for one year following the Closing Date, use its reasonable best efforts
to assist Bioglan in these matters, but they shall remain the sole
responsibility of Bioglan.

     Section 5.4 Agreement to Distribute. In order to ensure continued supply of
the Products to customers following consummation of this Agreement, the LLC
hereby agrees to act as distributor of the Products for the earlier of (i) a
period of four (4) months from the consummation of this Agreement, or (ii) until
Bioglan gives written notice to the LLC that Bioglan has developed its own
distribution network. This period shall be extended, at the written request of
Bioglan, for a further two (2) months if, after using its reasonable best
efforts, Bioglan has been unable to develop its own distribution system at the
end of the four month period. Upon expiration of the period for which the LLC
shall distribute Products on behalf of Bioglan as set forth above, the LLC shall
return to Bioglan any inventory of the Products in the LLC possession as of the
date thereof.

     Section 5.5 Notification of Customers. The LLC and Bioglan agree to
cooperate in the notification to customers of the transactions contemplated by
this Agreement. Neither the LLC nor Bioglan shall notify any customers of such
transactions without the written consent of the other. Such notification (the
"Joint Notice") shall be in such form as is reasonably satisfactory to Bioglan
and the LLC and shall also inform such customers of Bioglan's address.

     Section 5.6 Customer Orders. The LLC agrees for a period of four (4) months
after the Closing Date to use its reasonable best efforts to forward to Bioglan
all customer orders or inquiries for the Products received after the Closing as
soon as practicable after receipt by the LLC. The LLC agrees that, for a period
of six (6) months from the Closing Date, it will inform any customers ordering
the Products or requesting information about the Products, that Bioglan is now
supplying the Products and provide such customers with Bioglan's address.

     Section 5.7 Accounts Receivable.

          (a) In the event that the LLC receives any payment relating to any
     accounts receivable that accrued on or after the date on which the
     Transition Services Agreement is terminated or expires, such payment will
     be the property of, and will be immediately forwarded and remitted to
     Bioglan. The LLC will promptly endorse and deliver to Bioglan any cash,
     checks or other documents received by the LLC on account of any such
     accounts receivable and

                                       7

<PAGE>   12
will advise Bioglan of any counterclaims or set-offs that may arise subsequent
to the Closing Date with respect to such accounts receivable.

          (b) In the event that Bioglan or any of Bioglan's Affiliates receive
     any payment relating to any accounts receivable that accrued prior to the
     date on which the Transition Services Agreement is terminated or expires,
     such payment will be the property of, and will be immediately forwarded and
     remitted to the LLC. Bioglan or any such Affiliates will promptly endorse
     and deliver to the LLC any cash, checks or other documents received by
     Bioglan or any such Affiliate on account of any such accounts receivable
     and will advise the LLC of any counterclaims or set-offs that may arise
     subsequent to the Closing Date with respect to such accounts receivable.

     Section 5.8 Product Registration.

          (a) After the Closing, Bioglan will initially market the Products
     under the Authorizations, such Authorizations having been varied to permit
     the same. Such distribution relationship shall continue until Bioglan
     obtains regulatory authorization from the FDA to market the Products under
     its own authorizations (the "New Authorizations").

          (b) To permit Bioglan to distribute and sell the Products, Bioglan
     shall, promptly following signature hereof at its own expense, file all
     necessary instruments with the FDA to obtain a waiver to vary the LLC's
     Authorizations to allow Bioglan to sell the Products.

          (c) Bioglan shall, at its sole expense, file a product license
     application with the FDA for each of the Products. The LLC shall, at its
     expense, file all necessary instruments with the FDA to authorize Bioglan
     to cross-refer to the data contained in the Authorizations in order for
     Bioglan to obtain the New Authorizations.

          (d) Within thirty (30) days after the Closing Date, the parties shall
     each appoint a primary liaison (the "Medical Affairs Liaison") to
     communicate with each other with regard to the actions and information
     required pursuant to this Section 5.8 and shall notify the other of the
     name, address and telephone number of the person so appointed.

          (e) During the period that Bioglan is selling the Products under the
     Authorizations, each party shall advise the other as set forth in (i) and
     (ii) below of any adverse drug experience associated with the Products. In
     addition, Bioglan shall report all adverse drug experience information it
     obtains, including that obtained from the LLC, to the FDA as set forth in
     Section 5.8(f) below:

          (i)  Any adverse drug experience information obtained by a party shall
               be reported to Bioglan's Medical Affairs Liaison, by telephone or
               in writing (only by facsimile) within three (3) business days
               after the first party's initial receipt of the information;
               provided, however, that any report of a serious unlabelled side
               effect or any report of a death shall be reported to Bioglan's
               Medical Affairs Liaison within twenty-four (24) hours of receipt
               of the information; and

          (ii) The reports of adverse drug experience shall contain the
               following information: (i) the date the report was received; (ii)
               the name of the reporter;

                                       8

<PAGE>   13
               (iii) the address and telephone number of the reporter; (iv) the
               patient details; (v) the suspected drug; (vi) other concomitant
               therapy; (vii) a description of the adverse drug experience; and
               (viii) any additional relevant information; provided such
               information is obtainable through the use of reasonable efforts
               and is not subject to any duty of non-disclosure or confidence.

          (f) Bioglan shall report all adverse drug experience information
     associated with the Products, including those received from the LLC under
     this Section 5.8 to the FDA, in accordance with the laws and regulations of
     the United States.

