<PAGE>

                                                                    EXHIBIT 10.9

         *CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED
        SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN
                 REQUESTED WITH RESPECT TO THE OMITTED PORTIONS

                                LICENSE AGREEMENT

Effective as of July 1, 1999 ("Effective Date"), THE BOARD OF TRUSTEES OF THE
LELAND STANFORD JUNIOR UNIVERSITY, a body having corporate powers under the laws
of the State of California ("STANFORD"), and Corcept Therapeutics, Inc., a
Delaware corporation having an address at 525 University Avenue, Palo Alto,
California 94301 ("LICENSEE"), agree as follows:

1.       BACKGROUND
         ----------

1.1      STANFORD has an assignment of the inventions entitled "Mifepristone for
         Psychotic Major Depression" and "Mifepristone and Alzheimer's Disease",
         from the laboratory of Dr. Alan Schatzberg ("Invention[s]"), as
         described in Stanford Dockets S97-104 and S98-048, and any Licensed
         Patent(s), as hereinafter defined, which may issue to such
         Invention(s).

1.2      STANFORD has certain technical data and information as hereinafter
         defined ("Technology") pertaining to the Invention(s).

1.3      STANFORD desires to have the Technology and Invention(s) perfected and
         marketed at the earliest possible time in order that products resulting
         therefrom may be available for public use and benefit.

1.4      LICENSEE desires an Exclusive license under said Invention(s) and
         Licensed Patent(s) to develop, manufacture, use, sell, offer for sale,
         and import Licensed Product(s) in the Licensed Field of Use.

1.5      The Invention(s) were made in the course of research supported by the
         National Institutes of Health.


2.       DEFINITIONS
         -----------

2.1      "Affiliate" means any corporation or other entity that is directly or
         indirectly controlling, controlled by, or under common control with
         LICENSEE. For the purpose of this definition, "control" means the
         direct or indirect beneficial ownership of at least forty-nine percent
         (49%) in the income or stock of such corporation or other entity.

2.2      "Exclusive" means that, subject to Article 4, STANFORD shall not grant
         further licenses or options to license to the Invention(s), the
         Licensed Patent(s), or the Technology, and

<PAGE>

         shall not use the Invention(s) or the Technology itself except in
         accordance with Section 3.3, in the Licensed Field of Use.

2.3      "Licensed Field of Use" means human therapeutics.

2.4      "Licensed Patent(s)" means any Letters Patent issued upon any U.S.
         Patent Applications claiming the benefit under 35 U.S.C. 119(e) of
         STANFORD's U.S. Provisional Patent Application, Serial Number
         60/060,973 filed October 6, 1997 or U.S. Provisional Patent
         Application, Serial Number 60/085,703 filed May 15, 1998, any foreign
         patents corresponding thereto, and/or any divisions, continuations,
         continuations-in-part, reexaminations, or reissues thereof.

2.5      "Licensed Product(s)" means any product or part thereof in the Licensed
         Field of Use, the manufacture, use, sale, offer for sale, or
         importation of which:

         (a)      Is covered by a valid, enforceable claim of an issued,
                  unexpired Licensed Patent(s) directed to the Invention(s). A
                  claim of an issued, unexpired Licensed Patent(s) shall be
                  presumed to be valid and enforceable unless and until it has
                  been held to be invalid or unenforceable by a final judgment
                  of a court of competent jurisdiction from which no appeal can
                  be or is taken; or

         (b)      Is covered by any claim being prosecuted in a foreign pending
                  application (other than in Japan) within the Licensed
                  Patent(s), which application has not been pending for more
                  than seven (7) years, the pendency being measured from the
                  filing date of the first application in that country
                  (including the international filing date of a PCT application
                  designating that country) from which the application claims
                  priority or benefit; or

         (c)      Is covered by any claim being prosecuted in a U.S. or Japanese
                  pending application within the Licensed Patent(s), which
                  application has not been pending for more than ten (10) years,
                  the pendency being measured from the filing date of the first
                  application in that country (including the international
                  filing date of a PCT application designating that country, but
                  not including the filing date of any provisional application)
                  from which the application claims priority or benefit.

