Document:

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                                                                   Exhibit 10.28

                            DCI MANAGEMENT GROUP LLC

                                                    February 3, 2003

Mr. Russell H. Plumb
Chief Financial Officer and
  Vice President, Finance & Administration
Inhibitex, Inc.
1165 Sanctuary Parkway, Suite 400
Alpharetta, GA  30004

      Re:      Plasma Supply Agreement dated October 2002 between
               Inhibitex, Inc. and DCI Management Group, Inc. (the "Agreement")

Dear Russ:

         As you know, we have just sold the assets of DCI Management Group, Inc.
to DCI Management Group, LLC which company is ultimately owned by the United
Kingdom Department of Health.

         In connection with this sale, we are writing to request your consent to
the assignment by DCI Management Group, Inc. to DCI Management Group, LLC of all
of DCI Management Group, Inc.'s interests, rights and obligations under the
Agreement. DCI Management Group, LLC hereby agrees to abide and be bound by the
terms and conditions of the Agreement and to assume and discharge the
obligations and liabilities of DCI Management Group, Inc. thereunder as of and
after December 17, 2002, the date of the closing of the sale of assets. We
hereby request your consent and agreement to the foregoing.

         The consent by Inhibitex to the assignment of the Agreement shall not
constitute a novation, release or other relinquishment of any liability or
obligation DCI Management Group, Inc. or its successors or assigns, now or in
the future incurred under the Agreement.

         Please evidence your agreement with the foregoing by executing and
returning the enclosed duplicate copy of this letter agreement via courier to
the following address: Ira London, DCI Management Group, LLC, 220-05 97th
Avenue, Queens Village, New York 11429.

         Thank you for your prompt attention to this matter.

                                          Very truly yours,

                                          DCI MANAGEMENT GROUP, LLC

                                          By: /s/ Ira London 2/3/03
                                              ---------------------------------
                                              Ira London
                                              Vice President of Marketing

Accepted and agreed to as of the date first above written:
INHIBITEX, INC.

By: /s/ Russell Plumb
    ------------------
    Name:  Russell Plumb
    Title: CFO<PAGE>

                                                                   Exhibit 10.29

                           DCI MANAGEMENT GROUP, LIC

                       PLASMA SUPPLY AGREEMENT AMENDMENT

Amendment to Contract between DCI Management Group, LLC and Inhibitex, Inc.
dated October, 2002, Section 10b of the above referenced agreement is hereby
modified to read as follows:

"If either party materially breaches any of its obligations hereunder and
receives written notice from the other party of such breach and fails to cure
same within 30 days of such written notice, then in such event, this contract
may be terminated by the non-breaching party".

                                  DCI MANAGEMENT GROUP, LLC

                                  By:  /s/ Ira London        July 3, 2003
                                       -----------------------------------------
                                       Name:     Ira London
                                       Title:    Vice President/Marketing
                                       Date:

                                  INHIBITEX, INC.

                                  By: /s/ Russell H. Plumb
                                      -----------------------------------------
                                      Name:  Russell H. Plumb
                                      Title: Vice President, CFO
                                      Date:<PAGE>
                                                                   Exhibit 10.30

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
ASTERISKS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933.

                              PRODUCTION AGREEMENT

      THIS PRODUCTION AGREEMENT ("Agreement") is entered into as of this 5th day
of December, 2002 ("Effective Date") by and between Nabi, a Delaware corporation
having its principal place of business at 5800 Park of Commerce Boulevard, N.W.,
Boca Raton, Florida 33487, USA ("Nabi") and Inhibitex, Inc., a Delaware
corporation having its principal place of business at 8995 Westside Parkway,
Suite 150, Alpharetta, Georgia 30004 ("Inhibitex").

                                    RECITALS

      WHEREAS Inhibitex owns the rights to MSCRAMM(TM) protein technology and
its application for the prevention and treatment of staphylococcal infections
and requires a supply of the Product (as herein defined) which satisfies the
requirements of cGMP (as herein defined), FDA (as herein defined) regulatory
requirements and Product Specifications (as herein defined) for use in humans as
a parenteral drug; and

      WHEREAS Nabi has the capability to manufacture certain intravenous immune
globulin products and intermediates of same by a proprietary process from human
plasma in compliance with cGMP and FDA regulatory requirements and Product
Specifications at its facility in Boca Raton, Florida and has agreed to
manufacture the Product for Inhibitex in accordance with the terms of this
Agreement;

      NOW THEREFORE in consideration of the mutual covenants set forth herein,
the parties hereto agree as follows:

1.    DEFINITIONS

      In this Agreement:

      1.1.  "Act" means The Federal Food, Drug, and Cosmetic Act of the United
            States of America as the same may be amended from time to time.

      1.2.  "Affiliate" means, with respect to either Party, any corporation or
            other business entity controlled by, controlling, or under common
            control with, such Party. For this purpose, "control" shall mean
            direct or indirect beneficial ownership of at least fifty percent
            (50%) of the voting stock or income interest in such corporation or
            other business entity, or such other relationship as, in fact,
            constitutes actual control.

      1.3.  "Agreement" means this agreement together with the Schedules
            attached hereto and any amendments agreed to in writing by the
            Parties from time to time.

      1.4.  "Bulk Certificate of Analysis" means the certificate of analysis,
            substantially in the form attached hereto as Exhibit I, to be
            delivered by Nabi prior to the delivery of each batch of Bulk
            Product pursuant to Section 2.5(k).

      1.5.  "Bulk Product" means human Staphylococcus immune globulin isolated
            by the Nabi Process from Inhibitex Staph Plasma in conformity with
            the Bulk Product Specifications.

      1.6.  "Bulk Product Specifications" means the specifications set forth on
            Schedule A with which the Bulk Product will comply.
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      1.7.  "By-Products" means plasma fractions, such as, but not limited to,
            Cryoprecipitate or Fraction V, produced as part of the Nabi Process.

      1.8.  "CFR 21" means Title 21 of the Code of Federal Regulations as the
            same may be amended from time to time.