          (g) After the Closing, Bioglan shall bear the entire responsibility
     for the manufacture, distribution, advertising and sale of the Products and
     for all actions required by the FDA and other governmental laws and
     regulations relating to the manufacture, distribution, and use of the
     Products after June 1, 1999.

          (h) Upon the grant to Bioglan of the New Authorizations, the LLC
     agrees at its own expense to take all reasonably necessary steps to cancel,
     transfer or assign forthwith at Bioglan's option its Authorizations in the
     United States.

          Section 5.9 Recall and Return of Products. During the period that
     Bioglan is selling Products pursuant to the Authorizations, Bioglan shall,
     at its cost, be responsible for all activities to be performed relating to
     any recall or return of such Products and the LLC shall during such period
     promptly notify Bioglan of all decisions and notifications of the FDA
     relating to the Products.

          Section 5.10 Dissolution of the LLC. Medicis shall dissolve the LLC
     within eight (8) months of the Closing Date and shall not use the name
     Exorex in connection with any of its Affiliates or any Products sold by
     Medicis or its Affiliates. Medicis shall not infringe or seek to infringe
     on the Exorex Trademark pursuant to applicable United States law.

          Section 5.11 Payment of Royalties. The LLC agrees that it will pay all
     royalties which accrued under the License Agreement prior to June 1, 1999
     in accordance with the terms of the License Agreement, failing which,
     Medicis will pay the royalties on behalf of the LLC.


                                   ARTICLE VI
                         REPRESENTATIONS AND WARRANTIES

          Section 6.1 Representations and Warranties of the LLC. Except as set
     forth in the Disclosure Letter or Section 6.1(g) and Section 6.1(k), the
     LLC hereby warrants to Bioglan as of the date hereof as follows:

          (a) Ownership of LLC Interests. Prior to Closing, Medicis will own
     100% of the LLC interests. Prior to Closing, no person will hold any
     membership interest or any right to receive any income, profits,
     distributions or assets of the LLC, other than Medicis. None of the LLC
     Interests were issued in violation of any preemptive or similar rights.

                                       9

<PAGE>   14
          (b) Organization. The LLC (i) is a corporation duly organized and
     validly existing and in good standing under the laws of Delaware and (ii)
     has all necessary corporate power and authority to own its properties and
     to conduct its business, as currently conducted.

          (c) Authorization. The execution and delivery of this Agreement and
     the other agreements contemplated hereby, and the consummation of the
     transactions contemplated hereby and thereby, are within the corporate
     power of the LLC, Medicis and IMX and have been or will be, on or prior to
     the Closing Date, duly authorized by all necessary corporate proceedings,
     if required, and such agreements have been or will be, on or prior to the
     Closing, duly executed and delivered by the LLC, Medicis and IMX.

          (d) Execution and Delivery. Neither the execution of this Agreement
     and the other agreements contemplated hereby nor the consummation of the
     transactions contemplated herein and therein: (i) requires the LLC, Medicis
     or IMX to obtain any approval, consent or withholding of objections on the
     part of any regulatory or governmental body, (ii) will result in any
     violation or breach of any term or provision of the LLC's Certificate of
     Formation or the organizational documentation of Medicis or IMX; (iii) will
     constitute a default under any material indenture, mortgage, deed of trust,
     license agreement or other contract or agreement to which the LLC, Medicis
     or IMX is a party or to which the LLC interests may be subject; or (iv)
     will violate any provision of any judicial, governmental or administrative
     order, writ, injunction, award, judgment or decree applicable to the LLC,
     Medicis or IMX which could result in a material adverse effect in the
     condition, business or operations ("Material Adverse Effect") of the LLC.

          (e) Binding Obligation. As of the Closing, this Agreement and the
     other agreements contemplated hereby will have been duly and validly
     authorized, executed and delivered by the LLC, Medicis and IMX and, when
     duly executed and delivered by Bioglan, will constitute valid and binding
     obligations of the LLC, , Medicis and IMX enforceable against each of the
     LLC, Medicis and IMX in accordance with their terms, except as such
     enforcement may be limited by bankruptcy or other laws of general
     application affecting creditor rights or general principles of equity or
     principles of public policy relating to indemnification.

          (f) Broker. Except for Corporate Development Specialists, Inc.,
     neither the LLC nor any officer, director or agent of the LLC has employed
     any broker, finder, or agent with respect to this Agreement or the
     transactions contemplated hereby.

          (g) Gross Sales. Medicis represents and warrants that the amount of
     gross sales, less returns, for the calendar year ended December 31 1998,
     and for the calendar quarter ended March 31, 1999 as accounted for by the
     LLC in accordance with United States generally accepted account principles
     ("GAAP"), which has been provided by the LLC to Bioglan prior to the date
     of this Agreement as contained in the Disclosure Letter, was correct in all
     material respects. The LLC has also provided Bioglan in the Disclosure
     Letter with information regarding shipments and returns for the period from
     April 1, 1999 to May 31, 1999, which information Medicis represents and
     warrants was correct in all material respects.

                                       10

<PAGE>   15
          (h) Trademarks. The Trademarks are currently being used commercially
     by the LLC and have been properly filed or registered with the U.S. Patent
     and Trademark Office and are valid and in full force and effect as of the
     date of execution of this Agreement.

          Except as may be restricted or prohibited by any applicable law, rule,
     regulation or decision, the LLC has the exclusive right to use, transfer
     and assign, free and clear of any liens or encumbrances, the registrations
     for the Trademarks.

