---------------------------------------------------------------
          Confidential Materials omitted and filed separately with the
        Securities and Exchange Commission. Asterisks denote omissions.
        ---------------------------------------------------------------
                                                                    Exhibit 10.9


                               RESEARCH AGREEMENT

     This Research  Agreement (the  "Agreement")  is made as of this 10th day of
January,  2002 by and between YISSUM RESEARCH  DEVELOPMENT COMPANY OF THE HEBREW
UNIVERSITY OF JERUSALEM, 46 Jabotinsky Street,  Jerusalem,  Israel ("Yissum") of
the one part, and KERYX BIOMEDICAL TECHNOLOGIES LTD., 7 Hartom Street, Jerusalem
91236 Israel (the "Company") of the other part.

     WHEREAS,  the Company's parent, Keryx  Biopharmaceuticals,  Inc. ("Keryx"),
pursuant to the  License  Agreement  of even date  herewith,  between  Keryx and
Yissum (the "License Agreement"), is the exclusive licensee of certain rights to
certain  technology,  as set forth in the License Agreement,  (the "Inventions")
currently  under  development  by Dr. Haim Gilon (the  "Inventor") at the Hebrew
University of Jerusalem;

     WHEREAS,  the Company wishes to finance  research which is being and may be
carried out and conducted in the Hebrew  University  of Jerusalem  and/or any of
its branches (the "University")  under the supervision of the Inventor,  subject
to  and as  detailed  in the  research  program  defined  below  (the  "Research
Program"); and

     WHEREAS,  Yissum is the exclusive  representative  of the University and of
the  Inventor  in all  aspects  relating  to the  Research  Program  and/or this
Agreement and all rights  whatsoever in the Research  Program and/or the results
thereof shall belong to Yissum,  but subject to the terms and  provisions of the
License Agreement; and

     WHEREAS,  the  University  has the  facilities  and the personnel  with the
requisite skills,  experience,  and knowledge to undertake the Research Program;
and

     WHEREAS,  Yissum agrees to procure the performance of the Research  Program
in accordance with the terms and conditions of this Agreement below.

     NOW, THEREFORE, the parties agree as follows:

1. Recitals and  Definitions.  The recitals  hereto  constitute an integral part
hereof.  In this  Agreement  the following  expressions  shall have the meanings
appearing  alongside  them.  Capitalized  terms used herein that are not defined
shall have the meanings given to them in the License Agreement.

     (a)  "Research"  shall  mean the  research  that is being  carried  out and
conducted in the University  subject to and as detailed in the Research  Program
annexed as an integral part of this Agreement as Appendix "A".

     (b) "Research Program" shall mean the subject matter of the Research as set
forth in Appendix "A".

     (c) "Research  Results" shall mean the tangible and intangible  information
arising out of the Research,  including, without limitation, any patents, patent
applications,  information,  material, results, devices and any know-how arising
therefrom.

     (d)  "Research  Period"  shall mean the  period  set forth in the  Research
Program for the performance of the Research.


                                       1
<PAGE>



     (e) "Agreement" shall mean this agreement  together with all the appendices
and annexes hereto.

     (f) "Consideration" shall mean the amounts set forth in Appendix B.

2. The Research and its Performance

     (a) Yissum hereby agrees to procure the  performance of the Research in the
University, all as provided below in this Agreement.

     (b) Yissum shall procure the conduct of the Research in accordance with the
Research  Program  during the Research  Period and in accordance  with the other
terms and  conditions  as provided in Appendix  "A".  The Company is entitled to
request  that  Yissum add to or  introduce  changes in the  Research  during the
course of the  performance  of the  Research,  provided  that such  additions or
changes are  coordinated a reasonable  time in advance and also provided that in
the event such additions or changes result in increased expenses to the Inventor
the Consideration is adjusted to the reasonable satisfaction of Yissum.

     (c) The Research  Program shall  contain  agreed-upon  research  milestones
("Milestones").  The time set  forth in the  Research  Program  to  achieve  the
Milestones  shall only begin upon the delivery to the Inventor of the  necessary
equipment.  The  description of each Milestone in the Research  Program shall be
accompanied by a list of the necessary  equipment.  The Company and the Inventor
shall meet at least  once every  three (3)  months  from the  execution  of this
Agreement to review the progress towards the attainment of the Milestones.