2.6      "Net Sales" means the gross revenue derived by LICENSEE or an Affiliate
         from sales of Licensed Product(s), less the following items but only
         insofar as they actually pertain to the disposition of such Licensed
         Product(s) by LICENSEE or an Affiliate, are included in such gross
         revenue, and are separately billed:

         (a)      Import, export, excise and sales taxes, and custom duties;

         (b)      Costs of insurance, packing, and transportation from the place
                  of manufacture to the customer's premises or point of
                  installation;

         (c)      Costs of installation at the place of use; and


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         (d)      Credit for returns, allowances, or trades.

2.7      "Technology" means technical data and information, including but not
         limited to the information contained in the Licensed Patent(s),
         pertaining to the Invention(s) and provided to LICENSEE, whether or not
         it is of a confidential nature.


3.       GRANT
         -----

3.1      STANFORD hereby grants and LICENSEE hereby accepts a license in the
         Licensed Field of Use under the Invention(s), the Technology, and the
         Licensed Patent(s) to make, use, sell, offer for sale, and import
         Licensed Product(s).

3.2      Said license is Exclusive, including the right to sublicense pursuant
         to Article 13, for a term commencing as of the Effective Date of this
         Agreement and ending on the expiration of the last to expire of the
         issued Licensed Patent(s), on a country-by-country basis, or if no
         patent within the Licensed Patent(s) issues in a country, shall
         terminate on the tenth anniversary of the first sale of a Licensed
         Product(s) in such country.

3.3      STANFORD shall have the right to practice the Invention(s) and use the
         Technology for its own bona fide research, including sponsored research
         and collaborations. STANFORD shall have the right to publish any
         information included in Technology and Licensed Patent(s).


4.       GOVERNMENT RIGHTS
         -----------------

         This Agreement is subject to all of the terms and conditions of Title
         35 United States Code Sections 200 through 204, including an obligation
         that Licensed Product(s) sold in the United States be "manufactured
         substantially in the United States," and LICENSEE agrees to take all
         reasonable action necessary on its part as licensee to enable STANFORD
         to satisfy its obligation thereunder, relating to Invention(s).
         STANFORD agrees to assist LICENSEE in obtaining a waiver of the
         domestic manufacture requirement if LICENSEE finds that domestic
         manufacture of Licensed Product(s) is not commercially feasible.


5.       DILIGENCE
         ---------

5.1      As an inducement to STANFORD to enter into this Agreement, LICENSEE
         agrees to use commercially reasonable efforts and diligence to proceed
         with the development, manufacture, and sale of Licensed Product(s) and
         to diligently develop markets for the Licensed Product(s), either by
         itself or through Affiliate(s) or sublicensee(s). Unless LICENSEE shall
         have filed an IND for a Licensed Product(s) by ****, LICENSEE agrees
         that STANFORD may terminate this Agreement. STANFORD may terminate this


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         Agreement if, after final FDA approval of an NDA for a Licensed
         Product(s), LICENSEE or an Affiliate(s) or sublicensee(s) has not sold
         Licensed Product(s) for a period of ****.

5.2      Progress Report - On or before September 30 of each year until LICENSEE
         ---------------
         or an Affiliate or sublicensee markets a Licensed Product(s), LICENSEE
         shall make a written annual report to STANFORD covering the preceding
         year ending June 30, regarding the progress of LICENSEE toward
         commercialization of Licensed Product(s), either by itself or through
         Affiliate(s) or sublicensee(s). Such report shall include, as a
         minimum, information sufficient to enable STANFORD to satisfy reporting
         requirements of the U.S. Government and for STANFORD to ascertain
         progress by LICENSEE toward meeting the diligence requirements of this
         Article 5.


6.       ROYALTIES
         ---------

6.1      LICENSEE agrees to pay to STANFORD a noncreditable, nonrefundable
         license issue royalty of **** and Ten Thousand (10,000) shares of
         LICENSEE's common stock upon signing this Agreement.

