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                                                                  EXHIBIT 10.22




                            STOCK PURCHASE AGREEMENT

                               ARADIGM CORPORATION

                                OCTOBER 22, 2001


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                            STOCK PURCHASE AGREEMENT

        THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made and entered into
as of October 22, 2001 (the "EFFECTIVE DATE"), by and between ARADIGM
CORPORATION, a California corporation ("ARADIGM"), and NOVO NORDISK
PHARMACEUTICALS, INC. a Delaware corporation ("NOVO NORDISK").

                                    RECITALS

        A. Aradigm and Novo Nordisk are parties to that certain Development and
License Agreement dated June 2, 1998 (the "Development Agreement").

        B. In connection with the Development Agreement, Aradigm desires to sell
and issue to Novo Nordisk, and Novo Nordisk desires to buy, shares of Aradigm's
common stock, no par value (the "Common Stock") as provided herein.

        NOW, THEREFORE, the parties hereto agree as follows:

1.      PURCHASE AND SALE.

        Subject to the terms and conditions hereof, and in reliance upon the
representations, warranties and agreements contained herein, Aradigm hereby
agrees to issue and sell to Novo Nordisk, and Novo Nordisk hereby agrees to
purchase from Aradigm, the aggregate number of shares of Aradigm's Common Stock
(the "SHARES") determined in accordance with Sections 1.1 and 1.4 hereof.

        1.1 INITIAL SHARES. On the First Closing Date (as defined in Section
1.2), Aradigm shall issue and sell to Novo Nordisk, and Novo Nordisk shall
purchase from Aradigm for twenty million dollars ($20,000,000) (the "INITIAL
PURCHASE PRICE"), the number of shares of Aradigm's Common Stock (the "INITIAL
SHARES") equal to the quotient of twenty million dollars ($20,000,000) divided
by the First Market Price (as hereinafter defined). In the event the number of
Initial Shares includes a fraction of a share, the number of Initial Shares
shall be increased to the nearest whole number of shares and the Initial
Purchase Price shall be increased to equal the First Market Price times such
whole number of Initial Shares. The "FIRST MARKET PRICE" shall be the greater of
(a) the average of the closing prices of Aradigm's Common Stock on the NASDAQ
National Market, as reported by The Wall Street Journal, Western Edition, for
the thirty (30) trading days immediately prior to the Effective Date, and (b)
the average of such closing prices for the five (5) trading days immediately
prior to the Effective Date.

        1.2 FIRST CLOSING DATE. The closing of the sale and purchase of the
Initial Shares (the "FIRST CLOSING") shall take place on the date (the "FIRST
CLOSING DATE") that is ten (10) business days after the Effective Date, subject
to fulfillment of the closing conditions set forth in Article 6.

        1.3 DELIVERY. At the First Closing, Aradigm will deliver to Novo Nordisk
a certificate registered in the name of Novo Nordisk, representing the Initial
Shares to be



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purchased by Novo Nordisk from Aradigm, dated the First Closing Date, against
payment of the Initial Purchase Price by wire transfer, a check made payable to
the order of Aradigm, or any combination thereof.

        1.4 ADDITIONAL SHARES.

            (a) At any time following the First Closing Date, Aradigm shall have
the right, but not the obligation, to sell to Novo Nordisk the Additional
Shares, as provided below. Such right shall be effected by Aradigm's delivery to
Novo Nordisk of a written notice specifying its election to sell to Novo Nordisk
such Additional Shares (a "SHARES SALE NOTICE"). Notwithstanding the foregoing,
Novo Nordisk may cancel such right by written notice to Aradigm on or before
November 14, 2001 in the event the board of directors of Novo Nordisk A/S does
not approve Novo Nordisk's agreement to purchase such Additional Shares.
Effective immediately upon such cancellation, the Patent Agreement and the
Supply Agreement, each of even date herewith by and between Aradigm and Novo
Nordisk, shall automatically terminate and be of no further force or effect.

            (b) Provided that Aradigm has delivered to Novo Nordisk a Shares
Sale Notice in compliance with subsection 1.4(a) and subject to the provisions
of subsections 1.4(c) and 1.4(d), on each Additional Closing Date (as defined in
Section 1.5), Aradigm shall issue and sell to Novo Nordisk, and Novo Nordisk
shall purchase from Aradigm for an amount specified in such Shares Sale Notice,
which amount shall be no less than five million dollars ($5,000,000) and no more
than ten million dollars ($10,000,000) (such amount, the "ADDITIONAL PURCHASE
PRICE"), the number of shares of Aradigm's Common Stock (the "ADDITIONAL
SHARES") equal to the quotient of such Additional Purchase Price divided by the
Additional Market Price (as hereinafter defined); provided, however, that the
aggregate Additional Purchase Price for all Additional Shares purchased
hereunder shall not exceed twenty-five million dollars ($25,000,000) (the
"MAXIMUM AMOUNT"). The "ADDITIONAL MARKET PRICE" for each Additional Closing
shall be the average of the closing prices of Aradigm's Common Stock on the
NASDAQ National Market, as reported by The Wall Street Journal, Western Edition
for the thirty (30) trading days immediately prior to the date of the Shares
Sale Notice. In the event the number of Additional Shares issuable pursuant to
this Section 1.4 includes a fractional share, the number of Additional Shares
shall be increased to the nearest whole number of shares, and the Additional
Purchase Price shall be increased to equal the Additional Market Price times
such whole number of Additional Shares.

            (c) Aradigm shall not deliver a Shares Sale Notice if it would
result in (i) the aggregate Below Market Shares (as defined below) being greater
than or equal to nineteen and nine-tenths percent (19.9%) of the then currently
outstanding Common Stock or (ii) Novo Nordisk beneficially owning forty-five
percent (45%) or more of the then currently outstanding Common Stock, based upon
the number of shares of Common Stock currently beneficially owned by Novo
Nordisk plus any Shares purchased by Novo Nordisk or any of its affiliates
pursuant to this Agreement, less any shares of Common Stock sold or otherwise
disposed of by Novo Nordisk or any of its affiliates. During the period that
Aradigm has the right to sell Additional Shares to Novo Nordisk, Novo Nordisk
hereby agrees to promptly notify Aradigm of any sale or disposition of any
shares of Common Stock held by it or any or its affiliates. "BELOW


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MARKET SHARES" shall be any Additional Shares sold at an Additional Market Price
that is less than the First Market Price.

            (d) Aradigm shall not deliver a Shares Sale Notice at any time when
the representation set forth in Section 2.8 would not be true as of the date of
delivery of the Shares Sale Notice.

            (e) Aradigm may deliver a Shares Sale Notice no more than once every
three (3) months beginning December 1, 2001 until the Maximum Amount has been
exhausted.

        1.5 ADDITIONAL CLOSING DATES. Each closing of the sale and purchase of
Additional Shares (each, an "ADDITIONAL CLOSING") shall take place no later than
fifteen (15) business days after the date of delivery of a Share Sales Notice to
Novo Nordisk (each, an "ADDITIONAL CLOSING DATE"), subject to the fulfillment of
the closing conditions set forth in Article 7.

        1.6 DELIVERY. At each Additional Closing, Aradigm will deliver to Novo
Nordisk a certificate registered in the name of Novo Nordisk, representing the
Additional Shares to be purchased by Novo Nordisk from Aradigm, dated the
Additional Closing Date, against payment of the Additional Purchase Price by
wire transfer, a check made payable to the order of Aradigm, or any combination
of the above.