     (d) Upon  the  expiration  of the  Research  Term,  this  Agreement  may be
extended  for  additional  one-hundred-eighty  (180) day periods upon the mutual
written  agreement  of the parties,  provided the parties  shall have reached an
agreement  regarding the amount of financing the Company shall pay to Yissum for
the extended period or periods.

     (e) On a quarterly basis,  commencing at the end of the first full calendar
quarter after the  commencement of the Research,  and upon the expiration of the
Research  Period or of the  extended  period,  Yissum  shall give the  Company a
report  detailing  the  results and  conclusions  of the  Research  (hereinafter
referred to as the  "Scientific  Report").  For the  avoidance  of doubt,  it is
hereby  expressed  that the  Agreement in general and this clause in  particular
shall not  constitute an obligation  and/or  confirmation  on the part of Yissum
that any results  and/or  conclusions  will be achieved  in  consequence  of the
performance  of the Research  and/or that a Product may be developed as a result
thereof.

     (f) The  Company  may at any time  during the  Research  Period  obtain any
information relating to the Research's performance from Yissum,  including plans
and documents relating thereto. The Company's representative may attend the site
where the Research is being carried out.

     (g) In addition to the  performance of the Research  Program,  the Inventor
shall train, in his laboratory, an employee of the Company. The Company shall be
responsible for all expenses,  including,  but not limited to, salary and social
benefits, of such employee/trainee during the period of his/her training.

3.  Improvements and Patent Rights. It is recognized and understood that certain
existing  Inventions and technologies  are the separate  property of the Company
and/or Keryx or Yissum and are not affected by this Agreement, and neither Party
shall  have  any  claims  to


                                       2
<PAGE>


or rights in such separate inventions and/or technologies. Any Research Know-how
or Research Patent Rights shall be promptly disclosed in writing to the Company,
but in no event shall  disclosure of such Research  Know-how or Research  Patent
Rights by Yissum,  the Inventor or other  researcher  be made to any third party
unless in accordance with this paragraph 3; provided, however, that title to any
new Research  Know-how or Research  Patent  Rights  resulting  from the Research
shall be in Yissum.  Inventorship  of such Research  Know-how or Research Patent
Rights shall be  determined  in  accordance  with patent law. To the extent that
Yissum owns the rights of sole or joint  inventorship of such Research  Know-how
or  Research   Patent  Rights,   Keryx  is  hereby   granted,   without  further
consideration,  an  exclusive  right and  license to any  Research  Know-how  or
Research  Patent Rights upon the terms and  conditions  set forth in the License
Agreement and such Research Know-how or Research Patent Rights shall be included
as a part of the Licensed Patent Rights thereof.

4. Patent Prosecution. Any patents and/or patent applications arising out of the
Research or contained in the Research Results shall be diligently  prosecuted in
accordance with Article VI of the License Agreement.

5. Finance of the Research

     (a) In  consideration  for the  performance of the Research and in order to
finance it, the Company undertakes to pay, or procure its subsidiary, if any, to
pay to Yissum the  Consideration  detailed in the appendix  annexed hereto as an
integral part hereof and marked as Appendix B.

     (b) It is agreed  between the parties that the provisions of this Agreement
shall not prevent  Yissum,  the  University  and/or the Inventor from  obtaining
gifts, grants,  donations or other charitable  contributions from other entities
for the Research,  provided that no rights, commercial,  financial or otherwise,
shall be  granted to such  other  entities  in the  Licensed  Patent  Rights and
Licensed Know-how.

     (c) Should the Research Period be extended as detailed in clause 2(c) above
or for any other  reason as agreed to between the  parties,  the  parties  shall
determine by agreement the supplemental  finance for the period of the extension
and such fee shall be added to the  Consideration.  The terms and  conditions of
this Agreement shall apply, mutatis mutandis, to the supplemental Consideration.