6.2      Beginning one year from the Effective Date of this Agreement and on
         each anniversary thereafter, LICENSEE also shall pay to STANFORD a
         yearly royalty of ****. Said yearly royalty payments are nonrefundable,
         but they are creditable against earned royalties as provided in Section
         6.6.

6.3      LICENSEE shall also pay to STANFORD the following milestone payments:

         (a)      **** upon the filing with the FDA by LICENSEE, or an Affiliate
                  or sublicensee, of the first New Drug Application for a
                  Licensed Product(s); and

         (b)      **** upon the first FDA approval to LICENSEE, or an Affiliate
                  or sublicensee, of a Licensed Product(s).

         Said milestone payments are creditable against earned royalties as
         provided in Section 6.6.

6.4      In addition, LICENSEE shall pay STANFORD earned royalties of **** on
         Net Sales. If LICENSEE is obligated to pay royalties to a
         non-Affiliated other entity(ies) based on Net Sales, the earned
         royalties LICENSEE is obligated to pay to STANFORD on Net Sales shall
         be reduced as follows: for the first **** of royalties paid to the
         other entity(ies), the earned royalty payable to STANFORD shall be
         reduced by **** of the percentage royalties paid to the other
         entity(ies); and for the next **** of royalties paid to the other
         entity(ies), the earned royalty payable to STANFORD shall be further
         reduced by **** of the percentage royalties in excess of **** paid to
         the other entity(ies); to a minimum of **** earned royalty payable to
         STANFORD for royalties paid to the other entity(ies) of


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         **** or more. For example, if LICENSEE was paying royalties to
         non-Affiliated other entities of ****, STANFORD would receive ****
         earned royalties; and if LICENSEE was paying royalties to
         non-Affiliated other entities of ****, STANFORD would receive ****
         earned royalties.

6.5      In addition, LICENSEE shall pay STANFORD, as earned royalties, **** of
         the net amount received as royalties or license fees (including license
         issue fees) from non-Affiliated sublicensee(s) for sales of Licensed
         Product(s). The term "net amount", with respect to any sublicensee,
         shall mean the amount actually received by LICENSEE from the
         sublicensee less any payments (such as royalties or license fees) made
         by LICENSEE to non-Affiliated other entities for sales of Licensed
         Product(s) by the sublicensee.

6.6      Creditable payments under this Agreement shall be an offset to LICENSEE
         against up to **** of each payment which LICENSEE would be required to
         pay pursuant to Sections 6.4 and 6.5 until the entire credit is
         exhausted.

6.7      If this Agreement is not terminated in accordance with other provisions
         hereof,

         (a)      LICENSEE shall be obligated to pay royalties hereunder for so
                  long as LICENSEE, by its activities in any country would, but
                  for the license granted herein, infringe a valid, enforceable
                  claim of an unexpired Licensed Patent(s) of STANFORD covering
                  said activity in such country. LICENSEE's obligation to pay
                  royalties on Net Sales shall terminate on a country-by-country
                  basis upon the expiration of the last to expire of any issued
                  Licensed Patent(s) in each country. If in any country all the
                  claims of the issued patents within the Licensed Patent(s)
                  that cover Licensed Product(s) are held invalid or
                  unenforceable, then LICENSEE's obligation to pay royalties on
                  Net Sales shall terminate in such country.

         (b)      If no patent within the Licensed Patent(s) issues in a country
                  outside the U.S. or Japan on or before the seventh anniversary
                  of the filing date of the first patent application within the
                  Licensed Patent(s) filed in such country (including the
                  international filing date of a PCT application designating
                  such country), LICENSEE's obligation to pay royalties on Net
                  Sales in such country shall terminate on the anniversary date;
                  provided, however, that if a Licensed Patent subsequently
                  issues in that country, LICENSEE's obligation to pay royalties
                  under Section 6.4 shall resume for the term of such Licensed
                  Patent.