      1.9.  "cGMP" means current Good Manufacturing Practices as established by
            the FDA as the same may be amended from time to time.

      1.10. "Competitive Product" means any Staphylococcus immune globulin
            (human) product or intermediate produced by Nabi and similar to or
            competitive with the Product.

      1.11. "Effective Date" means the date set forth above.

      1.12. "Facility" means Nabi's manufacturing plant in Boca Raton, Florida.

      1.13. "FDA" means the United States Food and Drug Administration.

      1.14. "Finished Product" means filled Bulk Product, in conformity with the
            Finished Product Specifications.

      1.15. "Finished Product Certificate of Analysis" means the certificate of
            analysis, substantially in the form attached hereto as Exhibit II,
            to be delivered by Nabi prior to the delivery of each batch of
            Product pursuant to Section 2.5(g).

      1.16. "Finished Product Delivery Date" means, with respect to any
            Production Run, the date by which the Parties have agreed that
            Finished Product processed during such Production Run shall be
            delivered to Inhibitex, in accordance with Section 3.2.

      1.17. "Finished Product Specifications" means the specifications set forth
            on Schedule B with which the Finished Product will comply.

      1.18. "Inhibitex Intellectual Property" means all inventions,
            improvements, discoveries or know-how solely conceived, developed or
            made by or on behalf of Inhibitex or its employees or consultants
            prior to the Effective Date relating to the Product, including,
            without limitation, the Inhibitex Technology.

      1.19. "Inhibitex Staph Plasma" means the human plasma (containing certain
            Staphylococcus aureus or epidermidis antibodies ) collected in
            FDA-licensed plasma collection facilities and provided by Inhibitex
            to Nabi.

      1.20. "Inhibitex Technology" means all patents and patent applications
            related to the Product.

      1.21. "Label Copy" means any text to be applied to any container, label or
            box or inserted into any package in connection with the manufacture
            or distribution of the Product.

      1.22. "Minimal Commercial Yield" means a yield of at least [ *** ] of
            Finished Product, available for sale or use, including Finished
            Product contained in any necessary test samples (exclusive of any
            rejected materials), for each liter of Inhibitex Staph Plasma
            processed.

      1.23. "Nabi Freezer Facility" means Nabi's facility for the storage of
            frozen plasma.

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      1.24. "Nabi Locations" collectively means the Facility and the Nabi
            Freezer Facility.

      1.25. "Nabi Intellectual Property" means all inventions, improvements,
            discoveries or know-how solely conceived, developed or made by or on
            behalf of Nabi or its employees or consultants prior to the
            Effective Date relating to the Nabi Process, including, without
            limitation, the Nabi Technology.

      1.26. "Nabi Process" means the production process used by Nabi to produce
            the Product and all written procedures and controls required to
            comply with Nabi SOPs, cGMP and FDA regulatory requirements,
            together with all modifications and improvements thereto.

      1.27. "Nabi SOPs" means Nabi's standard operating procedures.

      1.28. "Nabi Technology" means all patents and patent applications related
            to the Nabi Process.

      1.29. "Party" means Nabi or Inhibitex.

      1.30. "Plasma Delivery Date" means, with respect to any Production Run,
            the date by which the Parties have agreed that Inhibitex Staph
            Plasma to be processed during such Production Run shall be delivered
            to Nabi, in accordance with Section 3.2.

      1.31. "Prior Approval Supplement" means a change in the manufacture or
            testing of the Product that may be applicable to either a specific
            batch of Product or all Product that requires FDA approval prior to
            implementation of such change or sale of the Product.

      1.32. "Product" means human Staphylococcus immune globulin isolated by the
            Nabi Process from Inhibitex Staph Plasma in conformity with the
            Product Specifications and includes Bulk Product and Finished
            Product.

      1.33. "Product Specifications" means the Bulk Product Specifications and
            the Finished Product Specifications.

      1.34. "Production Run" means the processing into Product of any individual
            batch or batches of Inhibitex Staph Plasma.

      1.35. "Production Run Date" means, with respect to any Production Run, the
            date on which the Parties have agreed that such Production Run is
            scheduled to begin, in accordance with Section 3.2.

      1.36. "Proprietary Information" means all know-how, technology, expertise
            or information, whether or not presently owned or controlled by a
            Party or acquired or developed by a Party during the term of this
            Agreement, including any applications for licensing, patenting or
            copyrighting any of the foregoing and, with respect to Nabi, all
            Nabi Intellectual Property, and with respect to Inhibitex, all
            Inhibitex Intellectual Property.

2.    PRODUCTION OF THE PRODUCT

      2.1.  Nabi will utilize the Nabi Process to produce the Product from
            approximately [ *** ] liters of Inhibitex Staph Plasma per batch or,
            with the consent of Inhibitex, such larger batches as Nabi may
            hereafter have the capacity to process. Nabi shall use commercially

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            reasonable efforts to minimize loss of Inhibitex Staph Plasma due to
            the Nabi Process and otherwise to optimize the yield of Product.

      2.2.  During the term of the Agreement, Inhibitex estimates that it will
            purchase all Product resulting from Nabi's processing of
            approximately the following volumes of Inhibitex Staph Plasma per
            year:

                                     [ *** ]

            Nabi shall use commercially reasonable efforts to process additional
            volumes of Inhibitex Staph Plasma to meet all of Inhibitex's
            reasonable requirements for the Product.

      2.3.  The volumes of Product estimated in Section 2.2 shall be binding on
            both Parties through and including the year 2005. The cancellation
            by either Party of each or any binding Production Run shall be
            subject to the cancellation fees set forth on Schedule D. Starting
            on January 10, 2004, and on each anniversary of that date, Inhibitex
            will supply Nabi with a forecast of the volume of Inhibitex Staph
            Plasma to be processed in the then current calendar year and the
            following two (2) calendar years (i.e. the years 2004, 2005 & 2006).
            The forecast for the last year of the three-year forecast period
            will become binding on both Parties and subject to the cancellation
            fees set forth on Schedule D if, and only if, accepted by Nabi. Nabi
            shall notify Inhibitex of its acceptance or rejection of each
            forecast no later than on March 10 of the year such forecast is
            delivered. Nabi shall not reject any forecast except in good faith.
            An example of this revolving forecast can be found in Exhibit III.