     (d) On a quarterly basis,  commencing at the end of the first full calendar
quarter  after the  commencement  of the  Research,  Yissum  shall submit to the
Company a report of expenses relating to the Research  (hereinafter  referred to
as the  "Expense  Report").  The Expense  Report  shall  detail all the expenses
incurred  relating to the Research and shall be submitted to the Company  within
thirty  (30) days after the end of each  calendar  quarter.  A summary  Expenses
Report  shall be  submitted  forty  five (45) days after the  expiration  of the
Research Period.  Should the Research Period be extended,  Yissum shall continue
to  provide  Expense  Reports  within  thirty  (30)  days  after the end of each
calendar  quarter and within forty five (45) days after the  expiration  of such
extension.

6. Ownership

Yissum is the owner of the entire  right,  title and  interest  in the  Licensed
Patent Rights and Licensed Know-how.  Notwithstanding the foregoing,  as long as
the Company is in compliance with its obligations  under the License  Agreement,
it shall have an exclusive or non-exclusive  license to all such Licensed Patent
Rights and Licensed Know-how, as set forth in the License Agreement.


                                       3
<PAGE>


7. Confidentiality

     (a) The Company and the Licensor  warrant and agree that during the term of
this Agreement and subsequent thereto, all Confidential Information disclosed by
one party to the other party shall (a) not be used by the receiving party except
in  connection  with the  activities  contemplated  herein  and by the  Research
Agreement,  (b) be maintained in confidence by the receiving party and (c) shall
not be disclosed by the  receiving  party to any other  person,  firm or agency,
governmental  or  private,  without  the  prior  written  consent  of the  party
disclosing such Confidential Information.


     (b) The obligation  contained in this clause shall not apply to information
that is:

          (i) in the  possession of the  receiving  party prior to disclosure by
     the disclosing party; or

          (ii) received by the receiving party from a third party  rightfully in
     possession of the same and having the right to disclose the same; or

          (iii) now or  hereafter in the public  domain  through no fault of the
     the receiving party; or

          (iv)  required to be  disclosed by legal,  administrative  or judicial
     process;  provided that, the receiving  party provides prior written notice
     of such disclosure to the disclosing  party and takes reasonable and lawful
     actions to avoid and/or minimize the degree of such disclosure; or

          (v) approved in writing for public release by the disclosing party.

     (c)   Notwithstanding  the  obligation  of  confidentiality  set  forth  in
subparagraph  (a),  above,  the Company may disclose  details and information as
aforesaid to sub-licensees,  potential sub-licensees and other third-parties, if
such sub-licensees,  potential sub-licenses or other third-parties have executed
an undertaking for the maintenance of confidentiality.

     (d) The parties each agree that they shall provide Confidential Information
received from the other party only to their  respective  employees,  consultants
and advisors,  and to the  employees,  consultants  and advisors of such party's
Affiliates,  who  have a need to know  and  have an  obligation  to  treat  such
information and materials as confidential.

     (e) The  termination of this Agreement  shall not release either party from
its obligations pursuant to this paragraph, including the subparagraphs hereof.

8. Use of a Party's Name.  Neither Party will, without the prior written consent
of the other Party,  use in  advertising,  publicity,  or  otherwise,  the name,
trademark, logo, symbol, or other image of the Party or that Party's employee or
agent;  provided,  however, that Yissum acknowledges and agrees that the Company
may use Yissum's name and  references to this  Agreement and related  agreements
and  the  names  of  Yissum's  employees  (including,  without  limitation,  the
Inventor)  as they  may  relate  to such  agreements  in any  private  placement
memorandum,  prospectus,   registration  statement  or  any  similar  disclosure
document  used by the Company for capital  raising,  financing and SEC reporting
purposes as may be required by and in  accordance  with  applicable  law without
such prior written  consent.  Yissum may list the existence of this Agreement in
its internal  documents and annual  reports and


                                       4
<PAGE>


databases  that are  available  to the public and identify the Project by title,
Principal Investigators, the Company, and period and amount of funding.

9. Publications

     (a) The parties  declare that they  encourage  scientific  publications  in
general  and  consider  publications  encompassing  the  subject  matter of this
Agreement  and the Research  Agreement  an asset to the Company.  The Company is
aware that the Inventor and his students  strive to publish  their  research and
the students' success and advancement in the field are based on publishing their
research.