         (c)      If no patent within the Licensed Patent(s) issues in the U.S.
                  or Japan on or before the tenth anniversary of the filing date
                  of the first patent application within the Licensed Patent(s)
                  filed in that country (including the international filing date
                  of a PCT application designating that country, but not
                  including the filing date of any provisional application),
                  LICENSEE's obligation to pay royalties on Net Sales in the
                  U.S. shall terminate on the anniversary date; provided,
                  however, that if a


                                       - 5 -

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                  Licensed Patent subsequently issues in the U.S. or Japan,
                  LICENSEE's obligation to pay royalties under Section 6.4 shall
                  resume for the term of such Licensed Patent.

6.8      The royalty on sales in currencies other than U.S. Dollars shall be
         calculated using the appropriate foreign exchange rate for such
         currency quoted by the Bank of America (San Francisco) foreign exchange
         desk, on the close of business on the last banking day of each calendar
         quarter. Royalty payments to STANFORD shall be in U.S. Dollars. If
         LICENSEE is blocked by law or regulation in any country from remitting
         U.S. Dollars from such country, LICENSEE's obligation to make payments
         based on Net Sales in that country shall be suspended until such
         blockage is lifted or unless STANFORD shall accept royalty payments in
         such country in local currency. All non-U.S. taxes related to royalty
         payments shall be paid by LICENSEE and are not deductible from the
         payments due STANFORD.


7.       ROYALTY REPORTS, PAYMENTS, AND ACCOUNTING
         -----------------------------------------

7.1      Quarterly Earned Royalty Payment and Report - Beginning with the first
         -------------------------------------------
         sale of a Licensed Product(s), LICENSEE shall make written reports
         (even if there are no sales) and earned royalty payments to STANFORD
         within thirty (30) days after the end of each calendar quarter. This
         report shall be in the form of the report of Appendix A and shall state
         the number, description, and aggregate Net Sales of Licensed Product(s)
         during such completed calendar quarter, and resulting calculation
         pursuant to Paragraph 6.3 of earned royalty payment due STANFORD for
         such completed calendar quarter. Concurrent with the making of each
         such report, LICENSEE shall include payment due STANFORD of royalties
         for the calendar quarter covered by such report. LICENSEE also agrees
         to make a written report to STANFORD and earned royalty payment within
         ninety (90) days after the expiration of the license pursuant to
         Section 3.2, and shall continue to make quarterly written reports and
         royalty payments until such time as all Licensed Product(s) produced
         under the Agreement have been sold or destroyed.

7.2      Accounting - LICENSEE agrees to keep and maintain records for a period
         ----------
         of three (3) years showing the manufacture, sale, use, and other
         disposition of products sold or otherwise disposed of under the license
         herein granted. Such records will include general ledger records
         showing cash receipts and expenses, and records with include production
         records, customers, serial numbers, and related information in
         sufficient detail to enable the royalties payable hereunder by LICENSEE
         to be determined. LICENSEE further agrees to permit its books and
         records to be examined by an independent public accountant selected by
         STANFORD and acceptable to LICENSEE not more often than once per
         calendar year to the extent necessary to verify reports provided for in
         Section 7.1. Such examination is to be made at LICENSEE's place of
         business during ordinary business hours with at least thirty (30) days
         prior written notice. The accountant shall report to STANFORD only
         whether there has been a royalty underpayment and, if so, the amount of
         underpayment. Such examination is to be at the expense of STANFORD,
         except in the event that the results of the examination reveal and
         underreporting of


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         royalties due STANFORD of five percent (5%) or more, then the
         examination costs shall be paid by LICENSEE.


8.       WARRANTIES AND NEGATION OF WARRANTIES
         -------------------------------------

8.1      STANFORD represents and warrants that:

         (a)      It has the power to enter into this Agreement and to grant the
                  rights granted herein to LICENSEE; and

         (b)      It has not granted any license(s), option(s) to license, or
                  other rights to the Invention(s), the Technology, and the
                  Licensed Patent(s) to any other party.