        1.7 RULE 144 REPORTING. With a view to making available to Novo Nordisk
the benefits of certain rules and regulations of the Securities and Exchange
Commission (the "SEC") which may permit the sale of the Shares to the public
without registration, Aradigm agrees to use its best efforts to:

            (a) Comply with the current public information requirement, as those
terms are understood and defined in Rule 144 ("RULE 144") under the Securities
Act of 1933, as amended (the "1933 ACT") or any similar or analogous rule
promulgated under the 1933 Act, as long as the Shares are outstanding; and

            (b) File with the SEC, in a timely manner, all reports and other
documents required of Aradigm under the 1933 Act and the Securities Act of 1934,
as amended (the "1934 ACT").

        1.8 "MARKET STAND-OFF" AGREEMENTS. Subject to the last sentence of this
Section 1.8, Novo Nordisk hereby agrees that (a) prior to the second anniversary
of the Effective Date or until its ownership interest has been diluted to less
than five percent (5%) of the Common Stock outstanding, if earlier, it shall not
sell or otherwise transfer or dispose of any of the shares of Common Stock held
by it, and (b) prior to the second anniversary of each Additional Closing Date
or until its ownership interest has been diluted to less than five percent (5%)
of the Common Stock outstanding, if earlier, it shall not sell or otherwise
transfer or dispose of any of the Additional Shares purchased at such Additional
Closing (the periods described in clauses (a) and (b) being hereinafter referred
to as the "MARKET-STAND OFF PERIODS"). Aradigm may impose stop-transfer
instructions with respect to securities subject to the foregoing restriction
until the end of the applicable period. The foregoing notwithstanding, Novo
Nordisk (or any of its affiliates) may at any time sell shares of Common Stock
owned by it in any sale, transfer or other disposition made (i) to an affiliate
of Novo Nordisk that agrees to be



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bound by the provisions of this Agreement, (ii) in connection with the
acquisition of all, or substantially all, of the Company's outstanding Common
Stock by a third party, (iii) no later than six (6) months after the completion
of any transaction or series of related transactions in which shareholders of
Aradigm other than Novo Nordisk have transferred in excess of thirty percent
(30%) of the outstanding Common Stock of Aradigm to a third party acquiror, of
up to the percentage of shares of Common Stock then owned by Novo Nordisk that
equals the percentage of the outstanding shares of Common Stock held by
shareholders other than Novo Nordisk that have been so acquired or (vi) after
termination of the Development Programme (as defined in the Development
Agreement).

        1.9 PUBLIC OFFERING LOCK-UP. In addition, Novo Nordisk hereby agrees
that during the time period recommended by the underwriter not to exceed one
hundred eighty (180) days following the effective date of a registration
statement of Aradigm filed under the 1933 Act, it shall not, to the extent
requested by the underwriter, sell or otherwise transfer or dispose of any
Common Stock of Aradigm held by it at any time during such period (except Common
Stock included in such registration or any sale, transfer or other disposition
of Shares made to an affiliate of Novo Nordisk that agrees to be bound by the
provisions of this Agreement); provided, however, that:

            (a) Such agreement shall be applicable only to registration
statements of Aradigm which cover Common Stock (or other securities) to be sold
on its behalf to the public;

            (b) Such agreement shall be applicable only if Novo Nordisk holds at
least five percent (5%) of the Common Stock of Aradigm then outstanding; and

            (c) All officers and directors of Aradigm and any other stockholders
owning at least five percent (5%) of the Common Stock of Aradigm then
outstanding (excluding stockholders that acquired their positions in the public
market) enter into similar agreements.

During the period in which this Section 1.9 remains in effect, if Novo Nordisk
is requested to enter into such a lock-up agreement in connection with a public
offering of Aradigm Common Stock in which any other shareholders of Aradigm are
allowed to sell shares held by them, Novo Nordisk shall have a "piggyback" right
at its option to include shares then held by it in such offering on a pro rata
basis with such other selling shareholders.

        1.10 DEMAND REGISTRATION. (a) If Novo Nordisk desires to effect the
registration on Form S-3 under the 1933 Act of any of the shares of Common Stock
owned by it or any of its affiliates ("REGISTRABLE SHARES"), it may make one (1)
written request, subject to adjustment under Section 1.10(b) below (the "DEMAND
REQUEST"), that Aradigm effect such registration; provided that such request is
made no earlier than (i) sixty (60) days prior to the expiration of the Market
Stand-Off Period relating to such Shares or (ii) sixty (60) days prior to the
expiration of any "lock-up" period required by the underwriters in connection
with a public offering by Aradigm. The Demand Request will specify the number of
Registrable Shares proposed to be sold and will also specify the intended method
of disposition thereof. Upon receipt of such Demand Request, Aradigm shall, at
its own expense (which expense shall include all fees and expenses of counsel,
public accountants or other advisors or experts retained by Aradigm, all
reasonable fees and expenses of counsel for Novo Nordisk (which counsel shall be
selected by



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Novo Nordisk) in an amount which shall not exceed fifty thousand dollars
($50,000), all filing fees, all fees and expenses incurred to comply with blue
sky or other securities laws, all printing expenses and all internal expenses of
Aradigm, but shall not include underwriting fees, discounts or commissions
attributable to the sale of the Registrable Shares, out-of-pocket expenses of
Novo Nordisk or any of its affiliates, transfer taxes or the fees and expenses
of underwriter's counsel) prepare and file with the SEC a registration statement
on Form S-3 (the "RESALE REGISTRATION STATEMENT") under the 1933 Act to provide
for the resale by Novo Nordisk and its affiliates of the number of Registrable
Shares specified in the Demand Request. In the event Novo Nordisk delivers to
Aradigm a Demand Request prior to the end of a Market Stand-Off Period or a
"lock-up" period, Aradigm shall use its reasonable efforts to file and cause the
Resale Registration Statement to be effective prior to the expiration of such
Market Stand-Off Period or "lock-up" period, as the case may be. In all other
cases, Aradigm will use its reasonable efforts to cause the Resale Registration
Statement to be filed and become effective as soon as reasonably practicable
after receipt of the Demand Request. Aradigm shall cause the Resale Registration
Statement filed pursuant to this Section 1.10 to remain effective for no less
than six (6) months (or, if earlier, until the date all of the Registrable
Shares covered by the Resale Registration Statement have been sold); provided,
however, Aradigm may suspend the use of, or delay the effective date of, any
Resale Registration Statement by giving written notice to Novo Nordisk, if
Aradigm shall have determined, in its good faith reasonable judgment, that such
suspension or delay in the effective date of the Resale Registration Statement
is advisable because the filing or effectiveness of the Resale Registration
Statement would be detrimental to Aradigm and its shareholders; and provided
further that Aradigm suspends the use of or delays the effective date of all
other registration statements of Aradigm that register the securities of Aradigm
being or to be resold by the holders thereof. Any suspension or delay in the
effective date of the Resale Registration Statement by Aradigm pursuant to this
Section 1.10 shall be for the shortest reasonable period of time (but not
exceeding one hundred twenty (120) days).

        (a) Novo Nordisk shall have the right to make one (1) additional Demand
Request in accordance with this Section 1.10 for each Additional Closing that
occurs hereunder.

        (b) The Demand Request may not relate to an underwritten offering,
unless Novo Nordisk proposes to sell Registered Shares for a minimum aggregate
amount of twenty million dollars ($20,000,000). In the event of an underwritten
offering pursuant to this Section 1.10(c), the managing underwriters of any
offering effected pursuant to this Section 1.10(c) shall be selected by Novo
Nordisk, and the price, terms and provisions of the offering shall be subject to
approval by Novo Nordisk In order to facilitate any underwritten offering
pursuant to this Section 1.10(c), Aradigm agrees to enter into customary
agreements (including an underwriting agreement in customary form and an
agreement with Novo Nordisk containing customary indemnification provisions and
provisions regarding the registration procedures to be followed in effecting any
offering under this Section 1.10(c)) and take such other actions as are
reasonably required in order to facilitate the disposition of the Registrable
Shares. In order to participate in an underwritten offering effected pursuant to
this Section 1.10(c), Novo Nordisk agrees that it shall (and shall cause any of
its affiliates participating in such offering to) (i) sell the Registrable
Shares subject to such offer on the basis provided in the underwriting
arrangements approved by Novo Nordisk and (ii) complete and execute all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements.