            In the event that the forecast for the last year of the three-year
            forecast period is materially below or above the volume estimates
            included in Section 2.2, Inhibitex will supply Nabi with a revised
            non-binding forecast of needs for the remaining term of the
            Agreement, in order to permit Nabi to plan future production.

      2.4.  No later than one hundred twenty (120) days prior to any intended
            Production Run Date, Inhibitex shall deliver to Nabi an order (an
            "Order") setting forth with respect to the intended Production Run
            (i) the volume of Inhibitex Staph Plasma to be processed by Nabi and
            (ii) the Finished Product Delivery Date. Within ten (10) days of
            delivery of an Order to Nabi, Nabi shall notify Inhibitex whether it
            accepts the Order and provide the Plasma Delivery Date and
            Production Run Date with respect to the intended Production Run.
            With respect to each Production Run, if Inhibitex, through no fault
            of Nabi, fails to deliver the ordered volume of Inhibitex Staph
            Plasma within one hundred twenty (120) days after the Plasma
            Delivery Date, unless the Parties agree otherwise, Inhibitex shall
            be deemed to have cancelled such Production Run subject to the
            cancellation fees set forth on Schedule D.

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      2.5.  Nabi shall:

            (a)   perform or arrange for the performance of all testing
                  (including bulk-testing but excluding viral marker and potency
                  testing) of Inhibitex Staph Plasma required to comply with
                  Nabi SOPs, Product Specifications, cGMP and FDA regulatory
                  requirements; provided, however, that Inhibitex will reimburse
                  Nabi for any PCR/NAT testing in the amounts set forth on
                  Schedule E;

            (b)   produce, test (including all required in process, bulk and
                  stability testing) and ship Product of at least Minimal
                  Commercial Yield in compliance with Nabi SOPs, Product
                  Specifications, cGMP and FDA regulatory requirements;

            (c)   prepare and maintain the production, control, distribution and
                  other records required to comply with cGMP and FDA regulatory
                  requirements;

            (d)   perform quality control testing and review of raw materials,
                  in-process materials, and Product according to Nabi SOPs, and
                  Finished Product Specifications, prior to the release of
                  Finished Product to Inhibitex;

            (e)   provide, from vendors qualified by Nabi, in accordance with
                  Nabi SOPs, cGMP and FDA regulatory requirements, all inactive
                  ingredients and other manufacturing and test materials (such
                  items to be in accordance with cGMP and FDA regulatory
                  requirements) necessary in order to manufacture Product in
                  accordance with Nabi SOPs, Product Specifications, cGMP and
                  FDA regulatory requirements;

            (f)   prepare, review and maintain all records and documents
                  required for the production of the Product in accordance with
                  the batch record including batch manufacturing/finishing
                  records and supporting documents, Nabi SOPs, certificates of
                  release and in-process controls;

            (g)   prepare and provide to Inhibitex, within fifteen (15) days
                  after final testing, a copy of the Finished Product
                  Certificate of Analysis and batch and test records for each
                  batch of Finished Product manufactured;

            (h)   retain and provide appropriate personnel, facilities,
                  validated equipment and support documents to carry out the
                  production of Product as required by this Agreement;

            (i)   be responsible for all actions and activities at the Facility
                  required for compliance with the Nabi Process, including cGMP;

            (j)   arrange for the filling of the Bulk Product in accordance with
                  cGMP and FDA regulatory requirements by a filling contractor
                  acceptable to Inhibitex;

            (k)   prior to delivering any Bulk Product to a filling contractor,
                  provide to Inhibitex a Bulk Certificate of Analysis;

            (l)   dispatch all Product and other deliverables related to the
                  Product to Inhibitex or its authorized agent according to
                  Inhibitex's instructions;

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            (m)   notify Inhibitex of and provide Inhibitex, promptly, but in
                  any event within two (2) business days of receipt by Nabi's
                  Project Manager or his or her designee, with copies of all
                  communications received from the FDA respecting or that may
                  respect the Product. Nabi shall also promptly provide
                  Inhibitex with copies of Nabi's responses to all such
                  communications;

            (n)   permit representatives authorized by Inhibitex to inspect the
                  Nabi Locations and documents of Nabi which relate to the Nabi
                  Process and the Product and permit unrestricted access to
                  authorized representatives of Inhibitex to all activities
                  related to the manufacture of Product, including access to
                  operations, equipment, materials and documents and all aspects
                  of the Nabi Locations and any related premises and operations,
                  to observe and audit compliance with the Nabi Process, cGMP
                  and FDA requirements, subject to reasonable notice during
                  normal working hours;

            (o)   conduct activities identified as its responsibility in the
                  "Matrix of Responsibilities" attached as Schedule C;

            (p)   inform Inhibitex within two business days of official
                  notification of all regulatory inspections related to the
                  Product. Authorized Inhibitex representatives will be allowed,
                  but not required, to attend such inspections. The Inhibitex
                  representatives may contribute in matters related to the
                  Product;

            (q)   store, and maintain a system to ensure appropriate segregation
                  of, Inhibitex Staph Plasma and the Product in accordance with
                  cGMP and FDA regulatory requirements. Each month, Nabi shall
                  deliver to Inhibitex a temperature chart with respect to the
                  Nabi Freezer Facility;

            (r)   notify Inhibitex thirty (30) days in advance of the
                  implementation of any process, material, equipment or
                  facilities modification that could reasonably be expected to
                  affect the Product;

            (s)   notify Inhibitex of, and seek the approval of Inhibitex for,
                  any process or production deviation or test (including quality
                  control testing) or process failure within two (2) business
                  days of discovery;

            (t)   provide Inhibitex's approved Label Copy to the filling
                  contractor;