          To the LLC's knowledge, the manufacture, use or sale of the Products
     by the LLC or the use of the Trademarks in the United States of America for
     the sale of the Products does not infringe the rights of any third party
     including inter alia intellectual property rights.

          Except for any restriction or prohibition set forth in any applicable
     law, rule, regulation, decision or other governmental action, the LLC is
     not aware of any restriction or prohibition which would prevent or restrict
     the disclosure of the Know-How to Bioglan hereunder. (i) Adverse Drug
     Experiences. The LLC has informed Bioglan of all material adverse drug
     experiences related to the Products of which it has knowledge.

          (j) License Agreement. The License Agreement is in full force and
     effect, and a full and complete copy thereof including all amendments
     thereof (if any), as duly executed by all parties, is attached to the
     Disclosure Letter. There have been and are no other amendments, changes or
     waivers by either party of any of the terms thereof, written or otherwise.

               The LLC has the full legal right, power and authority to convey
     the License Agreement.

               The LLC has not assigned, sublicensed or granted, nor is there
     otherwise outstanding, any material lien or encumbrance of any kind
     in, the License Agreement.

               The LLC is in compliance with all material terms of the License
     Agreement. To the knowledge of the LLC, there are no counterclaims,
     defenses or offsets against any obligation of the LLC or any of its
     Affiliates to perform under the License Agreement.

          (k) Inventory. Medicis represents and warrants that the LLC has good
     and valid title to the Inventory, free and clear of any material lien or
     encumbrance, and has not sold or contracted to sell any of the Inventory
     other than in the ordinary course of business.

          Medicis represents and warrants that all Inventory to be sold
     hereunder is in good and marketable condition and has a remaining shelf
     life as of June 1, 1999 of not less than twelve (12) months and does not
     include any patently damaged, obsolete, or outdated material. All Products
     sold by the LLC after June 1, 1999 to the Closing Date or in Inventory as
     of the Closing Date were manufactured in accordance with Good Manufacturing
     Practices, are adequately packaged and labeled and in conformity with all
     applicable authorizations.

                                       11

<PAGE>   16
          (l) Litigation. There is no litigation, arbitration, proceeding,
     governmental investigation, action or claims of any kind, pending or, to
     the knowledge of the LLC, threatened, or facts which could reasonably be
     expected to give rise thereto, by or against the LLC which would affect
     Bioglan as the purchaser hereunder or relative to the License Agreements or
     the Products, including, without limitation, regarding breach of express or
     implied warranty or representation or failure to warn or relating to
     personal injury, property damage or other liability arising from or caused
     by the Products.

          (m) Contractual Obligations. There are no material obligations or
     agreements between the LLC and either or both of Medicis and IMX except for
     those obligations and agreements which are included in the Purchased Assets
     and the Excluded Assets.

          (n) Employees. The Disclosure Letter contains details of all employees
     and consultants of the Business and their current salaries. There are no
     written employment contracts with respect to the employees and consultants
     of the Business.

          (o) DISCLAIMER. OTHER THAN THOSE ARISING AS A RESULT OF A BREACH OF
     THE REPRESENTATIONS AND WARRANTIES HERETO AND THE BILL OF SALE, BIOGLAN
     HEREBY WAIVES ANY AND ALL OTHER REPRESENTATIONS, WARRANTIES, DUTIES, AND
     GUARANTEES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, STATUTORY OR
     OTHERWISE, CONCERNING THE PURCHASED ASSETS OR THE VALUE, CONDITION,
     EFFECTIVENESS OR COMPLIANCE WITH SPECIFICATION OF THE PRODUCTS, INCLUDING,
     BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR
     ANY PARTICULAR PURPOSE, THE ABSENCE OF OBLIGATIONS BASED ON STRICT
     LIABILITY IN TORT, OR THE QUALITY OF THE MATERIALS OR WORKMANSHIP, AND
     BIOGLAN HEREBY WAIVES ANY AND ALL RIGHTS AND REMEDIES IT MAY HAVE AGAINST
     MEDICIS RELATING TO ANY OF THE FOREGOING AND ARISING BY LAW OR OTHERWISE OR
     WITH RESPECT TO LOSS OF USE, REVENUE OR PROFIT, THE EXISTENCE OF ANY
     LATENT, INHERENT OR ANY OTHER DEFECT (WHETHER OR NOT DISCOVERABLE), OR
     OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES.

          Section 6.2 Representations and Warranties of Bioglan. Bioglan hereby
     represents and warrants to the LLC as of the date hereof as follows:

          (a) Organization. Bioglan (i) is a public limited company duly
     organized, validly existing under the Laws of England and Wales and (ii)
     has all necessary power and authority to own its properties and to conduct
     business as presently conducted.

          (b) Authority. The execution and delivery of this Agreement and the
     other agreements contemplated hereby, and the consummation of the
     transactions contemplated hereby and thereby, are within the corporate
     power of Bioglan and any relevant Affiliate of Bioglan, have been or will
     be, on or prior to the Closing Date, duly authorized by all necessary
     corporate proceedings except for shareholder approval, the obtaining of
     which shall be governed by and subject to Section 7.5 of the Asset Purchase
     Agreement and such agreements have been or will be, on or prior to the
     Closing, duly executed and delivered by Bioglan and any relevant Affiliate
     of Bioglan.