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2.      REPRESENTATIONS AND WARRANTIES OF ARADIGM.

        Except as otherwise set forth on the Schedule of Exceptions attached
hereto as Exhibit A, Aradigm hereby represents and warrants to Novo Nordisk as
of the date hereof and as of the First Closing Date as follows:

        2.1 ORGANIZATION AND STANDING; ARTICLES AND BYLAWS. Aradigm is a
corporation duly organized, validly existing and in good standing under the laws
of the State of California, and has full power and authority to own and operate
its properties and assets and to carry on its business as presently conducted
and as proposed to be conducted. Aradigm is qualified as a foreign corporation
to do business in each jurisdiction in the United States in which the ownership
of its property or the conduct of its business requires such qualification,
except where any statutory fines or penalties or any corporate disability
imposed for the failure to qualify would not materially adversely affect
Aradigm, its assets, financial condition or operations. True and correct copies
of Aradigm's Amended and Restated Articles of Incorporation and Bylaws currently
in effect have been delivered to Novo Nordisk.

        2.2 AUTHORIZATION. All corporate action on the part of Aradigm, its
officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement, the performance of all Aradigm's obligations
hereunder, and for the authorization, issuance, sale and delivery of the Initial
Shares and the Additional Shares has been taken or will be taken prior to each
of the First Closing and each Additional Closing, respectively. This Agreement,
when executed and delivered, shall constitute a valid and legally binding
obligation of Aradigm in accordance with its terms, subject to laws of general
application relating to bankruptcy, insolvency and the relief of debtors, and
subject to general equity principles.

        2.3 VALIDITY OF SHARES. The sale of the Shares is not subject to any
preemptive rights or rights of first refusal that have not been waived and, when
issued, sold and delivered in compliance with the provisions of this Agreement,
the Shares will be validly issued, fully paid and nonassessable, and will be
free of any liens or encumbrances created by Aradigm; provided, however, that
the Shares may be subject to restrictions on transfer under state and/or federal
securities laws as set forth herein or as otherwise required by such laws at the
time a transfer is proposed.

        2.4 OFFERING. Assuming the accuracy of the representations and
warranties of Novo Nordisk contained in Article 3 hereof, the offer, issue, and
sale of Shares are exempt from the registration and prospectus delivery
requirements of the 1933 Act, and the Initial Shares have been and the
Additional Shares will be registered or qualified (or are exempt from
registration and qualification) under the registration, permit, or qualification
requirements of all applicable state securities laws.

        2.5 FULL DISCLOSURE.

            (a) As of the First Closing, Aradigm has furnished to Novo Nordisk
the following documents, and the information contained in such documents, as of
their respective dates (or if amended prior to the date of the First Closing, as
of the date of such amendment), did not contain any untrue statement of a
material fact, did not omit to state any material fact



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necessary to make any statement, in light of the circumstances under which such
statement was made, not misleading, and complied in all material respects with
the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder:

Aradigm's annual report on Form 10-K as amended by Form 10-K/A for the fiscal
year ended December 31, 2000; and Aradigm's quarterly reports on Form 10-Q for
the quarters ended March 31, 2001 and June 30, 2001, and any additional
quarterly report on Form 10-Q or current reports on Form 8-K filed after the
Effective Date but prior to the First Closing Date (the "CURRENT SEC
DOCUMENTS").

        The financial statements of Aradigm included in the Current SEC
Documents (the "FINANCIAL STATEMENTS") comply as to form in all material
respects with applicable accounting requirements and with the published rules
and regulations of the SEC with respect thereto. The Financial Statements have
been prepared in accordance with generally accepted accounting principles
consistently applied and fairly present the consolidated financial position of
Aradigm and any subsidiaries at the dates thereof and the consolidated results
of their operations and consolidated cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal, recurring adjustments
or to the extent that such unaudited statements do not include footnotes).

            (b) As of each Additional Closing, Aradigm shall have furnished to
Novo Nordisk the following documents, and the information contained in such
documents, as of their respective dates (or if amended prior to the date of the
relevant Additional Closing, as of the date of such amendment), will not contain
any untrue statement of a material fact, or omit to state any material fact
necessary to make any statement, in light of the circumstances under which such
statement is made, not misleading, and will comply in all material respects with
the requirements of the 1934 Act and the rules and regulations of the SEC
promulgated thereunder:

Aradigm's annual report on Form 10-K for the most recent fiscal year prior to
such Additional Closing Date for which such document is publicly available; and
Aradigm's quarterly reports on Form 10-Q for, and any current reports on Form
8-K filed during, the quarters after such fiscal year, to the extent publicly
available (the "ADDITIONAL SEC DOCUMENTS" and together with the Current SEC
Documents, the "SEC DOCUMENTS").

        The financial statements of Aradigm included in the Additional SEC
Documents (the "ADDITIONAL FINANCIAL STATEMENTS") will comply as to form in all
material respects with applicable accounting requirements and with the published
rules and regulations of the SEC with respect thereto. The Additional Financial
Statements will have been prepared in accordance with generally accepted
accounting principles consistently applied and will fairly present the
consolidated financial position of Aradigm and any subsidiaries at the dates
thereof and the consolidated results of their operations and consolidated cash
flows for the periods then ended (subject, in the case of unaudited statements,
to normal, recurring adjustments or to the extent that such unaudited statements
do not include footnotes).

        2.6 NO CONFLICT; NO VIOLATION. The execution, delivery and performance
of this Agreement and consummation of the transactions contemplated hereby will
not (a) conflict with any provisions of the Amended and Restated Certificate of
Incorporation or Bylaws of Aradigm;


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(b) result in any material violation or default of, or permit the acceleration
of any obligation under (in each case, upon the giving of notice, the passage of
time, or both), any material mortgage, indenture, lease, agreement or other
instrument, permit, franchise, license, judgment, order, decree, law, ordinance,
rule or regulation applicable to Aradigm or its properties.

        2.7 CONSENTS AND APPROVALS. All consents, approvals, orders, or
authorizations of, or registrations, qualifications, designations, declarations,
or filings with, any governmental authority, required on the part of Aradigm in
connection with the valid execution and delivery of this Agreement, the offer,
sale or issuance of the Shares, or the consummation of any other transaction
contemplated hereby have been obtained, or will be effective at the First
Closing or each Additional Closing, as applicable, other than compliance with
any applicable requirements of the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended (the "HSR Act"), and except for notices required or
permitted to be filed with certain state and federal securities commissions
after the First Closing or each Additional Closing, as the case may be, which
notices will be filed on a timely basis.

        2.8 ABSENCE OF CERTAIN DEVELOPMENTS. Except as disclosed in previously
filed SEC Documents, with respect to the First Closing, since June 30, 2001, and
with respect to each Additional Closing, since the end of the last fiscal
quarter prior to such Additional Closing for which Aradigm's filing on Form 10-Q
is publicly available, Aradigm has not (a) incurred or become subject to any
material liabilities (absolute or contingent) except current liabilities
incurred, and liabilities under contracts entered into, in the ordinary course
of business, consistent with past practices; (b) mortgaged, pledged or subjected
to lien, charge or any other encumbrance any of its material assets, tangible or
intangible; (c) sold, assigned or transferred any of its material assets or
canceled any material debts or obligations except in the ordinary course of
business, consistent with past practices; (d) suffered any extraordinary losses,
or waived any rights of substantial value; (e) entered into any material
transaction other than in the ordinary course of business, consistent with past
practices; or (f) otherwise had any material change in its condition, financial
or otherwise, except for changes in the ordinary course of business, consistent
with past practices, none of which individually or in the aggregate has been
materially adverse to Aradigm.