            (u)   obtain, and maintain throughout the term of this Agreement
                  property, product liability, general commercial and
                  professional liability insurance covering Nabi's obligations
                  hereunder in each case in amounts and with carriers acceptable
                  to Inhibitex and naming Inhibitex as an additional insured ,
                  and require Nabi subcontractors to obtain similar such
                  insurance coverage;

            (v)   use good faith efforts to obtain a sublicense from the New
                  York Blood Center permitting Nabi to use applicable patents in
                  connection with the services to be performed under this
                  Agreement; provided, however, that Inhibitex shall pay any
                  fees necessary to obtain such sublicense; provided, further,
                  however, that if Nabi is unable to obtain such sublicense
                  despite its good faith efforts, Inhibitex shall obtain a
                  license from New York Blood Center, on terms and conditions
                  acceptable to Inhibitex;

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            (w)   implement current FDA regulatory requirements and industry
                  standards for product manufacture and viral inactivation;

            (x)   make a good faith effort to comply with European standards;
                  and

            (y)   cooperate with Inhibitex to use batch history to improve the
                  Product Specifications throughout the term of this Agreement.

      2.6.  Inhibitex shall at Inhibitex's expense:

            (a)   provide to Nabi Inhibitex Staph Plasma having a sufficient
                  potency for production of Product.

            (b)   within three (3) days of receipt of each Bulk Certificate of
                  Analysis, notify Nabi as to whether Nabi is authorized to
                  release the Bulk Product covered by such certificate to the
                  filling contractor;

            (c)   conduct activities identified as its responsibility in the
                  "Matrix of Responsibilities" attached as Schedule C;

            (d)   provide with each shipment of Inhibitex Staph Plasma a
                  certificate attesting that material has been collected in QPP
                  Certified and FDA-licensed facilities located in the U.S.,
                  under cGMP and in accordance with CFR 21. A unit listing,
                  including the results of all testing required by CFR 21, shall
                  also accompany each shipment;

            (e)   obtain and maintain throughout the term of this Agreement
                  general commercial insurance covering Inhibitex's obligations
                  hereunder, in each case in amounts and with carriers
                  acceptable to Nabi and naming Nabi as an additional insured.

            (f)   after receipt of a Biologics License Application ("BLA") for
                  the Product, obtain FDA lot release for each batch after
                  acceptance of the Product by Inhibitex; and

            (g)   after receipt of a BLA for the Product, provide to Nabi Label
                  Copy that has been approved by the FDA.

      2.7.  Investigational New Drug Application; BLA.

            (a)   Nabi will provide all necessary information to the FDA and
                  otherwise cooperate as reasonably requested by Inhibitex in
                  support of Inhibitex's Investigational New Drug Application
                  ("IND") and a BLA related to the Product. Inhibitex shall have
                  all right, title and interest in and to any IND or BLA related
                  to the Product.

            (b)   Nabi will file the required amendments to its BLA to allow
                  manufacturing of Product in the Facility.

      2.8.  Acceptance of Finished Product by Inhibitex. Inhibitex shall
            dispatch written notice of acceptance or rejection of any Finished
            Product batch to Nabi within four (4) weeks of receipt of the
            Finished Product Certificate of Analysis regarding such batch and
            appropriate batch records and batch and test records from Nabi.
            Notice of rejection shall specify the reasons for the rejection in
            reasonable detail. Notice of acceptance shall state

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            that the acceptance is absolute or subject to conditions specified
            in the notice, which may include FDA lot release in situations where
            a Prior Approval Supplement is required by the FDA. If no notice of
            acceptance or rejection is received from Inhibitex within four (4)
            weeks of receipt of such certificate, the Product will be deemed to
            be acceptable for release by Inhibitex. Within ten (10) business
            days of receipt of notice of acceptance of Product or the date on
            which the period for giving such notice expires (as the case may
            be), Inhibitex shall provide written instructions to Nabi for the
            delivery of Product to Inhibitex or its authorized agent.

3.    SHIPPING, TITLE, RISK OF LOSS, RECORD RETENTION

      3.1.  Shipping/Title/Risk of Loss for Inhibitex Staph Plasma.

            Inhibitex will be responsible for the shipping of Inhibitex Staph
            Plasma in accordance with cGMP and FDA regulatory requirements to
            the Nabi Freezer Facility. The Inhibitex Staph Plasma will be kept
            in the Nabi Freezer Facility in accordance with Nabi SOPs, cGMP and
            FDA regulatory requirements until ready to be sent to the Facility
            for processing into the Product.

            Inhibitex shall at all times retain sole title to the Inhibitex
            Staph Plasma and all proteins contained therein.

            Risk of loss for the Inhibitex Staph Plasma shall remain the
            responsibility of Inhibitex until the Inhibitex Staph Plasma is
            delivered to the Nabi Freezer Facility.

      3.2.  Shipping/Title/Risk of Loss for Finished Product.

            Shipment of Finished Product shall be F.O.B. origin (Nabi's Facility
            or warehouse) to the destination designated by Inhibitex. The
            shipping agent and/or carrier shall be selected by Inhibitex.
            Shipping schedules shall be selected by Inhibitex and shall be
            agreed to by both Inhibitex and Nabi. All freight, insurance,
            handling and forwarding agent's fees, taxes, storage and all other
            charges applicable to Finished Product, if any, shall be the
            responsibility of Inhibitex.

            Inhibitex shall at all times retain sole title to the Bulk Product,
            Finished Product and any By-Products.

            Risk of loss for the Product shall remain the responsibility of Nabi
            until the Product is delivered to Inhibitex's shipping agent from
            Nabi's warehouse or Facility.

      3.3.  Production Records.

            Nabi agrees to maintain records in accordance with the applicable
            FDA rules and regulations relative to the materials used in the
            Product and processing thereof in accordance FDA regulatory
            requirements. Upon Inhibitex's request with a ten (10) business day
            notice and at Inhibitex's expense, Nabi shall permit Inhibitex
            and/or an independent auditor selected by Inhibitex to have access
            to such records from time to time during ordinary business hours to
            verify compliance by Nabi with such rules and regulations. Nabi
            shall notify Inhibitex of any intention to dispose of such records
            and Inhibitex may thereafter remove such records at it own expense.