     (b) Yissum  shall  ensure that  written  publications  or oral  disclosures
relating to the Invention,  the Licensed Patent Rights,  the Licensed  Know-how,
the Products that are subject to the terms of this Agreement  and/or the License
Agreement are not published by it, its officers,  employees,  representatives or
agents  without  the  prior  written  permission  of the  Company.  The  Company
undertakes to reply to a request from Yissum to publish such information  within
thirty (30) days of receiving  the request.  The Company may refuse such request
only upon reasonable grounds stated in writing.

     (c) Should the Company decide not to allow publication  pursuant to request
made  by  Yissum  for  reasons  which  in  Yissum's  opinion  are  unreasonable,
publication shall be postponed for a period of three months from the time Yissum
gives  further  written  notice of its intent to publish  despite the  Company's
objection.  Such  three-month  period  is (i) to allow the  Company  to file the
appropriate patent  application;  and/or (ii) to allow the Company to submit the
dispute over publication to an arbitrator pursuant to the procedure set forth in
Section IX of the License Agreement.  Notwithstanding the foregoing,  should the
Company's patent attorney determine,  in good faith, that the appropriate patent
application would take longer than three months to prepare and file, the waiting
period shall be extended to six months.

     (c) The provisions of this Article shall not prejudice any other right that
either party has pursuant to this Agreement and the applicable law.

10. Liability and Indemnity

     (a) The Company  agrees to defend Yissum and its Affiliates at its cost and
expense,  and will  indemnify  and hold  Yissum  and its  Affiliates  and  their
respective  directors,  officers,  employees and agents (the "Yissum Indemnified
Parties") harmless from and against any losses, costs, damages, fees or expenses
arising  out of a claim  relating to (i) any breach by the Company of any of its
representations,  warranties or  obligations  pursuant to this Agreement or (ii)
personal  injury  from  the  development,   manufacture,   use,  sale  or  other
disposition of any Products  offered by the Company and/or its  sublicensees  or
collaborators.  In the event of any such claim  against  the Yissum  Indemnified
Parties by any third party,  Yissum shall promptly notify the Company in writing
of the claim and the Company shall manage and control, at its sole expense,  the
defense of the claim and its settlement.  The Yissum  Indemnified  Parties shall
cooperate with the Company and may, at their option and expense,  be represented
in any such  action or  proceeding.  The  Company  shall  not be liable  for any
litigation costs or expenses incurred by the Yissum Indemnified  Parties without
the Company's prior written authorization. In addition, the Company shall not be
responsible for the indemnification of any Yissum Indemnified Party arising from
any grossly negligent,  reckless,  willful or intentional acts by such party, or
as a result of any  settlement or compromise by the Yissum  Indemnified  Parties
without the Company's prior written consent.


                                       5
<PAGE>


     (b) Yissum agrees to defend the Company and its Affiliates at its costs and
expense,  and will  indemnify and hold the Company and its  Affiliates and their
respective directors,  officers,  employees and agents (the "Company Indemnified
Parties") harmless from and against any losses, costs, damages, fees or expenses
arising  out  of any  claim  relating  to any  breach  by  Yissum  of any of its
representations,  warranties or obligations  pursuant to this Agreement.  In the
event of any claim against the Company  Indemnified  Parties by any third party,
the  Company  shall  promptly  notify  Yissum in writing of the claim and Yissum
shall  manage and  control,  at its sole  expense,  the defense of the claim and
settlement. The Company Indemnified Parties shall cooperate with Yissum and may,
at their option and expense,  be  represented  in any such action or proceeding.
Yissum shall not be liable for any litigation costs or expenses  incurred by the
Company  Indemnified  Parties without Yissum's prior written  authorization.  In
addition, Yissum shall not be responsible for the indemnification of any Company
Indemnified  Party  arising  from any grossly  negligent,  reckless,  willful or
intentional acts by such party, or as the result of any settlement or compromise
by the Company Indemnified Parties without Yissum's prior written consent.

11. Term and Termination

     (a) Subject to the terms and conditions as set forth in this Agreement, the
term of this Agreement shall be for a period of four (4) years.