3.      REPRESENTATIONS AND WARRANTIES OF NOVO NORDISK.

        Novo Nordisk hereby represents and warrants to Aradigm as of the date
hereof and as of the First Closing Date as follows:

        3.1 LEGAL POWER. It has the requisite legal power to enter into this
Agreement, to purchase the Shares hereunder, and to carry out and perform its
obligations under the terms of this Agreement.

        3.2 DUE EXECUTION. This Agreement has been duly authorized, executed and
delivered by it, and, upon due execution and delivery by Aradigm, this Agreement
will be a valid and binding agreement of it.



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        3.3 INVESTMENT REPRESENTATIONS.

            (a) It is acquiring the Shares for its own account, not as nominee
or agent, for investment and not with a view to, or for resale in connection
with, any distribution or public offering thereof within the meaning of the 1933
Act.

            (b) It understands that (i) the Shares have not been registered
under the 1933 Act by reason of a specific exemption therefrom, that they may be
resold only in accordance with the rules and regulations under the 1933 Act and
subject to Section 1.8 and 1.9 and that it must, therefore, bear the economic
risk of such investment indefinitely, unless a subsequent disposition there of
is registered under the 1933 Act or is exempt from such registration; (ii) each
certificate representing the Initial Shares and the Additional Shares will be
endorsed with the following legend:

                "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
        REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933
        ACT"), AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS
        (A) PURSUANT TO RULE 144 PROMULGATED UNDER THE 1933 ACT OR (B) THERE IS
        AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT COVERING SUCH
        SECURITIES OR (C) ARADIGM RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER
        OF THESE SECURITIES REASONABLY SATISFACTORY TO ARADIGM, STATING THAT
        SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
        REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT."

and (iii) Aradigm will instruct any transfer agent not to register the transfer
of any of the Shares unless one of the conditions specified in the foregoing
legend are satisfied.

                Novo Nordisk shall have the right to require removal of the
        foregoing legend with respect to any or all of the Shares if it delivers
        an opinion of counsel reasonably acceptable to Aradigm that removal of
        such legend is permitted by the rules and regulations of the SEC.

            (c) It has been furnished with such materials and has been given
access to such information relating to Aradigm as it or its qualified
representative has requested and it has been afforded the opportunity to ask
questions regarding Aradigm and the Shares, all as it has found necessary to
make an informed investment decision.

            (d) It is an "accredited investor" within the meaning of Regulation
D under the 1933 Act.

            (e) It was not formed for the specific purpose of acquiring the
Shares offered hereunder.



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4.      COVENANTS OF ARADIGM

        4.1 UPDATING OF SCHEDULE OF EXCEPTIONS. Aradigm shall update the
Schedule of Exceptions prior to each Additional Closing by delivering (i) a
draft of such updated Schedule of Exceptions (which draft shall highlight any
deletions or additions made since the last Schedule of Exceptions was delivered
to Novo Nordisk) to Novo Nordisk no later than five (5) days after delivery of
the relevant Shares Sale Notice and (ii) a final copy of such revised Schedule
of Exceptions (which copy shall highlight any deletions or additions made since
the delivery of the draft Schedule of Exceptions pursuant to clause (i) above)
to Novo Nordisk no later than the day prior to such Additional Closing.

        4.2 ACCESS TO INFORMATION. So long as Novo Nordisk owns at least five
percent (5%) of the Common Stock outstanding, Aradigm will afford promptly to
Novo Nordisk and its authorized agents reasonable access to the properties,
books, records, employees and auditors of Aradigm to the extent reasonably
related to Novo Nordisk's holding of Shares. Without limiting the generality of
the foregoing, Aradigm agrees to make its auditors and appropriate employees
available to Novo Nordisk to discuss the accounting practices and policies of
Aradigm with respect to certain items in order allow Novo Nordisk to properly
account for such items in its books and records as may be necessary.

        4.3 DELIVERY OF CERTAIN INFORMATION. (a) So long as Novo Nordisk is
required to report its share of Aradigm's earnings or loss from its investment
in Aradigm under the equity method of accounting, Aradigm shall cause to be
prepared and delivered to Novo Nordisk the following information, which, in the
case of financial information, shall be prepared in accordance with generally
accepted accounting principles consistently applied:

                  (i) no later than thirty (30) business days after the end of
each fiscal month, an unaudited consolidated balance sheet of Aradigm as of the
end of such fiscal month and the related unaudited consolidated statements of
income and cash flows for such fiscal month and for the elapsed portion of the
fiscal year ended with the last day of such month, and where Aradigm prepares
such financial information, setting forth in comparative form the figures for
the corresponding periods in the previous fiscal year for the periods in such
fiscal year and providing corresponding information indicating the total number
of shares of Common Stock issued and outstanding, the total number of shares of
Common Stock issuable upon exercise of issued and outstanding incentive stock
options, the total changes reflected in the consolidated statements of income
due to the grant or exercise of incentive stock options (if any) and a summary
narrative explaining the reason for and the financial impact of changes in
accounting principles having a material impact on Aradigm's operations (if any);
provided that if Aradigm believes that the financial information required to be
delivered to Novo Nordisk pursuant to this Section 4.3(a) will not be available
for delivery within the time prescribed by this Section 4.3(a), then Aradigm
shall (i) promptly (but in no event later than thirty (30) business days after
the end of the relevant fiscal month) deliver to Novo Nordisk an estimated
unaudited consolidated balance sheet of Aradigm as of the end of such fiscal
month and the related estimated unaudited consolidated statements of income and
cash flows for such fiscal month and for the elapsed portion of the fiscal year
ended with the last day of such month (in each case clearly indicating that such
financial information represents estimates) and (ii) deliver to Novo Nordisk the
final



                                       10
<PAGE>


version of such financial information no later than five (5) business days after
Aradigm prepares the final version of the estimated financial information; and

                  (ii) within ten (10) days of receipt, any notice or other
communication from any lender, bank or other person to whom Aradigm is indebted,
alleging the existence of any facts or circumstances that, individually or in
the aggregate, constitute or with the passing of time would constitute, a
default under, or give rise to any termination, cancellation or acceleration of
any right or obligation of Aradigm or to a loss of any benefit to which Aradigm
is entitled under any provision of any note, loan, credit or similar instrument
or agreement.

            (b) Aradigm agrees to provide to Novo Nordisk a condensed forecasted
statement of income representing one (1) quarterly forecast for a three (3)
month period only once every three (3) months beginning January 1, 2002 no later
than thirty (30) days after the beginning of each such three month period;
provided, that Aradigm will provide such information to Novo Nordisk only as
long as Novo Nordisk is required to report its share of Aradigm's earnings or
loss from its investment in Aradigm under the equity method of accounting.

5.      COVENANTS OF NOVO NORDISK.

        5.1 VOTING AGREEMENT.

            (a) Novo Nordisk agrees that at each election of directors of
Aradigm in which the shareholders are entitled to elect directors of Aradigm,
Novo Nordisk will not nominate, and will not vote any of the shares of Common
Stock held by it so as to elect, any individual person who is employed by Novo
Nordisk or any of its affiliates, including without limitation any of their
respective current and past directors and officers, and current employees,
advisors and sales agents.