                                       12

<PAGE>   17
          (c) Execution and Delivery. Subject to the approval of the
     shareholders of Bioglan at the shareholders' meeting as contemplated in
     Section 7.5 of the Asset Purchase Agreement, neither the execution of this
     Agreement and the other agreements contemplated hereby nor the consummation
     of the transactions contemplated hereby and thereby: (i) requires Bioglan
     to obtain the approval, consent or withholding of objection on the part of
     any governmental body; (ii) will result in any violation or breach of any
     term or provisions of Bioglan's memorandum and articles of association;
     (iii) will constitute a default under any indenture, mortgage, deed of
     trust, license, agreement, or other contract or agreement to which Bioglan
     or any Affiliate of Bioglan that is a party to any of the agreements
     contemplated hereby; or (iv) will violate any provision of any judicial,
     governmental or administrative order, writ, injunction, award, judgment or
     decree applicable to Bioglan or any Affiliate of Bioglan that is a party to
     any of the agreements contemplated hereby which could reasonably be
     expected to result in a Material Adverse Effect on Bioglan.

          (d) Binding Obligation. Subject to the approval of the shareholders of
     Bioglan at the shareholders' meeting as contemplated in Section 7.5 of the
     Asset Purchase Agreement, as of the Closing, this Agreement and the other
     agreements contemplated hereby will have been duly and validly authorized,
     executed and delivered by Bioglan, and when duly executed and delivered by
     the LLC, will constitute valid and binding obligations of Bioglan,
     enforceable against Bioglan in accordance with their terms, except as such
     enforcement may be limited by bankruptcy or other laws of general
     application affecting creditor rights or general principles of equity or
     principles of public policy relating to indemnification.

          (e) Broker. Neither Bioglan nor any officer, director or agent of
     Bioglan, has employed any broker or finder with respect to this Agreement
     or the transactions contemplated hereby.

                                  ARTICLE VII
                            CONDUCT PRIOR TO CLOSING

          Section 7.1 Cooperation. The parties agree to cooperate mutually and
     make all reasonable efforts toward consummating the transactions
     contemplated hereby and fulfilling the purposes of this Agreement prior to
     and following Closing, including providing and executing such additional
     documentation and communications as may be appropriate for such purposes.

          Section 7.2 Conduct of Business by LLC. Upon execution of this
     Agreement, the LLC shall not without the prior written consent of Bioglan
     take any action out of the ordinary course of business in relation to the
     Products prior to Closing nor will it do, procure or allow anything which
     may cause, constitute or result in a breach of the Warranties. After the
     execution of this Agreement through the Closing Date, the LLC shall provide
     Bioglan, its agents, representatives and professional advisors reasonable
     access to all information and facilities relating to the Purchased Assets,
     as reasonably requested by Bioglan during normal business hours.

          Section 7.3 Review. The LLC shall permit Bioglan's auditors to inspect
     the LLC's records relating to sales of the Products to enable the said
     auditors to adequately validate

                                       13

<PAGE>   18
     the financial receipts relating to the sales of the Products (as
     required under the Listing Rules of the London Stock Exchange) since
     January 1, 1998; provided, however, that the LLC shall have no liability
     whatsoever in connection with the review described herein, unless the
     review shall indicate the existence of a material breach of the Warranties.

          Section 7.4 Contribution Margin. Medicis covenants that if the
     Contribution Margin is less than zero (0), then Medicis shall pay to
     Bioglan an amount equal to the deficit in the Contribution Margin. However,
     any payment required to be made by Medicis to Bioglan under this Section
     7.4 shall be reduced by the total value of all returns received after June
     1, 1999 by the LLC from CVS, Jack Eckerd and Walgreens.

                                  ARTICLE VIII
                                 INDEMNIFICATION

          Section 8.1 Indemnification by Medicis and IMX. Medicis and IMX,
     jointly and severally, agree to indemnify, defend and hold harmless Bioglan
     (and its directors, officers, employees, Affiliates, successors and
     assigns) from and against all losses, personal injuries, liabilities,
     damages (other than incidental or consequential), deficiencies, costs or
     expenses including, without limitation, interest, penalties and reasonable
     attorneys' fees and disbursements ("Losses") of Bioglan and its Affiliates
     based upon, arising out of or otherwise in respect of:

          (a) any material inaccuracy in or material breach of, any
     representation, warranty, covenant or agreement (other than with respect to
     the covenant set forth in Section 7.3, for which the LLC shall have no
     liability, unless the review shall indicate the existence of a material
     breach of the Warranties) of the LLC contained in this Agreement.

          (b) any harm to any third party caused by any defect in the Products
     manufactured, mandated, distributed, or sold by the LLC or any relevant
     Affiliate, prior to June 1, 1999, or by any negligent or wrongful act of
     the LLC or any relevant Affiliate prior to the Closing in connection with
     the manufacture, distribution, advertising, or sale of the Products, or any
     failure to comply with any regulation or statute in connection with the
     Products.

          (c) failure of the LLC prior to the Closing Date to use its reasonable
     best efforts to conduct its efforts under this Agreement at all times in
     accordance with all applicable laws and regulations which may materially
     affect the Products including without limitation the U.S. Foreign Corrupt
     Practices Act.