8.2      Nothing in this Agreement is or shall be construed as:

         (a)      A warranty or representation by STANFORD as to the validity or
                  scope of any Licensed Patent(s);

         (b)      A warranty or representation that anything made, used, sold,
                  or otherwise disposed of under any license granted in this
                  Agreement is or will be free from infringement of patents,
                  copyrights, and other rights of third parties;

         (c)      An obligation to bring or prosecute actions or suits against
                  third parties for infringement, except to the extent and in
                  the circumstances described in Article 12;

         (d)      Granting by implication, estoppel, or otherwise any licenses
                  or rights under patents or other rights of STANFORD or other
                  persons other than Licensed Patent(s); or

         (e)      An obligation to furnish any technology or technological
                  information other than the Technology.

8.3      Except as expressly set forth in this Agreement, STANFORD MAKES NO
         REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS
         OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF
         MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE USE OF
         THE LICENSED PRODUCT(S) WILL NOT INFRINGE ANY PATENT, COPYRIGHT,
         TRADEMARK, OR OTHER RIGHTS OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES.

8.4      LICENSEE agrees that nothing in this Agreement grants LICENSEE any
         express or implied license or right under or to U.S. Patent 4,656,134
         `Amplification of Eucaryotic Genes' or any patent application
         corresponding thereto.


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9.       INDEMNITY
         ---------

9.1      LICENSEE agrees to indemnify, hold harmless, and defend STANFORD,
         UCSF-Stanford Health Care and Stanford Health Services and their
         respective trustees, officers, employees, students, and agents against
         any and all claims for death, illness, personal injury, property
         damage, and improper business practices arising out of the manufacture,
         use, sale, or other disposition of Invention(s), Licensed Patent(s),
         Licensed Product(s), or Technology by LICENSEE or its Affiliate(s) or
         sublicensee(s), or their customers.

9.2      STANFORD shall not be liable for any indirect, special, consequential
         or other damages whatsoever, whether grounded in tort (including
         negligence), strict liability, contract or otherwise. STANFORD shall
         not have any responsibilities or liabilities whatsoever with respect to
         Licensed Product(s).

9.3      LICENSEE shall at all times comply, through insurance or
         self-insurance, with all statutory workers' compensation and employers'
         liability requirements covering any and all employees with respect to
         activities performed under this Agreement.

9.4      In addition to the foregoing, LICENSEE shall maintain, from the
         commencement of the first human clinical trial by LICENSEE and
         thereafter during the term of this Agreement, Comprehensive General
         Liability Insurance, including Products Liability Insurance, with
         reputable and financially secure insurance carrier(s) to cover the
         activities of LICENSEE and its Affiliate(s) and sublicensee(s). Such
         insurance shall provide minimum limits of liability of $5 Million and
         shall include STANFORD, UCSF-Stanford Health Care, Stanford Health
         Services, their trustees, directors, officers, employees, students, and
         agents as additional insureds. Such insurance shall be written to cover
         claims incurred, discovered, manifested, or made during the term of
         this Agreement and should be placed with carriers with ratings of at
         least A- as rated by A.M. Best. Prior to the commencement of any human
         clinical trial by LICENSEE, LICENSEE shall furnish a Certificate of
         Insurance evidencing primary coverage and additional insured
         requirements and requiring thirty (30) days prior written notice of
         cancellation or material change to STANFORD. LICENSEE shall advise
         STANFORD, in writing, that it maintains excess liability coverage
         (following form) over primary insurance for at least the minimum limits
         set forth above. All such insurance of LICENSEE shall be primary
         coverage; insurance of STANFORD, UCSF-Stanford Health Care, Stanford
         Health Services shall be excess and noncontributory.


10.      MARKING
         -------

         Prior to the issuance of patents on the Invention(s), LICENSEE agrees
         to mark Licensed Product(s) (or their containers or labels) made, sold,
         or otherwise disposed of by it under the license granted in this
         Agreement with the words "Patent Pending," and following the


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         issuance of one or more patents, with the numbers of the Licensed
         Patent(s), to the extent permitted by law or regulation in any country.


