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Exhibit 4.17
 LEASE AGREEMENT
 BETWEEN
 HUDSON-ALPHA INSTITUTE FOR
BIOTECHNOLOGY
 AND
 Eurand Pharmaceuticals, Inc.




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TABLE OF CONTENTS
 ARTICLE 1
    
    
    1DEMISE
    
    
    1Section 1.01 Premises
    
    
    1Section 1.02 Parking Areas and Common Areas
    
    
    1Section 1.03 Relocation of Tenant
    
    
    1ARTICLE 2
    
    
    2TERM; ACCEPTANCE AND SURRENDER OF PREMISES; HOLDOVER
    
    
    2Section 2.01 Lease Term
    
    
    2Section 2.02 Termination Rights
    
    
    2Section 2.03 Common Design; Tenant Improvements
    
    
    2Section 2.04 Quiet Enjoyment
    
    
    2Section 2.05 Surrender of Premises
    
    
    2Section 2.06 Holdover
    
    
    3ARTICLE 3
    
    
    3RENT
    
    
    3Section 3.01 Rent
    
    
    3Section 3.02 Payments of Rent
    
    
    4ARTICLE 4
    
    
    4USE OF PREMISES; COMPLIANCE WITH LAWS
    
    
    4Section 4.01 Permitted Use
    
    
    4Section 4.02 Covenants of Tenant Regarding Use
    
    
    4Section 4.03 Landlords Rights Regarding Use
    
    
    5Section 4.04 Definition of Common Areas
    
    
    6Section 4.05 Access to and Inspection of Premises
    
    
    6ARTICLE 5
    
    
    6MAINTENANCE AND REPAIRS; ALTERATIONS; SERVICES
    
    
    6Section 5.01 Repair and Maintenance of the Building
    
    
    6Section 5.02 Repair and Maintenance of Premises
    
    
    .         7Section 5.03 Alterations
    
    
    7Section 5.04 Landlord Services
    
    
    7Section 5.05 Additional Services
    
    
    9ARTICLE 6
    
    
    9MECHANICS LIENS
    
    
    9ARTICLE 7
    
    
    10PERSONAL PROPERTY AND OTHER TAXES
    
    
    10ARTICLE 8
    
    
    10INSURANCE; INDEMNITY
    
    
    10Section 8.01 Landlords Insurance
    
    
    10Section 8.02 Waiver of Subrogation
    
    
    10
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Section 8.03 Tenants Insurance
    
    
    10Section 8.04 Liability of Landlord and Tenant
    
    
    11ARTICLE 9
    
    
    12RESTORATION AFTER DAMAGE OR DESTRUCTION
    
    
    12ARTICLE 10
    
    
    13CONDEMNATION
    
    
    13ARTICLE 11
    
    
    13ASSIGNMENT; SUBLETTING
    
    
    13ARTICLE 12
    
    
    14TRANSFERS BY LANDLORD
    
    
    14Section 12.01 Sale and Conveyance of the Building
    
    
    14Section 12.02 Subordination
    
    
    14ARTICLE 13
    
    
    14LANDLORDS LIEN; WAIVER OF LIEN
    
    
    14Section 13.01 Lien
    
    
    14Section 13.02 Waiver of Lien
    
    
    15ARTICLE 14
    
    
    15EVENTS OF DEFAULT; REMEDIES
    
    
    15Section 14.01 Defaults by Tenant
    
    
    15Section 14.02 Remedies of Landlord
    
    
    16Section 14.03 Default by Landlord and Remedies of Tenant
    
    
    17Section 14.04 Non-Waiver of Defaults
    
    
    17Section 14.05 Attorneys Fees
    
    
    17ARTICLE 15
    
    
    17ENVIRONMENTAL REPRESENTATIONS
    
    
    17COVENANTS AND INDEMNITIES
    
    
    17Section 15.01 Hazardous Materials
    
    
    17ARTICLE 16
    
    
    19NOTICES
    
    
    19ARTICLE 17
    
    
    20MISCELLANEOUS PROVISIONS
    
    
    20Section 17.01 Condition of Premises
    
    
    20Section 17.02 Insolvency or Bankruptcy
    
    
    20Section 17.03 Choice of Law
    
    
    20Section 17.04 Successors and Assigns
    
    
    20Section 17.05 Name
    
    
    20Section 17.06 Examination of Lease
    
    
    20Section 17.07 Time
    
    
    20Section 17.08 Defined Terms and Headings
    
    
    20Section 17.09 Prior Agreements; Amendments in Writing
    
    
    20
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Section 17.10 Payment of and Indemnification for Leasing Commissions
    