            (b) Novo Nordisk understands that each certificate representing the
Initial Shares and the Additional Shares will be endorsed with the following
restrictive legend:

           "THE SHARES  REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
           THE TERMS AND CONDITIONS OF A VOTING AGREEMENT WHICH PLACES
           CERTAIN   RESTRICTIONS   ON  THE   VOTING  OF  THE   SHARES
           REPRESENTED  HEREBY.  ANY PERSON  ACCEPTING ANY INTEREST IN
           SUCH SHARES SHALL BE DEEMED TO AGREE AND SHALL BECOME BOUND
           BY ALL THE  PROVISIONS  OF SUCH  AGREEMENT.  A COPY OF SUCH
           VOTING  AGREEMENT WILL BE FURNISHED TO THE RECORD HOLDER OF
           THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN REQUEST TO THE
           COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS."

            (c) The provisions of this Section 5.1 shall not be binding upon
successors in interest to any of the Shares who are not affiliates of Novo
Nordisk.



                                       11
<PAGE>

6.      CONDITIONS TO FIRST CLOSING.

        6.1 CONDITIONS TO OBLIGATIONS OF NOVO NORDISK. Novo Nordisk's obligation
to purchase the Initial Shares at the First Closing is subject to the
fulfillment, at or prior to the First Closing, of all of the following
conditions:

            (a) REPRESENTATIONS AND WARRANTIES TRUE; PERFORMANCE OF OBLIGATIONS.
The representations and warranties made by Aradigm in Section 2 hereof shall be
true and correct in all material respects on and as of the First Closing Date
with the same force and effect as if they had been made on and as of said date;
and Aradigm shall have performed all obligations and conditions herein required
to be performed by it on or prior to the First Closing.

            (b) OPINION OF ARADIGM'S COUNSEL. Novo Nordisk shall have received
from Cooley Godward LLP, counsel to Aradigm, an opinion letter substantially in
the form attached hereto as Exhibit B, addressed to it, dated the First Closing
Date.

            (c) PROCEEDINGS AND DOCUMENTS. All corporate and other proceedings
in connection with the transactions contemplated at the First Closing hereby and
all documents and instruments incident to such transactions shall be reasonably
satisfactory in substance and form to Novo Nordisk, and Novo Nordisk shall have
received all such counterpart originals or certified or other copies of such
documents as it may reasonably request.

            (d) QUALIFICATIONS, LEGAL INVESTMENT. All authorizations, approvals,
or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful
sale and issuance of the Initial Shares pursuant to this Agreement shall have
been duly obtained and shall be effective on and as of the First Closing. No
stop order or other order enjoining the sale of the Initial Shares shall have
been issued and no proceedings for such purpose shall be pending or, to the
knowledge of Aradigm, threatened by the SEC or any commissioner of corporations
or similar officer of any other state having jurisdiction over this transaction.
At the time of the First Closing, the sale and issuance of the Initial Shares
shall be legally permitted by all laws and regulations to which Novo Nordisk and
Aradigm are subject.

            (e) NO TERMINATION OF DEVELOPMENT AGREEMENT. A termination of the
Development Agreement pursuant to Section 9.2 or Section 9.6 thereof by Novo
Nordisk shall not have become effective.

            (f) COMPLIANCE CERTIFICATE. Aradigm shall have delivered to Novo
Nordisk a Certificate, executed by the President of Aradigm, dated the date of
the First Closing, certifying to the fulfillment of the conditions specified in
paragraphs (a) and (d) of this Section 6.1.

            (g) NO ACTION. There shall not be threatened, instituted or pending
any action or proceeding by any person before any court or governmental
authority or agency, domestic or foreign, (i) seeking to impose or confirm
limitations that would materially impair the ability of Novo Nordisk to exercise
full rights of ownership of any Shares or (ii) seeking to require divestiture by
Novo Nordisk of any Shares, nor shall there by any action taken, or any statute,
rule, regulation, injunction, order or decree proposed, enacted, enforced,
promulgated, issued or deemed applicable to the purchase of the Shares, by any
court, government or governmental



                                       12
<PAGE>

authority or agency, domestic or foreign, other than the application of the
waiting period provisions of the HSR Act to the purchase of the Shares, that, in
the reasonable judgment of Novo Nordisk could, directly or indirectly, result in
any of the consequences referred to in clause (i) or (ii) above.

        6.2 CONDITIONS TO OBLIGATIONS OF ARADIGM. Aradigm's obligation to issue
and sell the Initial Shares at the First Closing is subject to the fulfillment
to Aradigm's satisfaction, on or prior to the First Closing, of the following
conditions:

            (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations and
warranties made by Novo Nordisk in Section 3 hereof shall be true and correct in
all material respects on and as of the First Closing Date with the same force
and effect as if they had been made on and as of said date.

            (b) PERFORMANCE OF OBLIGATIONS. Novo Nordisk shall have performed
and complied with all agreements and conditions herein required to be performed
or complied with by it on or before the First Closing.

            (c) QUALIFICATIONS, LEGAL INVESTMENT. All authorizations, approvals,
or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful
sale and issuance of the Initial Shares pursuant to this Agreement shall have
been duly obtained and shall be effective on and as of the First Closing. No
stop order or other order enjoining the sale of the Initial Shares shall have
been issued and no proceedings for such purpose shall be pending or, to the
knowledge of Aradigm, threatened by the SEC or any commissioner of corporations
or similar officer of any other state having jurisdiction over this transaction.
At the time of the First Closing, the sale and issuance of the Initial Shares
shall be legally permitted by all laws and regulations to which Novo Nordisk and
Aradigm are subject.

7.      CONDITIONS TO ADDITIONAL CLOSINGS.

        7.1 CONDITIONS TO OBLIGATIONS OF NOVO NORDISK. Novo Nordisk's obligation
to purchase Additional Shares at each Additional Closing is subject to the
fulfillment, at or prior to the Additional Closing, of all of the following
conditions:

            (a) REPRESENTATIONS AND WARRANTIES TRUE; PERFORMANCE OF OBLIGATIONS.
The representations and warranties made by Aradigm in Section 2 hereof, as
updated pursuant to Section 4.1 hereof, shall be true and correct in all
material respects on and as of the Additional Closing Date with the same force
and effect as if they had been made on and as of said date; and Aradigm shall
have performed all obligations and conditions herein required to be performed by
it on or prior to the Additional Closing.

            (b) OPINION OF ARADIGM'S COUNSEL. Novo Nordisk shall have received
from Cooley Godward LLP, counsel to Aradigm, an opinion letter substantially in
the form attached hereto as Exhibit B, addressed to it, dated the Additional
Closing Date.

            (c) PROCEEDINGS AND DOCUMENTS. All corporate and other proceedings
in connection with the transactions contemplated at the Additional Closing
hereby and all



                                       13
<PAGE>


documents and instruments incident to such transactions shall be reasonably
satisfactory in substance and form to Novo Nordisk, and Novo Nordisk shall have
received all such counterpart originals or certified or other copies of such
documents as it may reasonably request.

            (d) QUALIFICATIONS, LEGAL INVESTMENT. All authorizations, approvals,
or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful
sale and issuance of the Additional Shares pursuant to this Agreement shall have
been duly obtained and shall be effective on and as of the Additional Closing.
No stop order or other order enjoining the sale of the Additional Shares shall
have been issued and no proceedings for such purpose shall be pending or, to the
knowledge of Aradigm, threatened by the SEC or any commissioner of corporations
or any similar officer of any state having jurisdiction over this transaction.
At the Additional Closing, the sale and issuance of the Additional Shares shall
be legally permitted by all laws and regulations to which Novo Nordisk and
Aradigm are subject.