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4.    SUPERIORITY

            No provision on Inhibitex's purchase order form or on Nabi's general
            conditions of sale or invoice which may purport to impose different
            conditions upon Inhibitex or Nabi shall modify or otherwise alter
            the terms of this Agreement.

5.    DISCLAIMER/LIMITED LIABILITY

            NOTWITHSTANDING ANYTHING ELSE IN THIS AGREEMENT, IN NO EVENT WILL
            EITHER PARTY HAVE ANY LIABILITY FOR ANY LOSS OF INCOME, PROFIT,
            INTEREST OR SAVINGS BY THE OTHER PARTY OR FOR ANY INDIRECT,
            INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES SUFFERED BY
            THE OTHER OR BY ANY THIRD PARTY, ARISING FROM OR RELATED TO THIS
            AGREEMENT, REGARDLESS OF THE FORM OF ACTION, AND WHETHER IN
            CONTRACT, INDEMNITY, WARRANTY, STRICT LIABILITY OR TORT (INCLUDING,
            WITHOUT LIMITATION, NEGLIGENCE), OR ANY OTHER LEGAL OR EQUITABLE
            GROUNDS, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF
            SUCH LOSSES OR DAMAGES.

            The foregoing limitation shall not apply to the costs incurred by
            Inhibitex to obtain and audit a new replacement manufacturer and to
            conduct new clinical trials if Nabi, in order to pursue a
            potentially more economically advantageous alternative, fails or
            refuses to perform in good faith any of its material obligations
            under this Agreement.

6.    PRICE AND PAYMENT

      6.1.  Processing Fees. Subject to Section 6.2, Inhibitex shall pay to Nabi
            the processing fees set forth on Schedule D in consideration of the
            services provided by Nabi pursuant to this Agreement.

      6.2.  Non-Payment.

            (a)   Inhibitex shall not be required to make any payment for any
                  Product that (i) does not meet the Product Specifications or
                  comply with cGMP or FDA regulatory requirements, (ii) is not
                  manufactured as required by the Nabi Process, unless the prior
                  written consent of Inhibitex to such deviation from the Nabi
                  Process has been obtained or such deviation does not, in the
                  judgment of Inhibitex, adversely affect the Product, (iii) is
                  not delivered, through no fault of Inhibitex, within one
                  hundred twenty (120) days after the Finished Product Delivery
                  Date applicable to the Production Run in which such Product
                  was processed, unless the Parties agree otherwise, or (iv)
                  beginning January 1, 2004, does not meet the Minimal
                  Commercial Yield. Any dispute regarding whether Product meets
                  the Product Specifications, cGMP, FDA regulatory requirements
                  or Minimal Commercial Yield shall be resolved by an
                  independent third-party laboratory to be selected by mutual
                  agreement of the Parties. The determination of such laboratory
                  shall be final and binding upon the Parties.

                  If any batch of Product (i) fails to meet Product
                  Specifications, (ii) fails to comply with cGMP or FDA
                  regulatory requirements, (iii) is not manufactured as required
                  by the Nabi Process or (iv) beginning January 1, 2004, does
                  not meet the

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                  Minimal Commercial Yield, in any case, due solely to Nabi's
                  negligence in processing such batch, Inhibitex shall not be
                  responsible for the costs associated with the processing of
                  such batch and Nabi shall reimburse Inhibitex for the actual
                  cost of replacing the Inhibitex Staph Plasma from which such
                  batch was processed. If a batch of Product fails to meet
                  Product Specifications due solely to Inhibitex's error or
                  negligence, Inhibitex will be responsible for the costs
                  associated with the processing of such batch. If a batch of
                  Product fails to meet Product Specifications for any other
                  reasons, the parties shall split the cost of processing such
                  batch and the actual cost of replacing the Inhibitex Staph
                  Plasma from which such batch was processed in proportion to
                  their relative fault as they mutually agree. If the Parties
                  are unable to agree on their relative fault with respect to
                  such failure within twenty (20) days after such failure is
                  finally determined, their respective fault shall be determined
                  in accordance with Section 20.11 below.

      6.3.  Payments. Inhibitex shall pay all amounts required to be paid to
            Nabi pursuant to this Agreement no later than thirty days from the
            date of invoice in accordance with the instructions set forth on
            Schedule D. Interest at a rate equal to prime commercial lending
            rate of the Bank of America from time to time plus 1% shall be paid
            on any payments received after thirty (30) days from the date of the
            applicable invoice.

      6.4.  Additional Costs.

            (a)   Inhibitex shall pay Nabi [ *** ] on the Effective Date to
                  compensate Nabi for the costs it incurs for specifications,
                  dedicated equipment, process development, support data and
                  regulatory affairs support.

            (b)   Inhibitex shall reimburse Nabi for one half of the reasonable
                  costs incurred by Nabi in the construction of a cold thaw room
                  in the Facility (up to a maximum of [ *** ]) upon completion
                  of such construction; provided, however, that such
                  construction shall be completed no later than such one year
                  after the Effective Date.

            (c)   Inhibitex shall reimburse Nabi for any material costs incurred
                  as a result of viral inactivation, process, or facility
                  modifications resulting from mandatory changes in industry
                  standards, FDA regulatory requirements and/or cGMP or, if
                  applicable to the Product, European regulatory requirements.
                  The amount that Inhibitex shall pay to Nabi under this 6.4(c)
                  will be based on whether the mandatory modifications are
                  applicable to products manufactured in the Nabi facility other
                  than the Product, to the Facility in general, or to the
                  Product only. If the modifications relate to products
                  manufactured in the Nabi facility other than the Product or to
                  the Facility in general, the costs will be divided among all
                  affected parties in proportion to the ratio of the volumes of
                  material processed by Nabi on behalf of each such party in the
                  year the modifications are implemented to Nabi's processing
                  capacity in such year. For purposes of calculating costs,
                  expenditures that relate to capital improvements which are
                  reasonably expected to be capitalized according to GAAP shall
                  be the depreciated and/or amortized over their estimated
                  lives. The annual depreciation and or amortization charges
                  shall be used to calculate the cost of these expenditures in
                  each year. If the mandatory modifications are for the Product
                  only, and Inhibitex agrees to such modifications, Inhibitex
                  will bear the total cost in the year the costs are incurred

                                       10
<PAGE>
                  by Nabi. If the mandatory modifications do not relate to the
                  Product at all, Inhibitex shall bear no cost for such
                  modifications.