          Section 8.2 Indemnification by Bioglan. Bioglan agrees to indemnify,
     defend and hold harmless the LLC (and its directors, officers, employees,
     Affiliates, successors and assigns) from and against all Losses of the LLC
     based upon, arising out of or otherwise in respect of:

          (a) any material inaccuracy in or material breach of any
     representation, warranty, covenant or agreement of Bioglan, any of its
     Affiliates or sublicensees contained in this Agreement.

                                       14

<PAGE>   19
          (b) any harm to any third party caused by any defect in the Products
     manufactured, mandated, distributed or sold by Bioglan or any relevant
     Affiliate after June 1, 1999 or by any negligent or wrongful act of Bioglan
     in connection with the manufacture, distribution, advertising, or sale of
     the Products after the Closing Date, or any failure after the Closing Date
     to comply with any regulation or statute.

          (c) failure of Bioglan to use its reasonable best efforts to conduct
     its efforts under this Agreement at all times in strict accordance with all
     applicable laws and regulations which may materially affect the Products
     including without limitation the US Foreign Corrupt Practices Act.

          Section 8.3 Procedure for Indemnification.

          (a) If any legal proceeding shall be instituted, or any claim or
     demand made, against an indemnifying party in respect of which an
     indemnifying party may be liable hereunder, or if either party hereto for
     any reason shall believe that it has a claim against the other party
     pursuant to the respective Section 8.1 or 8.2 hereof, then the indemnified
     party or the party believing it has a claim against the other party, as the
     case may be (in either case, the "Indemnified Party"), shall give prompt
     written notice hereunder to the indemnifying party or the party against
     whom the party giving notice believes it has a claim, as the case may be
     (in either case, the "Indemnifying Party"). Such notice shall specify in
     reasonable detail the date such underlying claim or belief first was
     asserted or arose, the nature of the Loss(es) for which payment is claimed,
     the Section or Sections of this Agreement upon which such claim is based,
     and the amount payable in respect thereto, and shall provide a copy of all
     pleadings relating to the underlying claim.

          (b) If an Indemnifying Party shall receive notice pursuant to this
     Section 8.3, the Indemnifying Party may, at its sole option, elect to
     defend against the Loss, which is the subject of such notice. If the
     Indemnifying Party elects to defend, then the Indemnified Party shall have
     the right to participate in such defense, and the trial counsel for the
     Indemnified Party shall be chosen by the Indemnifying Party and such trial
     counsel shall be reasonably satisfactory to the Indemnified Party, the
     costs of which shall be borne by the Indemnified Party. If the Indemnifying
     Party does not elect to defend, then the Indemnified Party may do so by its
     own counsel, such counsel shall be reasonably satisfactory to the
     Indemnifying Party, the costs of which shall be borne by the Indemnifying
     Party, and the Indemnifying Party agrees to cooperate with the Indemnified
     Party in such defense.

          (c) If the amount of any actual Loss indemnified against hereunder
     shall at any time subsequent to the payment of any indemnity payable
     hereunder, be reduced by any recovery, settlement or other payment, then
     the amount of such reduction, less any expense incurred by the party
     receiving such recovery, settlement or other payment in connection
     therewith, shall be repaid promptly to the Indemnifying Party.

          (d) The aggregate indemnification obligations of Bioglan on the one
     hand and Medicis and IMX on the other hand under Section 8.1 or 8.2 hereof,
     as the case may be, will not exceed United States Three Million Dollars (US
     $3,000,000).

                                       15

<PAGE>   20
          (e) Neither party shall be obligated to indemnify the other for any
     Losses hereunder, unless and until the aggregate amount of all Losses
     exceeds United States Fifty Thousand Dollars (US $50,000) (the "Basket"),
     and shall be liable only for amounts in excess of the Basket; provided that
     the Basket shall not apply to Section 8.4 or Section 8.5.

          (f) IMX shall have no obligation to indemnify Bioglan with respect to
     Section 6.1(g) or Section 6.1(k).

          Section 8.4 Discontinuance of Operations. In addition to the other
     indemnification obligations set forth in this Article VIII, Medicis shall
     indemnify Bioglan for any out of pocket expense incurred by Bioglan in
     excess of United States Four Hundred Thousand Dollars (US $400,000) with
     respect to the discontinuance of the operations relating to the Purchased
     Assets if such operations are discontinued within two (2) months of the
     Closing Date and are not incurred due to actions taken by Bioglan other
     than those costs directly related to discontinuing such operations;
     provided, however, that the LLC shall not be responsible for more than two
     (2) weeks of severance pay for any employee of the LLC in connection with
     such discontinuance.

          Section 8.5 Returns of Products. In addition to the other
     indemnification obligations set forth in this Article VIII, Medicis shall,
     indemnify Bioglan for any return of Products returned within two (2) years
     of June 1, 1999 by CVS, Walgreens and Jack Eckerd; provided that such
     indemnification obligation shall not exceed United States Six Hundred
     Thousand Dollars (US $600,000).

                                   ARTICLE IX
                               GENERAL PROVISIONS

          Section 9.1 Survival of Representations and Warranties. All
     representations or warranties set forth herein shall survive the execution
     and delivery of this Agreement and the consummation of the transactions
     contemplated hereby for a period of two (2) years after the Closing Date.
     Thereafter, no claim for breach of any representation or warranty shall be
     made. If this Agreement is terminated pursuant to Section 9.12 hereof, none
     of the parties hereto shall be under any liability whatsoever with respect
     to any such representation or warranty. The covenants and agreements shall
     survive indefinitely, unless otherwise specified herein.