     (b)  Without  prejudice  to  Yissum's  rights  at law or  pursuant  to this
Agreement,  Yissum  may  terminate  this  Agreement  (i) by notice  given to the
Company if a receiver or  liquidator  is  appointed  for the Company  and/or the
Company passes a resolution for voluntary winding up or a winding up application
is made  against the Company and not set aside within sixty (60) days or (ii) if
the Company should commit a material  breach of the Agreement and not remedy the
breach within thirty (30) days of receiving notice thereof;

     (c) Without prejudice to the Company's rights pursuant to this Agreement or
at law, the Company  shall be entitled to terminate  the Agreement (i) by notice
given to Yissum if a receiver  or  liquidator  is  appointed  for Yissum  and/or
Yissum passes a resolution for voluntary  winding up or a winding up application
is made  against  Yissum  and not set aside  within  sixty  (60) days or (ii) if
Yissum  should  commit a  material  breach of the  Agreement  and not remedy the
breach within thirty (30) days of receiving notice thereof.

     (d) Should the Inventor  fail to attain a Milestone  then the Company shall
be entitled to terminate this Agreement upon prior written notice as follows:

          (i)  For  Milestone  One:  Upon seventy  five (75) days prior  written
               notice;

          (ii) For  Milestone  Two:  Upon seventy  five (75) days prior  written
               notice;

          (iii)For Milestone  Three:  Upon sixty (60) days prior written notice;
               and

          (iv) For Milestone Four: Upon thirty (30) days prior written notice;

and shall not be  obligated  to continue to finance  the  Research  contemplated
under  this  Agreement,  provided,  however,  that  if the  Company  chooses  to
terminate  this  Agreement  pursuant  to this  subparagraph  but Keryx  does not
terminate the License  Agreement,  it shall agree to fund other  research in the
laboratory  of the Inventor in an amount  equal to [**] of the  remainder of the
Consideration that has not been paid as of the date of the termination  pursuant
to this  subparagraph.  Notwithstanding  the  foregoing,  should  Yissum and the
Inventor be able to complete the relevant  Milestone  prior to the expiration of
the prior written notice set forth above, this Agreement shall not terminate.


                                       6
<PAGE>


     (e) Should the Inventor  become unable to complete or continue the Research
for any reason,  Yissum shall propose a substitute  researcher (the  "Substitute
Researcher") to the Company. In the event that the Substitute  Researcher is not
reasonably  acceptable  to the  Company,  then the Company  shall be entitled to
terminate  this  Agreement  upon thirty (30) days prior written notice and shall
not be  obligated to continue to finance the  Research  contemplated  under this
Agreement.

     (f) If this  Agreement  is  terminated  prior  to the  end of the  Research
Period,  all  funds  paid up to the  time of  termination  shall  be  considered
non-recoverable by the Company.  Additionally,  Yissum's sole damages and remedy
shall be to recover  from the Company all amounts  owed for work  completed  and
non-cancelable expenses committed through the date of termination based pro-rata
upon the figures in  Appendix  B,  provided,  however,  that the  Company  shall
reimburse  Yissum for  non-cancelable  employment  obligations  entered  into by
Yissum as a result of this Agreement, except for the Inventor, for the remainder
of any Agreement year which has begun and within such year the  termination  has
occurred.   Paragraphs  3  (Inventions  and  Patent  Rights),   7  (Confidential
Information),  8 (Use of Name), 9 (Publication),  and 10 (Indemnification) shall
survive any termination of this Agreement.

     (g)  Notwithstanding  the  foregoing,  the  Company  shall be  entitled  to
terminate  this  Agreement  for any reason upon ninety (90) days written  notice
provided that, should it terminate the Agreement  pursuant to this subparagraph,
it shall be liable to make a one-time payment to Yissum in the amount of [**] of
the remainder of the Consideration  that has not been paid as of the date of the
termination pursuant to this subparagraph.

     (h)  Termination  of this  Agreement  pursuant to this Article 11 shall not
constitute a breach of, nor result in the termination of, the License Agreement,
and shall not  require  the return of by the  Company or Keryx of any  materials
relating to the Research, Licensed Patents or Licensed Know-how or the cessation
of the use thereof, except as set forth in subparagraphs 7.5.3(a) and (b) of the
License Agreement.