            (e) COMPLIANCE CERTIFICATE. Aradigm shall have delivered to Novo
Nordisk a Certificate, executed by the President of Aradigm, dated the date of
the Additional Closing, certifying to the fulfillment of the conditions
specified in paragraphs (a) and (d) of this Section 7.1.

            (f) NO TERMINATION OF DEVELOPMENT AGREEMENT; NO BREACH. A
termination of the Development Agreement pursuant to Section 9.2 or Section 9.6
thereof (by Novo Nordisk) shall not have become effective. In addition, Aradigm
shall not have committed a material breach of the Development Agreement as to
which Novo Nordisk has provided Aradigm with written notice pursuant to Section
9.4 thereof, unless such breach has been cured by Aradigm or waived by Novo
Nordisk.

            (g) NO INSOLVENCY. Aradigm shall not have (i) filed in any court or
agency pursuant to any statute or regulation of any state or country, a petition
in bankruptcy or insolvency or for reorganization or for an arrangement or for
the appointment of a receiver or trustee of the party or of its assets, or (ii)
been served with an involuntary petition against it, filed in any insolvency
proceeding, which petition has not been dismissed as of the Additional Closing
Date.

            (h) CERTAIN AGREEMENTS. The Patent Agreement, the Supply Agreement
and the Amendment to the Development Agreement, each of even date herewith by
and between Aradigm and Novo Nordisk, as amended from time to time, shall each
be in full force and effect.

            (i) NO ACTION. There shall not be threatened, instituted or pending
any action or proceeding by any person before any court or governmental
authority or agency, domestic or foreign, (i) seeking to impose or confirm
limitations that would materially impair the ability of Novo Nordisk to exercise
full rights of ownership of any Shares or (ii) seeking to require divestiture by
Novo Nordisk of any Shares, nor shall there by any action taken, or any statute,
rule, regulation, injunction, order or decree proposed, enacted, enforced,
promulgated, issued or deemed applicable to the purchase of the Shares, by any
court, government or governmental authority or agency, domestic or foreign,
other than the application of the waiting period provisions of the HSR Act to
the purchase of the Shares, that, in the reasonable judgment of


                                       14
<PAGE>

Novo Nordisk could, directly or indirectly, result in any of the consequences
referred to in clause (i) or (ii) above.

            (j) NO MATERIAL ADVERSE CHANGE. Since the date of the First Closing
or the latest Additional Closing, if later, no change, event, effect or set of
circumstances, which has not been disclosed in a publicly available document
filed by Aradigm with the SEC, shall have occurred or exist that has had or is
reasonably likely to have a material adverse effect on the condition (financial
or otherwise), business, assets or results of operations of Aradigm.

            (k) NO APPARENT BUSINESS FAILURE. No event, fact or circumstance has
occurred or exists which makes it likely in the reasonable judgment of Novo
Nordisk that Aradigm (i) is no longer viable and that its business operations
will need to be discontinued or reorganized in a bankruptcy proceeding or (ii)
will no longer be able to continue to operate its pulmonary drug delivery
business in generally the same fashion as it currently anticipates operating
such business, taking into account the ordinary course of development of
biotechnology and medical device companies; provided, however, that the need for
additional capital shall not in and of itself constitute an event, fact or
circumstance described in clauses (i) and (ii).

            (l) GOOD PROGRESS DETERMINATION. Within ten (10) business days after
Aradigm's delivery of the applicable Shares Sale Notice to Novo Nordisk, Novo
Nordisk's Executive Committee shall have determined that the Development
Programme is making good progress and shall have delivered written notice of
such determination to Aradigm, such determination not to be unreasonably
withheld or delayed.

        7.2 CONDITIONS TO OBLIGATIONS OF ARADIGM. Aradigm's obligation to issue
and sell the Additional Shares at each Additional Closing is subject to the
fulfillment to Aradigm's satisfaction, on or prior to each Additional Closing,
of the following conditions:

            (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations and
warranties made by Novo Nordisk in Section 3 hereof shall be true and correct in
all material respects on and as of the Additional Closing Date, with the same
force and effect as if they had been made on and as of said date.

            (b) PERFORMANCE OF OBLIGATIONS. Novo Nordisk shall have performed
and complied with all agreements and conditions herein required to be performed
or complied with by it on or before the Additional Closing.

            (c) QUALIFICATIONS, LEGAL INVESTMENT. All authorizations, approvals,
or permits, if any, of any governmental authority or regulatory body of the
United States or of any state that are required in connection with the lawful
sale and issuance of the Additional Shares pursuant to this Agreement shall have
been duly obtained and shall be effective on and as of the Additional Closing.
No stop order or other order enjoining the sale of the Additional Shares shall
have been issued and no proceedings for such purpose shall be pending of, to the
knowledge of Aradigm, threatened by the SEC or any commissioner of corporations
or similar officer of any other state having jurisdiction over this transaction.
At the time of each Additional



                                       15
<PAGE>
Closing, the sale and issuance of the Additional Shares shall be legally
permitted by all laws and regulations to which Novo Nordisk and Aradigm are
subject.

8.      MISCELLANEOUS.

        8.1 GOVERNING LAW. This Agreement shall be governed by and construed
under the laws of the State of California as applied to agreements among
California residents, made and to be performed entirely within the State of
California.

        8.2 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors, and administrators of the
parties hereto. The foregoing not withstanding, no party may assign its rights
or obligations hereunder to any other person, except that Novo Nordisk may
assign its right to purchase any or all of the Shares to be purchased by it
hereunder to one or more of its affiliates; provided, that such affiliate(s)
agree to be bound by the provisions of this Agreement.

        8.3 ENTIRE AGREEMENT. This Agreement and the Exhibits hereto, and the
other documents delivered pursuant hereto constitute the full and entire
understanding and agreement among the parties with regard to the subjects
hereof, and no party shall be liable or bound to any other party in any manner
by any representations, warranties, covenants, or agreements except as
specifically set forth herein or therein. Nothing in this Agreement, express or
implied, is intended to confer upon any party, other than the parties hereto and
their respective successors and assigns, any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
herein.

        8.4 SEVERABILITY. In case any provision of this Agreement shall be
invalid, illegal, or unenforceable, it shall, to the extent practicable, be
modified so as to make it valid, legal and enforceable and to retain as nearly
as practicable the intent of the parties, and the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

        8.5 AMENDMENT AND WAIVER. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or
in a particular instance, either retroactively or prospectively, and either for
a specified period of time or indefinitely), with the written consent of Aradigm
and Novo Nordisk. Any amendment or waiver effected in accordance with this
Section shall be binding upon Novo Nordisk, each future holder of the Shares,
and Aradigm.

        8.6 DELAYS OR OMISSIONS. No delay or omission to exercise any right,
power or remedy accruing to Novo Nordisk or any subsequent holder of any Shares
upon any breach, default or noncompliance of Aradigm under this Agreement, shall
impair any such right, power, or remedy, nor shall it be construed to be a
waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter
occurring. It is further agreed that any waiver, permit, consent, or approval of
any kind or character on Novo Nordisk's part of any breach, default or
noncompliance under this Agreement or any waiver on Novo Nordisk's part of any
provisions or conditions of this Agreement must be



                                       16
<PAGE>

in writing and shall be effective only to the extent specifically set forth in
such writing, and that all remedies, either under this Agreement, by law, or
otherwise afforded to Novo Nordisk, shall be cumulative and not alternative.