          Section 9.2 Notices. All communications under this Agreement shall be
     in writing and shall either be faxed, sent by courier or mailed by first
     class mail, postage prepaid, to the fax number and/or address specified
     below. If faxed, such communication shall be deemed to be given when sent;
     provided, however, that any fax shall be confirmed by sending a hard copy
     by express courier or first class mail (by methods specified herein) within
     one (1) business day of the sending of such fax. If sent by express courier
     or mailed by first class mail as specified herein, such communication shall
     be deemed to be given either two (2) business days after sending (for
     communications sent by courier) or ten (10) business days after mailing
     (for communications sent by mail). All communications hereunder shall be
     sent:

                                       16

<PAGE>   21

         TO BIOGLAN: at its address shown below or such other address as it may
         give to Medicis on behalf of the LLC by notice hereunder:

         5 Hunting Gate                              and to:
         Hitchin, Hertfordshire SG4 0TJ              Roiter Zucker Solicitors
         England                                     Regent House
         Attn:  Terry I. Sadler                      5-7 Broadhurst Gardens
                                                     Swiss Cottage
                                                     London NW6 3RZ England
                                                     Attn: Warren Roiter

         TO MEDICIS, at the address shown below or such other address as it may
         give to Bioglan by notice hereunder:

<TABLE>
<CAPTION>

<S>      <C>                                         <C>
         c/o Medicis Pharmaceutical Corporation      and to:
         4343 East Camelback Road,                   Akin, Gump, Strauss, Hauer & Feld, L.L.P.
         Suite 250                                   590 Madison Avenue
         Phoenix, Arizona  85018-2100 USA            New York, New York 10022
         Attn:  Jonah Shacknai                       Attn:  Stephen E. Older, Esq.

</TABLE>

         TO IMX, at the address shown below or such other address as it may give
         to Bioglan by notice hereunder:

<TABLE>
<CAPTION>

<S>      <C>                                         <C>
         IMX Pharmaceuticals, Inc.                   and to:
         2295 Corporate Boulevard                    Nason, Yeager, Gerson, White, Lioce, P.A.
         Boca Raton, Florida 33431                   1645 Palm Beach Lakes Boulevard
         Attn:  William Forster                      Suite 1200
                                                     West Palm Beach, Florida 33401
                                                     Attn: Gary N. Gerson

</TABLE>
     Section 9.3 Confidential Information. The parties hereto shall each hold
(and shall cause their respective Affiliates to hold) in confidence all
documents and information received by them in connection with the transactions
contemplated by this Agreement and, in the event that for any reason the
transactions contemplated by this Agreement shall not be consummated, the
parties hereto shall refrain (and shall cause their respective Affiliates to
refrain) from disclosing or otherwise using such documents and information
except in connection with any legal proceeding that may be contemplated or
instigated by any party against the other in relation to any matter arising out
of or under this Agreement, or as required by law or regulation. This Section
9.3 shall not apply to information generally available to the public through no
fault of the disclosing party. Nothing in this Section 9.3 shall prevent any
party hereto from disclosing such information as may be required by applicable
law or any governmental or regulatory body or by the rules or regulations of any
national securities exchange upon which the securities of either party are
listed. If any party hereto is requested to

                                       17

<PAGE>   22
disclose confidential information pursuant to the preceding sentence, (i) such
party will notify the other parties immediately of the existence, terms and
circumstances surrounding such a request so that the other parties may seek a
protective order or other appropriate remedy and/or waive compliance with the
provisions of this Agreement, and (ii) if, in the absence of a protective order,
such disclosure is required in the opinion of the disclosing party's counsel,
such party may make such disclosure without liability hereunder, provided that
only that portion of the confidential information which is legally required is
disclosed, the other parties receive notice of the information to be disclosed
as far in advance of its disclosure as practicable and will use its reasonable
best efforts to ensure that confidential treatment will be accorded to all such
disclosed information. Bioglan shall not disclose confidential information to
any third party in connection with the marketing and selling of Bioglan's
securities to such third party without the prior written consent of Medicis
(which consent shall not be unreasonably withheld), provided that such consent
shall be deemed granted if Medicis has not responded to a request by Bioglan for
such consent within twenty - four (24) hours after Medicis receives actual
notice of such request with sufficient information regarding the terms and
conditions of such proposed disclosure to allow Medicis to evaluate the proposed
disclosure.

     Section 9.4 Amendment. This Agreement may be amended, modified or
supplemented only by written agreement of the parties hereto.

     Section 9.5 Binding Effect. The rights and obligations of the parties
hereto under this Agreement and the agreements contemplated hereby shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, but may not be assigned by either party
without the prior written consent of the other parties hereto. Nothing set forth
herein shall prevent such party from assigning its rights or obligations
hereunder to an Affiliate of said party provided that no such assignment shall
relieve said party of its obligations hereunder.

     Section 9.6 Press Releases. Bioglan, and Medicis for itself and on behalf
of the LLC and IMX, agree to approve jointly the text of an initial press
release announcing the consummation of the transactions contemplated hereby and
not to use the name of any of the other parties in any press information,
marketing or advertising materials or other release to the public without the
prior written approval of the other, which approval shall not be unreasonably
withheld. The foregoing shall not be deemed to prevent such party from making
any public announcement or issuing any circular which may be required by
legislation or any governmental or regulatory body or by the rules and
regulations of any national securities exchange upon which the securities of
such party are traded; provided that the disclosing party has notified the
non-disclosing party of such public announcement and the non-disclosing party
has been given an opportunity to comment on such announcement. The disclosing
party shall make such changes as are reasonably requested.