    
    20Section 17.11 Severability of Invalid Provisions
    
    
    21Section 17.12 Services Performed by Landlord
    
    
    21Section 17.13 Force Majeure
    
    
    21Section 17.14 Memorandum of Lease
    
    
    21Section 17.15 Confidentiality
    
    
    21Section 17.16 Non-Solicitation
    
    
    21EXHIBIT A  PREMISES FLOOR PLAN
    
    
    24EXHIBIT B  BUILDING FF&E
    
    
    25EXHIBIT C  BUILDING RULES AND REGULATIONS
    
    
    26EXHIBIT D  PARKING RULES AND REGULATIONS
    
    
    29EXHIBIT E   COMMENCEMENT DATE AGREEMENT
    
    
    31EXHIBIT F  REQUIREMENTS AND SPECIFICATIONS FOR LEASEHOLD
IMPROVEMENTS
    
    
    32EXHIBIT G  ESTOPPEL CERTIFICATE
    
    
    33EXHIBIT H  LABORATORY RULES AND REGULATIONS
    
    
    34
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LEASE AGREEMENT
 THIS LEASE AGREEMENT Lease th Hudson-Alpha Institute for Biotechnology, Landlord Tenant
 ARTICLE 1
DEMISE
 Section 1.01 Premises Building Premises Exhibit A Campus
 Section 1.02 Parking Areas and Common Areas Parking Areas Section 4.04) Article
4, Exhibit C Exhibit D
 Section 1.03 Relocation of Tenant.
 1




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ARTICLE 2
TERM; ACCEPTANCE AND SURRENDER OF PREMISES; HOLDOVER
 Section 2.01 Lease Term. Lease Term Commencement Date Exhibit E, Rent Commencement Date).
 Section 2.02 Termination Rights.
  th Section 2.01
(a) Section 3.01
 Section 2.03 Common Design; Tenant Improvements. Exhibit B Building FF&E
 Section 2.04 Quiet Enjoyment.
 Section 2.05 Surrender of Premises.
  2




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Section 5.03
 Section 2.06 Holdover.
 ARTICLE 3
RENT
 Section 3.01 Rent. Lease Year Exhibit A Rent Adjustment Date Index
 3




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Adjusted Annual Rent = Annual Rent Prior to Adjustment Date x
    
    Current Index NumberBase Index Number
  Section 3.02 Payments of Rent.
 
  ARTICLE 4
USE OF PREMISES; COMPLIANCE WITH LAWS
 Section 4.01 Permitted Use.
 Section 4.02 Covenants of Tenant Regarding Use.
  Section 4.01;
 4




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Exhibit C, Exhibit D Exhibit H,
     Section 4.03 Landlords Rights Regarding Use.
   5




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Section 4.04 Definition of Common Areas. Common Areas Exhibit C Exhibit D
 Section 4.05 Access to and Inspection of Premises.
 ARTICLE 5
MAINTENANCE AND REPAIRS; ALTERATIONS; SERVICES
 Section 5.01 Repair and Maintenance of the Building. Section 5.02
 6




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Article 8 Article 9
 Section 5.02 Repair and Maintenance of Premises.
 Section 5.03 Alterations.
 Section 5.04 Landlord Services.
 Landlord Services
  7




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8




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Section 5.05 Additional Services.
 ARTICLE 6
MECHANICS LIENS
  9




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ARTICLE 7
PERSONAL PROPERTY AND OTHER TAXES
  ARTICLE 8
INSURANCE; INDEMNITY
 Section 8.01 Landlords Insurance.
 Section 8.02 Waiver of Subrogation Section 8.01
 Section 8.03 Tenants Insurance.
  10




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Section 8.04 Liability of Landlord and Tenant.
  11




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ARTICLE 9
RESTORATION AFTER DAMAGE OR DESTRUCTION
 Section 1.03
 12




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ARTICLE 10
CONDEMNATION
 Section 1.03 Section 1.03, Section 1.03
 ARTICLE 11
ASSIGNMENT; SUBLETTING
  13




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ARTICLE 12
TRANSFERS BY LANDLORD
 Section 12.01 Sale and Conveyance of the Building.
 Section 12.02
Subordination. Exhibit G.
 ARTICLE 13
LANDLORDS LIEN; WAIVER OF LIEN
 Section 13.01 Lien.
 14




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Section 13.02 Waiver of Lien Section 13.01 bona fide
 ARTICLE 14
EVENTS OF DEFAULT; REMEDIES
 Section 14.01 Defaults by Tenant. Event of Default
  subsection 14.01 (A)
    15




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Section 14.02 Remedies of Landlord. Section 14.01,
      16