11.      STANFORD NAMES AND MARKS
         ------------------------

11.1     LICENSEE agrees not to identify STANFORD in any promotional advertising
         or other promotional materials to be disseminated to the public or any
         portion thereof or to use the name of any STANFORD faculty member,
         employee, or student or any trademark, service mark, trade name, or
         symbol of STANFORD, Stanford Health Services, or UCSF-Stanford Health
         Care, or that is associated with any of them, without STANFORD's prior
         written consent, which consent shall not be unreasonably withheld.

11.2     Notwithstanding Section 11.1, LICENSEE may issue press release(s)
         containing mention of STANFORD and any STANFORD faculty member or
         employee associated with the Invention(s), the Technology, or the
         Licensed Patent(s), subject to STANFORD's prior written consent, which
         consent shall not be unreasonably withheld. LICENSEE may subsequently
         issue press releases containing information previously approved for
         release by STANFORD.

11.3     STANFORD and LICENSEE agree that reports in scientific literature and
         presentations of research and development work at scientific
         conferences and investment conferences and any disclosures required by
         any law or regulation or the rules of any stock exchange are not
         promotional materials.


12.      PATENT PROSECUTION AND INFRINGEMENT
         -----------------------------------

12.1     After the Effective Date of this Agreement, LICENSEE shall have the
         primary responsibility for the filing, prosecution, and maintenance of
         all Licensed Patent(s), including the conduct of all interference,
         opposition, nullity, and revocation proceedings, using counsel of its
         choice reasonably acceptable to STANFORD; provided, however, that
         STANFORD shall have reasonable opportunity to advise and consult with
         LICENSEE on such matters and may instruct LICENSEE to take such action
         as STANFORD believes reasonably necessary to protect the Licensed
         Patent(s). Counsel shall provide both LICENSEE and STANFORD with copies
         of all material correspondence related to filing, prosecution, and
         maintenance of the Licensed Patent(s). Invoices for legal services
         shall be sent directly to LICENSEE with a copy directed to STANFORD. If
         LICENSEE decides to abandon any patent or patent application within the
         Licensed Patent(s), it shall give timely notice to STANFORD, which may
         continue prosecution or maintenance at its sole expense; and any such
         abandoned patent or patent application shall cease to be a Licensed
         Patent(s) as of the date of such notice.

12.2     Payment of all reasonable fees and costs relating to the filing,
         prosecution, and maintenance of the Licensed Patent(s) after the
         Effective Date of this Agreement shall be the responsibility of
         LICENSEE.


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12.3     STANFORD shall promptly inform LICENSEE of any suspected infringement
         of any Licensed Patent(s) by a third party. LICENSEE shall have the
         right at its expense to initiate and control any proceeding relating to
         any infringement by a third party or any Licensed Patent(s), any
         declaratory action alleging invalidity or noninfringement of any
         Licensed Patent(s), or any interference, opposition, nullity or
         revocation proceeding relating to any Licensed Patent(s) ("Protective
         Action"). In pursuing such Protective Action, LICENSEE shall provide
         STANFORD with material information related to the Protective Action and
         shall have the right, but not the obligation, to join STANFORD as a
         party to the Protective Action at LICENSEE's expense. STANFORD shall
         have the right to participate in the Protective Action with its own
         counsel at its own expense. If LICENSEE brings a Protective Action, it
         may enter into a settlement, consent judgment, or other voluntary final
         disposition of such Protective Action at its sole option. Any damages
         recovered by a Protective Action shall be used first to reimburse
         LICENSEE for the costs (including attorneys' and expert fees) of such
         Protective Action actually paid by LICENSEE; and the remainder, if any
         shall be retained by LICENSEE, except that LICENSEE shall pay STANFORD
         **** of said remainder.

12.4     If LICENSEE decides not to bring a Protective Action after LICENSEE
         receives notice from STANFORD under Section 12.3, LICENSEE shall inform
         STANFORD and STANFORD may institute a Protective Action. In such event,
         STANFORD shall control such Protective Action, including any
         settlement, consent judgment or other voluntary final disposition
         thereof at its sole option, shall bear the entire cost of such
         Protective Action, and shall be entitled to retain the entire amount of
         any recovery or settlement. STANFORD may, at its expense, join LICENSEE
         as a party to such Protective Action.