            (d)   Inhibitex may, from time to time, request Nabi to make other
                  changes in the Nabi Process or to the Product Specifications,
                  etc., including additional testing, which are not the result
                  of changes in industry or regulatory standards. Inhibitex must
                  submit requests for such changes in writing to Nabi. Nabi
                  shall not unreasonably withhold its consent to any such
                  changes. Any such Inhibitex requested change(s) which result
                  in increased costs to Nabi shall be reflected in adjusted
                  pricing, to be mutually agreed upon in good faith.

      6.5.  Travel Costs. Inhibitex shall be responsible for all travel and
            accommodation expenses and other costs incurred by or payable in
            respect of employees of Nabi who provide services or expertise to
            the production and/or approval of the Product, provided that Nabi
            obtains Inhibitex's prior written approval before such costs are
            incurred.

      6.6.  Storage of Inhibitex Staph Plasma. Nabi will store Inhibitex Staph
            Plasma at the Nabi Freezer Facility until required for processing.
            Nabi will be compensated for the storage of such Inhibitex Staph
            Plasma and associated activities as follows:

            (a)   Handling and Storage        [ *** ]

            (b)   Driver and Equipment        [ *** ]

            (c)   Labor                       [ *** ]

            (d)   Grade A Pallets             [ *** ]

            (e)   Shrink Wrap                 [ *** ]

            Note: Hourly rates for Driver and Equipment/Labor will be billed for
            pulling samples and picking pools as well as normal processing in
            and out of the Facility.

7.    PROJECT MANAGERS

      7.1.  Appointment. Inhibitex and Nabi designate the following employees to
            act as Project Managers:

<TABLE>
<CAPTION>
            Appointed By   Name           Title
            ------------   ----           -----
<S>                        <C>            <C>
            Nabi           Janice Smith   Sr. Dir., Contract Manufacturing Operations
            Inhibitex      Barry Mangum   Project Manager
</TABLE>

            Inhibitex and Nabi shall be entitled to replace any Project Manager
            by giving written notice to the other Party within thirty (30) days
            prior to replacement.

      7.2.  Duties.

            The Project Managers designated by Inhibitex and Nabi shall
            communicate and coordinate all Product related activities; but shall
            not be able to change, amend or waive any terms of this Agreement
            without a written instrument signed by authorized officers of

                                       11
<PAGE>
            Inhibitex and Nabi.

8.    INTELLECTUAL PROPERTY

      8.1.  Representations of Nabi. Nabi represents to Inhibitex that:

            (a)   Nabi is the sole owner of all rights, title and interest in
                  the Nabi Intellectual Property and the Nabi Process or has
                  secured the right to use the Nabi Intellectual Property from
                  any third parties, if necessary;

            (b)   To the best of Nabi's knowledge, the Nabi Intellectual
                  Property and the Nabi Process do not infringe upon any patents
                  issued worldwide.

      8.2.  Representations of Inhibitex. Inhibitex represents to Nabi that:

            (a)   Inhibitex is the sole owner of all rights title and interest
                  in the Inhibitex Intellectual Property, or has secured the
                  right to use the Inhibitex Intellectual Property from any
                  third parties, if necessary;

            (b)   Inhibitex has not granted, and during the term of this
                  Agreement Inhibitex will not grant, any right, license or
                  privilege relating to the production of the Product to any
                  third party; and

            (c)   To the best of Inhibitex's knowledge, the Inhibitex
                  Intellectual Property does not infringe upon any patents
                  issued worldwide.

      8.3.  Inhibitex Intellectual Property. All Inhibitex Intellectual Property
            shall remain the sole property of Inhibitex. Inhibitex hereby grants
            to Nabi a non-exclusive and non-transferable royalty-free license to
            use the Inhibitex Intellectual Property solely to produce the
            Product pursuant to the terms of this Agreement. Nabi shall not be
            entitled to use the Inhibitex Intellectual Property for any purpose
            or in any manner other than as set forth in this Agreement. Nabi
            hereby disclaims any right or interest in the Inhibitex Intellectual
            Property, except for the rights to the license specifically granted
            in this Agreement.

      8.4.  Nabi Intellectual Property. All Nabi Intellectual Property shall
            remain the sole property of Nabi. Inhibitex shall not be entitled to
            use the Nabi Intellectual Property for any purpose or in any manner
            other than as set forth in this Agreement. Inhibitex hereby
            disclaims any right or interest in the Nabi Intellectual Property.

      8.5.  Improvements to Intellectual Property. All improvements or
            modifications to the Inhibitex Intellectual Property developed or
            discovered during the term of this Agreement shall be the sole
            property of Inhibitex. Nabi shall have no right, title or interest
            in such improvements or modifications. All improvements or
            modifications to the Nabi Intellectual Property and the Nabi Process
            developed or discovered during the term of this Agreement shall be
            the sole property of Nabi. Inhibitex shall have no right, title or
            interest in such improvements or modifications. Each Party shall
            promptly deliver to the other Party copies of all tangible
            embodiments of such improvements or modifications to the other
            Party's Intellectual Property.