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Delinquency Interest
Rate)
 Section 14.03 Default by Landlord and Remedies of Tenant.
 Section 14.04 Non-Waiver of Defaults.
 Section 14.05 Attorneys Fees.
 ARTICLE 15
ENVIRONMENTAL REPRESENTATIONS,
COVENANTS AND INDEMNITIES
 Section 15.01 Hazardous Materials.
 17




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Section 4.01.
  Hazardous Materials
  18




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Exhibit H
  ARTICLE 16
NOTICES
  if to Landlord:
    
    Hudson-Alpha Institute for Biotechnology601 Genome WayHuntsville, Alabama 35806Attention: James R. Hudson, Jr., PresidentFacsimile: (256)if to Tenant:
    
    Eurand Pharmaceuticals, Inc601 Genome Way, Suite 4100Huntsville, Alabama 35806Attention: Mike Walters
 19




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Facsimile: ( )
 ARTICLE 17
MISCELLANEOUS PROVISIONS
 Section 17.01 Condition of Premises.
 Section 17.02 Insolvency or Bankruptcy
 Section 17.03 Choice of Law.
 Section 17.04 Successors and Assigns.
 Section 17.05 Name.
 Section 17.06 Examination of Lease.
 Section 17.07 Time.
 Section 17.08 Defined Terms and Headings.
 Section 17.09 Prior Agreements; Amendments in Writing.
 Section 17.10 Payment of and Indemnification for Leasing Commissions.
 20




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Section 17.11 Severability of Invalid Provisions.
 Section 17.12 Services Performed by Landlord.
 Section 17.13 Force Majeure.
 Section 17.14 Memorandum of Lease.
 Section 17.15 Confidentiality.
 Section 17.16 Non-Solicitation.
  21




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LANDLORD:Hudson-Alpha Institute for BiotechnologyBy:
    
    /s/ James R. Hudson, Jr.Name:
    
    James R. Hudson, Jr.Title:
    
    PresidentSTATE OF ALABAMA
    
    ):MADISON COUNTY
    
    )
  th
 /s/ Robert Laye Buck

Notary Public[NOTARIAL SEAL]
    
    
    
    My commission expires: September 25, 2011
 22




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TENANT[ILLEGIBLE]By:
    
    /s/ Michael J. WalterName:
    
    Michael J. WalterTitle:
    
    EVP [ILLEGIBLE]
 STATE OF ALABAMA
    
    
    ):MADISON COUNTY
    
    
    )
  th ,
 /s/ [ILLEGIBLE]

Notary Public[NOTARIAL SEAL]
    
    My commission expires: 1-8-2011NOTARY PUBLIC STATE OF ALABAMA AT LARGE 
MY COMMISSION EXPIRES: Jan 8, 2011 
BONDED THRU NOTARY PUBLIC UNDERWRITERS
 23




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Premises Floor Plan
 24




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Building FF&E
 [TO BE ATTACHED PRIOR TO OCCUPANCY]
 25




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26




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27




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28




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Parking Rules and Regulations
  Unreserved Parking Areas
 Handicapped Parking Areas
          29




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30




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Commencement Date Agreement
 th Hudson-Alpha Institute
for Biotechnology
 th
  1.
    
    The Commencement Date of the Lease Term is February 1, 2008. The Rent Commencement
date of the Lease is August 1, 2008. The Expiration Date of the Lease Term is
February 1, 2013.
 2.
    
    Tenant is in possession of, and has accepted, the Premises demised by the
Lease, and acknowledges that all the work to be performed by Landlord in the Premises as
required by the terms of the Lease has been satisfactorily completed [, excepting punchlist
items]. Tenant further certifies that all conditions of the Lease required of Landlord as
of this date have been fulfilled and there are no defenses or off-sets against the enforcement
of the Lease by Landlord.
 th
 LANDLORD:Hudson-Alpha Institute for BiotechnologyBy:
    
    /s/ James R. Hudson Jr.Name:
    
    James R. Hudson Jr.Title:
    
    PresidentTENANT/s/ [ILLEGIBLE]By:
    
    /s/ Michael J. WaltersTitle:
    
    EVP [ILLEGIBLE]
 31




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Requirements and Specifications for Leasehold Improvements
 [NONE]
 32




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Estoppel Certificate
 PREMISES:
    
    Suite ___,Building 
Huntsville, Alabama___LEASE DATED:
    
    , 200___LANDLORD:
    
    Hudson-Alpha Institute for BiotechnologyTENANT:
  
 [INSERT MODIFICATIONS:]
 TENANT:By:Title:
 33




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Laboratory Rules and Regulations
 TO BE DETERMINED
 34