        8.7 NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed effectively given
(a) upon personal delivery, (b) on report of successful transmission by
facsimile machine that automatically generates a printed report indicating
whether transmission was completed successfully, at the conclusion of each
transmission, (c) on the first business day after receipted delivery to a
courier service which guarantees next business-day delivery, under circumstances
in which such guaranty is applicable, or (d) on the earlier of delivery or five
(5) business days after mailing by United States certified by mail, postage and
fees prepaid, to the appropriate party at the address set forth below or to such
other address as the part so notifies the other in writing:

        (a)     if to Aradigm, to:

                          ARADIGM CORPORATION
                          3929 Point Eden Way
                          Hayward, California 94545
                          Telephone: (510) 265-8850
                          Facsimile: (510) 265-0277
                          Attention: President and Chief Executive Officer

                          with a copy to:

                          COOLEY GODWARD LLP
                          5 Palo Alto Square
                          3000 El Camino Real
                          Palo Alto, CA  94306-2155
                          Attention: James C. Kitch, Esq.
                          Facsimile: (650) 849-7400

        (b)     if to Novo Nordisk, to:

                          NOVO NORDISK PHARMACEUTICALS, INC.
                          100 College Road
                          Princeton, New Jersey 08540
                          Attention: Martin Soeters
                          Telephone: (609) 989-5800
                          Telefax:   (609) 987-2792

or to such other addresses and telecopier numbers as may from time to time be
notified by either party to the other hereunder.

        8.8 FINDER'S FEES.

            (a) Aradigm (i) represents and warrants that it has retained no
finder or broker in connection with the transactions contemplated by this
Agreement and (ii) hereby agrees to



                                       17
<PAGE>

indemnify and to hold Novo Nordisk harmless of and from any liability for any
commission or compensation in the nature of a finder's fee to any broker or
other person or firm (and the costs and expenses of defending against such
liability or asserted liability) for which Aradigm or any of its employees or
representatives is responsible.

            (b) Novo Nordisk (i) represents and warrants that it has retained no
finder or broker in connection with the transactions contemplated by this
Agreement, and (ii) hereby agrees to indemnify and to hold Aradigm harmless of
and from any liability for any commission or compensation in the nature of a
finder's fee to any broker or other person or firm (and the costs and expenses
of defending against such liability or asserted liability) for which Novo
Nordisk or any of its employees or representatives are responsible.

        8.9 INFORMATION CONFIDENTIAL. Novo Nordisk acknowledges that any
non-public information received by it pursuant hereto is confidential and for
Novo Nordisk's use only, and it will refrain from using such information or
reproducing, disclosing, or disseminating such information to any other person
(other than its employees, affiliates, agents, or partners having a need to know
the contents of such information and its attorneys, in each case who agree to be
bound by this Section 8.9), except in connection with the exercise of rights
under this Agreement, unless such information becomes available to the public
generally or it is required by a governmental body to disclose such information.

        8.10 SPECIFIC PERFORMANCE. The parties hereto hereby declare that it is
impossible to measure in money the damages which will accrue to a party hereto
or to its successors or assigns by reason of a failure to perform any of the
obligations under Article 5 of this Agreement and agree that the terms of
Article 5 of this Agreement shall be specifically enforceable. If any party
hereto or its successors or assigns institutes any action or proceeding to
specifically enforce the provisions of Article 5 hereof, any party against whom
such action or proceeding is brought hereby waives the claim or defense therein
that such party or such successor or assign has an adequate remedy at law, and
such party shall not offer in any such action or proceeding the claim or defense
that such remedy at law exists.

        8.11 TITLES AND SUBTITLES. The titles of the sections and subsections of
this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

        8.12 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument.



                                       18
<PAGE>

        The foregoing Agreement is hereby executed as of the date first above
written.


October 22, 2001                             October 22, 2001
ARADIGM CORPORATION                          NOVO NORDISK PHARMACEUTICALS, INC.



By: /s/ Richard P. Thompson                  By: /s/ Martin Soeters
    -------------------------------              -------------------------------
        Richard P. Thompson                          Martin Soeters
        Chairman, President and                      President, North America
        Chief Executive Officer




                                       19
<PAGE>

                                    EXHIBIT A

                             SCHEDULE OF EXCEPTIONS


This is the Schedule of Exceptions to that certain Stock Purchase Agreement,
dated as of October 22, 2001, by and between Aradigm Corporation and Novo
Nordisk Pharmaceuticals, Inc.

NO EXCEPTIONS


<PAGE>

                                    EXHIBIT B

                          OPINION OF ARADIGM'S COUNSEL

                       [Letterhead of Cooley Godward LLP]



November ___, 2001

Novo Nordisk Pharmaceuticals, Inc.
100 College Road
Princeton, New Jersey 08540
Attention:  Martin Soeters


Re:   Aradigm Corporation

Dear Ladies and Gentlemen:

We have acted as counsel to Aradigm Corporation, a California corporation (the
"Company"), in connection with the issuance and sale to you of the Initial
Shares (as defined in the Stock Purchase Agreement between you and the Company,
dated as of October 22, 2001 (the "Purchase Agreement")), such issuance and sale
to take place pursuant to the terms and conditions of the Purchase Agreement. We
are rendering this opinion pursuant to Section 6.1(b) of the Purchase Agreement.
Except as otherwise defined herein, capitalized terms used but not defined
herein have the respective meanings given to them in the Purchase Agreement.

In connection with this opinion, we have examined and relied upon the
representations and warranties as to factual matters contained in and made
pursuant to the Purchase Agreement by the various parties and originals or
copies certified to our satisfaction, of such records, documents, certificates,
opinions, memoranda and other instruments as in our judgment are necessary or
appropriate to enable us to render the opinion expressed below. Where we render
an opinion "to the best of our knowledge" or concerning an item "known to us" or
our opinion otherwise refers to our knowledge, it is based solely upon (i) an
inquiry of attorneys within this firm who perform legal services for the
Company, (ii) receipt of a certificate executed by an officer of the Company
covering such matters, and (iii) such other investigation, if any, that we
specifically set forth herein.

In rendering this opinion, we have assumed the genuineness and authenticity of
all signatures on original documents; the authenticity of all documents
submitted to us as originals; the conformity to originals of all documents
submitted to us as copies; the accuracy, completeness and authenticity of
certificates of public officials; and the due authorization, execution and
delivery of all documents (except the due authorization, execution and delivery
by the Company of the Purchase Agreement) where authorization, execution and
delivery are prerequisites to the effectiveness of such documents. We have also
assumed that all individuals executing and delivering documents in their
individual capacities had the legal capacity to so execute and deliver; that you
have received all documents you were to receive under the Purchase Agreement;
that the Purchase Agreement is an obligation binding upon you; that you have
filed any required California franchise or income tax


<PAGE>

returns and have paid any required California franchise or income taxes; and
that there are no extrinsic agreements or understandings among the parties to
the Purchase Agreement that would modify or interpret the terms of the Purchase
Agreement or the respective rights or obligations of the parties thereunder.

Our opinion is expressed only with respect to the federal laws of the United
States of America and the laws of the State of California. We express no opinion
as to whether the laws of any particular jurisdiction apply, and no opinion to
the extent that the laws of any jurisdiction other than those identified above
are applicable to the subject matter hereof. We are not rendering any opinion as
to compliance with any antifraud law, rule or regulation relating to securities,
or to the sale or issuance thereof.

With respect to the opinion in paragraph 3 hereof regarding issued and
outstanding capital stock of the Company, we have examined and have relied
solely on a certificate furnished by the Company's transfer agent, Boston
Equiserve, LP, a copy of which has been made available to you. We have
undertaken no independent verification with respect thereto.