12.5     Should either STANFORD or LICENSEE commence a Protective Action under
         this Article 12 and thereafter elect to abandon the same, it shall give
         timely notice to the other party who may, if it so desires, continue
         prosecution of such Protective Action, provided, however, that the
         sharing of past and future expenses and any recovery in such Protective
         Action shall be as agreed upon between STANFORD and LICENSEE.

12.6     In any Protective Action initiated by a party under this Article 12,
         the other party hereto shall, at the request and expense of the party
         initiating such Protective Action, cooperate in all respects and make
         available relevant records, papers, information, samples, and the like.


13.      SUBLICENSE(S)
         -------------

13.1     LICENSEE may grant sublicense(s) under the Invention(s), the
         Technology, and the Licensed Patent(s) to make, have made, use, sell,
         offer for sale, and import Licensed Product(s).


                                       - 10 -

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13.2     If LICENSEE is unable or unwilling to serve or develop a potential
         market or market territory, either by itself or through an Affiliate or
         a sublicensee of LICENSEE's choice, for which there is a willing
         sublicensee(s), LICENSEE will, at STANFORD's request, negotiate in good
         faith a sublicense(s) hereunder.

13.3     Any sublicense(s) granted by LICENSEE under this Agreement shall be
         subject and subordinate to terms and conditions of this Agreement,
         except:

         (a)      Sublicense terms and conditions shall reflect that any
                  sublicensee(s) shall not further sublicense without the
                  written consent of STANFORD, which consent shall not be
                  unreasonably withheld;

         (b)      The earned royalty rate specified in the sublicense(s) may be
                  at higher rates than the rates in this Agreement; and

         (c)      All reports required by sublicensee(s) shall be made to
                  LICENSEE.

         Any such sublicense(s) also shall expressly include the provisions of
         Articles 8 and 9 for the benefit of STANFORD and provide for the
         transfer of all obligations, including the payment of royalties
         specified in such sublicense(s), to STANFORD or its designee, in the
         event that this Agreement is terminated.

13.4     LICENSEE agrees to provide STANFORD a copy of that portion of any
         sublicense granted pursuant to this Article 13 that relates to royalty
         reporting and the warranty and indemnification provisions of Articles 8
         and 9 of this Agreement.

13.5     LICENSEE may grant royalty-free sublicensees or cross-licenses provided
         LICENSEE pays all royalties due STANFORD from sublicensee's Net Sales
         as if such sales were made by LICENSEE or an Affiliate.


14.      TERMINATION
         -----------

14.1     LICENSEE may terminate this Agreement by giving STANFORD notice in
         writing at least thirty (30) days in advance of the effective date of
         termination selected by LICENSEE.

14.2     STANFORD may terminate this Agreement if LICENSEE:

         (a)      Is in default in payment of royalty or providing of reports;

         (b)      Is in material breach of any provision hereof; or

         (c)      Provides any materially incorrect report;

         and LICENSEE fails to remedy any such default, material breach, or
         materially incorrect report within thirty (30) days after written
         notice thereof by STANFORD.


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14.3     Surviving any termination or expiration are:

         (a)      LICENSEE's obligation to pay royalties accrued or accruable;

         (b)      Any cause of action or claim of LICENSEE or STANFORD, accrued
                  because of any breach or default by the other party; and

         (c)      The provisions of Articles 7, 8, and 9 and any other
                  provisions that by their nature are intended to survive.


15.      ASSIGNMENT
         ----------

         LICENSEE may assign this Agreement to an Affiliate or to a successor in
         interest to all or substantially all the business of LICENSEE relating
         to Licensed Product(s) without STANFORD's consent provided that such
         Affiliate or successor in interest assumes all obligations under the
         License; and LICENSEE shall provide STANFORD notice of any such
         assignment. Except for the foregoing, neither party may assign this
         Agreement or any portion thereof without the express written consent of
         the other, which consent shall not be unreasonably withheld.