                                       12
<PAGE>
      8.6.  Notice. Nabi shall promptly notify Inhibitex of any improvements or
            modifications to the Inhibitex Intellectual Property discovered or
            developed during the term of this Agreement by delivering paper or
            electronic copies of documents and material embodying the
            improvements or modifications to the Inhibitex Intellectual Property
            and, if necessary, by demonstration. If Inhibitex deems it
            necessary, Inhibitex shall prepare and file applications for patents
            for its products with respect to the improvements or modifications,
            in its own name. Inhibitex shall give Nabi proper notice of all
            patent applications for such improvements or modifications. Nabi
            shall provide such information and assistance reasonably requested
            by Inhibitex in connection with the preparing and filing of any
            patent applications and in connection with the prosecution thereof.
            Inhibitex shall compensate Nabi for all expenses incurred by Nabi in
            providing such information and assistance.

      8.7.  Publication. Inhibitex shall be entitled to publish any improvements
            or modifications to the Inhibitex Intellectual Property discovered
            or developed during the term of this Agreement. Inhibitex may invite
            Nabi or its employees to co-author such publications.

9.    ADDITIONAL REPRESENTATIONS, WARRANTIES AND COVENANTS

      9.1.  Representations of Nabi. Nabi represents and warrants to Inhibitex
            that, as of the Effective Date:

            (a)   the execution, delivery and performance by Nabi of this
                  Agreement (a) have been duly authorized by all requisite
                  corporate action, (b) do not and will not contravene or
                  violate the terms of the certificate of incorporation or
                  by-laws of Nabi or any requirement of law applicable to Nabi
                  or its assets, business or properties; (c) do not and will not
                  (with or without the giving of notice or the lapse of time or
                  both), conflict with, contravene, result in any violation or
                  breach of or default under any agreement under which Nabi is
                  obligated; and

            (b)   no approval, consent, compliance, exemption, authorization or
                  other action by, or notice to, or filing with or in respect
                  of, any Regulatory Authority or any other person is necessary
                  or required in connection with the execution, delivery or
                  performance by Nabi of this Agreement except consents,
                  authorizations, filings and notices which have been obtained
                  or made and are in full force and effect as of the Effective
                  Date.

      9.2.  Covenants of Nabi. Nabi hereby covenants that, throughout the term
            of this Agreement, it will maintain all licenses and approvals
            necessary to produce the Product in accordance with cGMP and FDA
            regulatory requirements.

      9.3.  Representations of Inhibitex. Inhibitex represents and warrants to
            Nabi that, as of the Effective Date:

            (a)   the execution, delivery and performance by Inhibitex of this
                  Agreement (a) have been duly authorized by all requisite
                  corporate action, (b) do not and will not contravene or
                  violate the terms of the certificate of incorporation or
                  by-laws of Inhibitex or any requirement of law applicable to
                  Inhibitex or its assets, business or properties; (c) do not
                  and will not (with or without the giving of notice or the
                  lapse of time or both), conflict with, contravene, result in
                  any violation or breach of or default under any agreement
                  under which Inhibitex is obligated; and

                                       13
<PAGE>
            (b)   no approval, consent, compliance, exemption, authorization or
                  other action by, or notice to, or filing with or in respect
                  of, any Regulatory Authority or any other person is necessary
                  or required in connection with the execution, delivery or
                  performance by Inhibitex of this Agreement except consents,
                  authorizations, filings and notices which have been obtained
                  or made and are in full force and effect as of the Effective
                  Date.

10.   BY PRODUCTS

      All By-Products resulting from Production Runs shall be the property of
      Inhibitex. The Parties agree to negotiate in good faith the terms of any
      sale of By-Products. If the Parties agree to the terms of any sale of
      By-Products, Nabi shall have the exclusive right to sell the By-Products
      on behalf of Inhibitex in accordance with such agreement.

11.   THIRD PARTY CONTRACTORS

      Inhibitex, in conjunction with Nabi, shall have the right to audit and
      inspect all third party contractors, including all vendors and testing and
      filling contractors, that Nabi may enter into agreements with in the
      performance of its obligations under this Agreement. All such third party
      contractors shall be subject to the continuing approval of both Nabi and
      Inhibitex, which approval shall not, in either case, be unreasonably
      withheld. Inhibitex reserves the right to reasonably withhold approval if
      a third party contractor fails to materially comply with any FDA
      regulatory requirement or is found to be materially deficient by an audit.
      Nabi will use its best efforts to ensure that all agreements with such
      third party contractors include provisions to maintain the confidentiality
      of Inhibitex's Proprietary Information and provide Inhibitex rights with
      respect to such contractors substantially similar to the rights with
      respect to Nabi granted to Inhibitex under Section 2.5(n).

12.   NO UNAUTHORIZED USE

      During the term of this Agreement, Nabi shall not use any materials
      supplied by Inhibitex pursuant to this Agreement for any purpose other
      than performing its obligations under this Agreement.

13.   NO DEBARMENT

      Nabi represents and warrants that neither it nor any of its employees
      involved in connection with this Agreement, is on the debarment list
      prepared by the FDA Office of Regulatory Affairs, Compliance References:
      Debarment List under Section 306(a) or Section 306(b) of the Act. Nabi
      hereby covenants and agrees that if at hire or otherwise it learns of a
      conviction of any of its employees performing hereunder of a crime that
      could reasonably lead to debarment of such employee under Section 306(a)
      or Section 306(b) of the Act it will make due inquiry as to whether such
      conviction would, in fact, lead to a debarment under Section 306(a) or
      Section 306(b) and promptly notify Inhibitex thereof. Furthermore, Nabi
      agrees to notify Inhibitex upon the notice to it of conviction or
      debarment under Section 306(a) or Section 306(b) of the Act of any of its
      employees performing hereunder.

14.   TERM

      This Agreement shall commence as of the Effective Date and shall terminate
      ten (10) years from the Effective Date. The pricing for the second five
      (5) years of the term of this

                                       14
<PAGE>
      Agreement shall be subject to adjustment as agreed to in good faith by the
      Parties at least one hundred eighty (180) days prior to the fifth (5th)
      anniversary of the Effective Date; provided, however, that Nabi shall be
      entitled to a one-time 10% processing fee increase in addition to the
      Consumer Price Index in effect in the sixth year of the Agreement.