12. Dispute  Resolution.  Any dispute arising from or relating to this Agreement
shall be  determined  in  accordance  with the  provisions  of Article IX of the
License Agreement.

13. Miscellaneous

     (a) This Agreement and the rights and duties appertaining hereto may not be
assigned by either party  without  first  obtaining  the written  consent of the
other,  which consent shall not be unreasonably  withheld.  Notwithstanding  the
foregoing,  either party may assign this  Agreement  to a purchaser,  merging or
consolidating  corporation,  or acquiror of more than fifty percent (50%) of all
of such party's assets or business.  Notwithstanding the foregoing, either party
may assign its rights (but not its  obligations)  pursuant to this  Agreement in
whole or part to an Affiliate.

     (b) The  failure  or  delay  of a  party  to the  Agreement  to  claim  the
performance  of an obligation of the other party shall not be deemed a waiver of
the performance of such obligation.

     (c) Each party shall bear its own legal and other expenses  involved in the
making of this Agreement.

     (d) The  headings  to the  clauses  in this  Agreement  are for the sake of
convenience only and shall not serve in the Agreement's interpretation.


                                       7
<PAGE>


     (e) This Agreement  constitutes a full and complete  agreement  between the
parties and may only be amended by a document signed by both parties.

     (f) The appendixes  annexed  hereto  constitute an integral part hereof and
shall be read jointly with its terms and provisions.

14. Notices

All  notices or  communications  made  pursuant  to this  Agreement  shall be in
writing  and sent by  certified  first  class  mail,  postage  prepaid,  by hand
delivery or by facsimile,  if confirmed in writing, at the addresses below or as
otherwise designated by written notice given to the other party:

     In the case of the Licensor:

     Yissum Research Development Company of the
     Hebrew University of Jerusalem
     POB 4279
     46 Jabotinsky Street
     Jerusalem
     Attention: Reuven Ron
     Tel: 011-972-2-566-1540
     Fax: 011-972-2-566-0331

     In the case of the Company:

     Keryx Biomedical Technologies Ltd.
     7 Hartom Street
     P.O. Box 23706
     Jerusalem, Israel 91236
     Attn: General Counsel
     Tel: 011-972-2-541-3500
     Fax: 011-972-2-541-3501

or such other address furnished in writing by one party to the other. Any notice
sent as aforesaid  shall be deemed to have been  received  four days after being
posted by registered mail or one day after personal service, as the case may be.

AS WITNESS THE HANDS OF THE PARTIES:

                                        YISSUM RESEARCH DEVELOPMENT
                                        COMPANY OF THE HEBREW
                                        UNIVERSITY OF JERUSALEM

                                        By:  /s/ Elena Canetti
                                           -------------------------------------
                                        Name:  Elena Canetti
                                        Title: VP of Marketing

                                        By:  /s/ R. Sherer
                                           -------------------------------------
                                        Name:  R. Sherer
                                        Title: Executive VP

                                        KERYX BIOMEDICAL TECHNOLOGIES LTD.

                                        By:  /s/ Ira Weinstein
                                           -------------------------------------
                                        Name:  Ira Weinstein
                                        Title: Chief Operating Officer



                                       8
<PAGE>


APPENDIX A
                              THE RESEARCH PROGRAM

Project 1: [**]
Duration of the project: [**]
Necessary Equipment:
[**]

Project 2: [**]
Necessary Equipment:
[**]

Necessary Equipment:
[**]
Necessary Equipment:
[**]
Duration of the project: [**]

Project 3: [**]
Duration of the project: [**]
Necessary Equipment:
[**]

Project 4: [**]
Project 4a: [**]
Project 4b: [**]
Duration of the project: [**]


                                       9
<PAGE>



                           APPENDIX B - CONSIDERATION


     The Company  will pay to Yissum the total amount of US $[**] per year for a
four (4) consecutive years as payable in equal quarterly installments commencing
January 1, 2002, and to be made every three (3) months thereafter, provided that
the Research has not otherwise been terminated.


                                       10