With regard to our opinion in paragraph 4 below with respect to material
defaults under any of the Material Agreements (as defined below), we have relied
solely upon (i) inquiries of officers of the Company, (ii) a list supplied to us
by the Company of material agreements to which the Company is a party, or by
which it is bound (the "Material Agreements"), and (iii) an examination of the
items on the aforementioned list; we have made no further investigation.

With regard to our opinion in paragraph 6 below, we express no opinion with
respect to any required consents, approvals, authorizations, orders, filings,
registrations and qualifications under any antitrust laws, rules or regulations
of the United States.

On the basis of the foregoing, in reliance thereon and with the foregoing
qualifications, we are of the opinion that:

        1. The Company has been duly incorporated and is a validly existing
corporation in good standing under the laws of the State of California. The
Company has the requisite corporate power to own its property and assets and to
conduct its business as, to the best of our knowledge, it is currently being
conducted and, to the best of our knowledge, is qualified as a foreign
corporation to do business and is in good standing in each jurisdiction in the
United States in which the ownership of its property or the conduct of its
business requires such qualification and where any statutory fines or penalties
or any corporate disability imposed for the failure to disqualify would
materially and adversely affect the Company, its assets, financial condition or
operations.

        2. The Purchase Agreement has been duly and validly authorized, executed
and delivered by the Company and constitutes a legal, valid and binding
agreement of the Company enforceable against the Company in accordance with its
terms, except as enforcement may be limited by applicable bankruptcy,
insolvency, reorganization, arrangement with creditors, moratorium or other
similar laws affecting creditors' rights, and subject to general equity
principles and to limitations on availability of equitable relief, including
specific performance.



<PAGE>


        3. As of October ___, 2001, the Company's authorized capital stock
consists of forty million (40,000,000) shares of Common Stock, of which
(excluding the Initial Shares) twenty-three million eight hundred seventy
thousand six hundred sixty (23,870,660) shares are issued and outstanding; and
five million (5,000,000) shares of Preferred Stock, of which ____________
(___________) shares have been designated Series A Junior Participating
Preferred, none of which is issued and outstanding. The Initial Shares have been
duly and validly authorized, and upon issuance and delivery against payment
therefor in accordance with the Purchase Agreement will be validly issued,
outstanding, fully paid and nonassessable. To the best of our knowledge, there
are no options, warrants, conversion privileges, preemptive rights or other
rights outstanding to purchase any shares of the authorized but unissued capital
stock of the Company, other than rights granted under the Company's Equity
Incentive Plan, Non-Employee Directors Stock Option Plan and Employee Stock
Purchase Plan, for which the Company has reserved four million seven hundred
seventeen thousand two hundred eight (4,717,208) shares of its Common Stock,
warrants to purchase an aggregate of six hundred seventy-seven thousand nineteen
(677,019) shares of Common Stock, rights created in connection with the Common
Stock Purchase Agreement, dated as of November 3, 2000, by and between the
Company and Acqua Wellington North American Equities Fund, Ltd., and the rights
created in connection with the transactions contemplated by the Purchase
Agreement.

        4. The execution and delivery of the Purchase Agreement by the Company
and the offer, issuance and sale of the Initial Shares pursuant thereto (a) do
not constitute a material default under the provisions of any of the Material
Agreements, (b) do not violate any provision of the Company's Articles of
Incorporation or Bylaws, and (c) do not violate or contravene (i) any
governmental statute, rule or regulation applicable to the Company or (ii) any
order, writ, judgment, injunction, decree, determination or award which has been
entered against the Company and of which we are aware, the violation or
contravention of which would materially and adversely affect the Company, its
assets, financial condition or operations.

        5. To the best of our knowledge, there is no action, proceeding or
investigation pending or overtly threatened against the Company before any court
or administrative agency that questions the validity of the Purchase Agreement
or might result, either individually or in the aggregate, in any material
adverse change in the assets, financial condition or operations of the Company.

        6. All consents, approvals, authorizations or orders of, and filings,
registrations and qualifications with any regulatory authority or governmental
body in the United States required for the issuance of the Initial Shares have
been made or obtained.

        7. The offer and sale of the Initial Shares is exempt from the
registration requirements of the Securities Act of 1933, as amended.


<PAGE>


This opinion is intended solely for your benefit and is not to be made available
to or be relied upon by any other person, firm, or entity without our prior
written consent.

Very truly yours,
COOLEY GODWARD LLP

By:
   -----------------------------------


<PAGE>

                                 EXHIBITS INDEX

Exhibit A - SCHEDULE OF EXCEPTIONS
Exhibit B - OPINION OF ARADIGM'S COUNSEL


<PAGE>

                               Table of Contents



<TABLE>
<CAPTION>
                                                                                                                PAGE
                                                                                                                ----
<S>                                                                                                              <C>
1.       PURCHASE AND SALE........................................................................................1

         1.1      Initial Shares..................................................................................1

         1.2      First Closing Date..............................................................................1

         1.3      Delivery........................................................................................1

         1.4      Additional Shares...............................................................................2

         1.5      Additional Closing Dates........................................................................3

         1.6      Delivery........................................................................................3

         1.7      Rule 144 Reporting..............................................................................3

         1.8      "Market Stand-Off" Agreements...................................................................3

         1.9      Public Offering Lock-Up.........................................................................4

         1.10     Demand Registration.............................................................................4

2.       REPRESENTATIONS AND WARRANTIES OF ARADIGM................................................................6

         2.1      Organization and Standing; Articles and Bylaws..................................................6

         2.2      Authorization...................................................................................6

         2.3      Validity of Shares..............................................................................6

         2.4      Offering........................................................................................6

         2.5      Full Disclosure.................................................................................6

         2.6      No Conflict; No Violation.......................................................................7

         2.7      Consents and Approvals..........................................................................8

         2.8      Absence of Certain Developments.................................................................8

3.       REPRESENTATIONS AND WARRANTIES OF NOVO NORDISK...........................................................8

         3.1      Legal Power.....................................................................................8

         3.2      Due Execution...................................................................................8

         3.3      Investment Representations......................................................................9

4.       COVENANTS OF ARADIGM....................................................................................10

         4.1      Updating of Schedule of Exceptions.............................................................10

         4.2      Access to Information..........................................................................10

         4.3      Delivery of Certain Information................................................................10

5.       COVENANTS OF NOVO NORDISK...............................................................................11

         5.1      Voting Agreement...............................................................................11
</TABLE>


<PAGE>

                                 Table of Contents

                                   (CONTINUED)


<TABLE>
<CAPTION>
                                                                                                                PAGE
                                                                                                                ----
<S>                                                                                                              <C>
6.       CONDITIONS TO FIRST CLOSING.............................................................................12

         6.1      Conditions to Obligations of Novo Nordisk......................................................12

         6.2      Conditions to Obligations of Aradigm...........................................................13

7.       CONDITIONS TO ADDITIONAL CLOSINGS.......................................................................13

         7.1      Conditions to Obligations of Novo Nordisk......................................................13

         7.2      Conditions to Obligations of Aradigm...........................................................15

8.       MISCELLANEOUS...........................................................................................16

         8.1      Governing Law..................................................................................16

         8.2      Successors and Assigns.........................................................................16

         8.3      Entire Agreement...............................................................................16

         8.4      Severability...................................................................................16

         8.5      Amendment and Waiver...........................................................................16

         8.6      Delays or Omissions............................................................................16

         8.7      Notices, etc...................................................................................17

         8.8      Finder's Fees..................................................................................17

         8.9      Information Confidential.......................................................................18

         8.10     Specific Performance...........................................................................18

         8.11     Titles and Subtitles...........................................................................18

         8.12     Counterparts...................................................................................18
</TABLE>



                                      ii.