     Section 9.7 Expenses; Taxes. The parties hereto shall each be responsible
for their respective costs incurred in connection with this Agreement and the
transactions contemplated hereby. Except as otherwise provided herein, Bioglan
shall pay all recording fees and all taxes due by Bioglan in connection with the
transfer of the Purchased Assets to Bioglan hereunder.

                                       18

<PAGE>   23
     Section 9.8 Headings. All headings in this Agreement are for convenience
only and shall not affect the interpretation or meaning of any provision hereof.

     Section 9.9 Entire Agreement. This Agreement, the promissory note to be
entered into pursuant to the Closing of the Asset Purchase Agreement and the
Disclosure Letter, together with the other agreements provided for herein, and
the Schedules and Exhibits attached hereto, constitutes the entire agreement of
the parties, merges all prior negotiations, agreements and understandings, and
states in full all representations and warranties or warranties other than those
herein stated. To the extent there are any inconsistencies between the
provisions of this Agreement and the Disclosure Letter, the Schedules and
Exhibits and any of the other agreements provided for herein, this Agreement
shall govern.

     Section 9.10 Waiver. No delay on the part of any party in exercising any
right, power, or privilege hereunder shall operate as a waiver thereof; nor
shall any waiver on the part of any party of any such right, power or privilege,
nor any single or partial exercise of any such right, power or privilege,
preclude any further exercise thereof or the exercise of any other such right,
power or privilege. The rights and remedies of any party based on, arising out
of or otherwise in respect of any inaccuracy in or breach of any representation,
warranty, covenant or agreement contained in this Agreement shall in no way be
limited by the fact that the act, omission, occurrence or other state of facts
upon which any claim of any such inaccuracy or breach is based may also be the
subject matter of any other representation, warranty, covenant or agreement
contained in this Agreement (or in any other agreement between the parties) as
to which there is no inaccuracy or breach.

     Section 9.11 Severability. If any provision of this Agreement is found or
declared to be invalid or unenforceable by any court or other competent
authority having jurisdiction, such finding or declaration shall not invalidate
any other provision hereof, and this Agreement shall thereafter continue in full
force and effect except that such invalid or unenforceable provision, and (if
necessary) other provisions thereof, shall be reformed by a court of competent
jurisdiction so as to effect, insofar as is practicable, the intention of the
parties as set forth in this Agreement, provided that if such court is unable or
unwilling to affect such reformation, the invalid or unenforceable provision
shall be deemed deleted to the same extent as if it had never existed.

     Section 9.12 Termination. This Agreement may be terminated or extended as
set forth in Section 9.12 of the Asset Purchase Agreement; provided, however,
that the provisions of Sections 9.3, 9.7 and 9.13 and Article X shall survive
the termination of this Agreement; and provided further that such termination
shall not relieve any party hereto of any liability for any breach of this
Agreement.

     Section 9.13 Governing Law. This Agreement shall be governed by the
substantive laws of the State of Arizona, United States of America (without
regard to principles of conflict of laws) as to all matters, including but not
limited to matters of validity, construction, effect, performance and remedies.
Bioglan consents and submits to the personal jurisdiction of the state and
federal courts in Arizona.

                                       19

<PAGE>   24
     Section 9.14 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     Section 9.15 Shareholder Approval. Subject to Section 9.12, notwithstanding
the Closing having taken place, if Bioglan shall for any reason whatsoever fail
to procure shareholder approval as provided in Section 7.5 of the Asset Purchase
Agreement, the Closing shall be deemed for all purposes never to have taken
place and all documents delivered at the Closing shall be cancelled and deemed
to be null and void and all the Purchased Assets and Assumed Liabilities shall
be re-transferred to the LLC in the condition that they are in at such time and
subject thereto, except for the Security Agreement and the Trademark Security
Agreement (as defined in the Asset Purchase Agreement), no party hereto shall be
under any further liability or obligation to any other whether pursuant to this
Agreement or otherwise howsoever; provided, further, that the Security Agreement
and the Trademark Security Agreement shall remain in full force and effect.

                                   ARTICLE X
                                   ARBITRATION

     Section 10.1 Submission to Arbitration. The parties shall promptly submit
to arbitration any dispute which may arise in connection with this Agreement
that is not promptly resolved by them, except that each party may seek
injunctive relief for breaches of this Agreement if either party makes a good
faith determination that a breach of the terms of this Agreement by the other
party will result in irreparable harm and that injunctive relief is the only
adequate remedy.

     Section 10.2 Arbitrator and Rules of Arbitration. The American Arbitration
Association shall have jurisdiction over the arbitration, which shall be
conducted in accordance with the Commercial Arbitration Rules of such
Association, except as modified by agreement of the parties.

     Section 10.3 Selection of Arbitrators. In the event a dispute is to be
submitted to arbitration pursuant to this Article X, the parties agree that the
dispute shall be resolved by a private arbitration conducted by one arbitrator.
Within ten (10) days after the submission of such dispute to arbitration, the
parties shall agree upon one arbitrator, selected from a panel of five
individuals, none of whom is an officer, director or employee of a party or an
Affiliate of such party, or a person who has a direct or indirect personal or
financial interest in the outcome of the arbitration, designated by the American
Arbitration Association from its permanent panel of commercial arbitrators. The
parties shall select the arbitrator by alternately striking names of the
individuals so designated until only one name remains. A coin toss will
determine which party is to strike the first name.