16.      ARBITRATION
         -----------

16.1     Any controversy arising under or related to this Agreement, and any
         disputed claim by either party against the other under this Agreement
         excluding any dispute relating to patent validity or infringement
         arising under this Agreement, shall be settled by arbitration in
         accordance with the Licensing Agreement Arbitration Rules of the
         American Arbitration Association.

16.2     Upon request by either party, arbitration will be by a third party
         arbitrator mutually agreed upon in writing by LICENSEE and STANFORD
         within thirty (30) days of such arbitration request. Judgment upon the
         award rendered by the arbitrator shall be final and nonappealable and
         may be entered in any court having jurisdiction thereof. The parties
         agree that, notwithstanding any provision of applicable law, they will
         not request and the arbitrator shall have no authority to award
         punitive or exemplary damages against any party. The costs of the
         arbitration shall be shared equally by the parties, and each party
         shall bear the costs of its own attorneys' fees and expert fees.

16.3     The parties shall be entitled to discovery in like manner as if the
         arbitration were a civil suit in the California Superior Court. The
         arbitrator may limit the scope, time and/or issues involved in
         discovery.

16.4     Any arbitration shall be held in Stanford, California, unless the
         parties hereto mutually agree in writing to another place.


                                       - 12 -

<PAGE>

17.      NOTICES
         -------

         All notices under this Agreement shall be deemed to have been fully
         given when done in writing and deposited in the United States mail,
         registered or certified, and addressed as follows:

                To STANFORD:              Office of Technology Licensing
                                          Stanford University
                                          900 Welch Road, Suite 350
                                          Palo Alto, California  94304-1850

                                          Attention:  Director

                To LICENSEE:              Corcept Therapeutics, Inc.
                                          525 University Avenue, 11th Floor
                                          Palo Alto, California 94301-1908

                                          Attention: Mr. David B. Singer

         Either party may change its address upon written notice to the other
         party.


18.      CONFIDENTIALITY
         ---------------

         STANFORD shall maintain the reports and information provided by
         LICENSEE to STANFORD under Sections 5.2, 7.1, 7.2, and 13.4 in
         confidence, and not disclose such reports to any third party, except as
         required by STANFORD's normal reporting requirements, for the purposes
         of this Agreement, or as required by law or regulation. STANFORD's
         obligation of confidentiality hereunder shall be fulfilled by using at
         least the same degree of care with LICENSEE's reports and information
         as it uses to protect its own confidential information.


19.      WAIVER
         ------

         None of the terms of this Agreement can be waived except by the written
         consent of the party waiving compliance.


20.      APPLICABLE LAW
         --------------

         This Agreement shall be governed by the law of the State of California
         applicable to agreements negotiated, executed and performed wholly
         within California.


                                       - 13 -

<PAGE>

21.      SEVERABILITY
         ------------

         If any portion of this Agreement shall be held to be invalid or
         unenforceable under the law or regulation of any jurisdiction, such
         holding of invalidity or unenforceability shall not affect the
         remainder of the Agreement, which shall continue in full force and
         effect.


22.      ENTIRE AGREEMENT
         ----------------

         This Agreement constitutes the entire agreement between LICENSEE and
         STANFORD and supersedes all prior communications, understandings, and
         agreements with respect to the subject matter of this Agreement. This
         Agreement may not be amended except by a written agreement signed by
         both LICENSEE and STANFORD.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement in
duplicate originals by their duly authorized officers or representatives.

                           THE BOARD OF TRUSTEES OF THE LELAND
                           STANFORD JUNIOR UNIVERSITY

                           Signature: /s/ Katharine Ku

                           Name:  Katharine Ku

                           Title:  Director, Technology Licensing

                           Date:  June 30, 1999

                           LICENSEE

                           Signature: /s/ Joseph K. Belanoff

                           Name: Joseph K. Belanoff

                           Title:  Chief Executive Officer

                           Date:  6/15/99


                                       - 14 -