     Section 10.4 Procedure. The arbitrator shall set a hearing date for an
arbitration (the "Hearing") within ninety (90) days from the date the arbitrator
is selected, unless otherwise agreed by the parties. At least fifteen (15) days
before the Hearing, each party shall submit to the arbitrator a list of all
witnesses and exhibits which it intends to present at the Hearing. No later than
five (5) days before the Hearing, each party shall provide to the arbitrator a
short (not to

                                       20

<PAGE>   25
exceed five (5) single-spaced pages or such other page limit as the arbitrator
permits) statement of its position with regard to the dispute. Notwithstanding
the Commercial Arbitration Rules, each party shall have the right to conduct up
to a total of two (2) depositions. At the Hearing, each party shall, unless it
waives the opportunity, make an oral opening statement and an oral closing
statement. The arbitrator shall not be strictly bound by rules of procedure or
rules of evidence, but shall use the Federal Rules of Evidence as a guideline in
conducting the Hearing. When testimony is complete and each party has introduced
its exhibits pursuant to the provisions of this Agreement, and each party has
made a closing statement pursuant to the provisions of this Agreement or waived
the opportunity to do so, the arbitrator shall declare the Hearing closed;
provided that the parties may submit post-hearing briefs pursuant to an agreed
upon schedule or a schedule formulated by the arbitrator. The Hearing shall be
conducted in private. Attendance at the Hearing shall be limited to the
following: (i) the arbitrator; (ii) representatives of each party; (iii) each
party's attorneys and such attorneys' assistants or advisors, if any, including
expert witnesses if any; (iv) a court reporter if requested by either party; and
(v) any witnesses. The arbitrator may sequester witnesses upon the motion of a
party. Within thirty (30) days of the close of the Hearing or submission of the
post-hearing briefs, the arbitrator shall issue a written opinion and an award
(the "Award") based on evidence, arguments and post-hearing briefs, if any. The
Award shall be a decision of the arbitrator, shall resolve the parties' dispute
and shall be final and binding on the parties. Except as otherwise provided in
this Agreement, there shall be no ex parte communication regarding the subject
matter of the Hearing, in which event the arbitrator will render and deliver to
the parties a written opinion and Award within thirty (30) days of being
notified that the parties waive the Hearing. Notwithstanding any other provision
of this Agreement, the arbitrator shall have no power to delete from, add to or
modify the terms of this Agreement, and may not award any remedy which
effectively conflicts directly or indirectly with any provision of this
Agreement.

     Section 10.5 Arbitration Costs. In any arbitration, all of the reasonable
costs and expenses of the successful party ("Successful Party") (including
reasonable attorneys' fees and expenses), all fees and expenses of experts
retained by the Successful Party and all costs of the arbitrator shall be borne
by the losing party ("Losing Party") in such arbitration. The Losing Party and
the Successful Party shall be determined by the arbitrator based on the relative
success or failure of each party to such arbitration.

                            [SIGNATURE PAGE FOLLOWS]

                                       21

<PAGE>   26
         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first set forth above.

                                THE EXOREX COMPANY, LLC


                                By: /s/ Mark A. Prygocki, Sr
                                    ------------------------------------------
                                    Name: Mark A. Prygocki, Sr.
                                    Title:


                                BIOGLAN PHARMA PLC

                                By: /s/ Terry I. Sadler
                                    ------------------------------------------
                                    Terry I. Sadler
                                    Chairman and Chief Executive Officer


                                MEDICIS PHARMACEUTICAL CORPORATION


                                By: /s/ Mark A. Prygocki, Sr.
                                    ------------------------------------------
                                    Mark A. Prygocki, Sr.
                                    Chief Financial Officer


                                IMX PHARMACEUTICALS, INC.


                                By: /s/ William Forster

                                    ------------------------------------------
                                    Name: William Forster
                                    Title: President


                                       22

<PAGE>   27
                                   SCHEDULE 1

                                    PRODUCTS



                             Exorex Aqueous Cleanser
                             Exorex Body Combo Pack
                             Exorex Display-Large
                             Exorex Display-Small
                             Exorex Excema Formula 4 oz. Gentle
                             Exorex Excema Formula 4 oz. Regular
                             Exorex Excema Formula 8 oz. Regular
                             Exorex Leave on Scalp Conditioner
                             Exorex Penetrating Emulsion
                             Exorex Prepak
                             Exorex Scalp Combo
                             Exorex Shampoo
                             Exorex Stabilizing Cream 8 oz.


                                       1

<PAGE>   28
                                   SCHEDULE 2

                                   TRADEMARKS
<TABLE>
<CAPTION>
TRADEMARK              COUNTRY           REG. NO.           REG. DATE             CLASS & GOODS/
                                                                                    SERVICES
<S>                   <C>               <C>                 <C>           <C>
EXOREX                   US              2049968             4/1/97       Medicated lotions and topical gels for
                                                                            use in the treatment of psoriasis.

</TABLE>



                                       2

<PAGE>   29
                                   EXHIBIT A

                              FORM OF BILL OF SALE



                                       A


<PAGE>   30
                                    EXHIBIT B

                      FORM OF TRANSITION SERVICES AGREEMENT




                                       B

<PAGE>   31
                                    EXHIBIT C

                           FORM OF LICENSE ASSIGNMENT



                                       C