15.   TERMINATION

      15.1. Rights of Both Parties. Either Party shall be entitled to terminate
            this Agreement by written notice having immediate effect if:

            (a)   the other Party fails to make an undisputed payment of money,
                  within ninety (90) days of due date;

            (b)   the other Party defaults in any material respect in the
                  performance of any of its obligations or any of its
                  representations or warranties under this Agreement or
                  otherwise commits any material breach of this Agreement
                  (excluding a failure to make a payment of money when due) and
                  such default is not cured within twenty (20) days after
                  written notice specifying in reasonable detail the nature of
                  such default;

            (c)   the other Party becomes bankrupt, insolvent, makes an
                  assignment for the benefit of creditors or proposes or makes
                  any arrangements for the liquidation of its debts or a
                  receiver is appointed with respect to all or any part of the
                  assets of the other Party, or the other Party ceases or
                  threatens to cease to carry on business or to wind-up its
                  business, and such Party fails to provide within sixty (60)
                  business days after notice by the other Party such specified
                  assurances of performance as are reasonably requested in
                  writing by the other Party; or

            (d)   the other Party fails to promptly secure or renew any license,
                  registration, permit, authorization or approval necessary for
                  the conduct of its business in the manner contemplated by this
                  Agreement in any significant country, or if any such license,
                  registration, permit, authorization or approval is revoked or
                  suspended and not reinstated within sixty (60) days or
                  diligent efforts are being made to effect such reinstatement.

      15.2. Right of Inhibitex. Inhibitex shall be entitled to terminate this
            Agreement by written notice having immediate effect if:

            (a)   Nabi produces Finished Product of less than Minimal Commercial
                  Yield for the first two (2) consecutive Production Runs; or

            (b)   Inhibitex does not receive FDA approval for the Product or it
                  becomes apparent, in the sole determination of Inhibitex, that
                  the Product will not be approved and Inhibitex decides to
                  cancel substantially all further activity toward Product
                  approval.

      15.3. Failure to Obtain License. If, despite their good faith efforts, the
            Parties fail to obtain the necessary sublicense or license from the
            New York Blood Center as provided in Section 2.5(v) within sixty
            (60) days of the Effective Date, then this Agreement shall be
            terminated and neither Party shall have any further obligation to
            the other under this Agreement except pursuant to Sections 16.1(a),
            (b) and (c).

                                       15
<PAGE>

16.   CONSEQUENCES OF TERMINATION

      16.1. Immediate Consequences. Upon the termination of this Agreement
            pursuant to Section 15.1 of 15.2:

            (a)   the non-exclusive and non-transferable royalty-free license
                  for the Inhibitex Intellectual Property granted by Inhibitex
                  to Nabi in Section 8.3 shall immediately terminate;

            (b)   Nabi shall cease the manufacture of the Product and dispose of
                  any in-process materials and raw materials and Product in its
                  possession in accordance with the written directions of
                  Inhibitex;

            (c)   each tangible embodiment of all Inhibitex Intellectual
                  Property and Nabi Intellectual Property shall be immediately
                  delivered to its respective owner;

            (d)   all accrued or unpaid monetary obligations as of the date of
                  termination of this Agreement shall be immediately paid; and

            (e)   the rights or remedies to which the terminating Party may be
                  entitled shall not be limited or affected by the termination
                  of this Agreement.

      16.2. Survival of Terms. Notwithstanding the termination or expiration of
            this Agreement, all obligations relating to indemnification,
            confidentiality, intellectual property and storage and maintenance
            of Product herein shall survive termination of this Agreement.

17.   INDEMNIFICATION AND RECALLS

      17.1. General Indemnification. Each Party agrees to indemnify and hold the
            other Party harmless against any and all losses, liabilities,
            damages, claims, judgments, demands, and expenses, reasonable
            attorneys fees and all other costs resulting from a claim brought by
            a third party (hereinafter collectively or individually referred to
            as a "Loss") arising out of or in connection with:

            (a)   the breach by the other Party or any of its representations or
                  warranties contained in this Agreement; or

            (b)   the non-performance, partial or total, of any covenants of the
                  other Party contained in this Agreement.

      17.2. Indemnification by Inhibitex. Without limiting the general indemnity
            provisions of Section 17.1, Inhibitex shall indemnify Nabi for any
            Loss resulting from:

            (a)   any claim brought by a third party arising out of or connected
                  with any negligence or willful misconduct of Inhibitex in
                  connection with the performance of its obligations under this
                  Agreement;

            (b)   any claim that the Product infringes any patent, copyright,
                  trade secret or other such intellectual property right of any
                  third party; or

                                       16
<PAGE>
            (c)   the costs of recall made against or sustained by Nabi or any
                  third party arising out of the use or sale of the Product, to
                  the extent that such recall is attributable to Inhibitex's
                  negligence or willful misconduct.

      17.3. Indemnification by Nabi. Without limiting the general indemnity
            provisions of Section 17.1, Nabi shall indemnify Inhibitex for any
            Loss resulting from:

            (a)   any claim brought by a third party arising out of or connected
                  with any negligence or willful misconduct of Nabi in
                  connection with the performance of its obligations under this
                  Agreement;

            (b)   any claim that the Nabi Process infringes any patent,
                  copyright, trade secret or other such intellectual property
                  right of any third party; or

            (c)   the costs of recall made against or sustained by Inhibitex or
                  any third party arising out of the use or sale of the Product,
                  to the extent that such recall is attributable to Nabi's
                  negligence or willful misconduct.

      17.4. Indemnification Procedure. As a condition to the indemnified Party's
            right to indemnification under this Section, the indemnified Party
            shall give prompt notice to the indemnifying Party of any suits,
            claims or demands by third parties which may give rise to any Loss
            for which indemnification may be required under this Section, but
            the indemnified Party's failure to do so shall not affect the
            indemnifying Party's obligation hereunder except to the extent of
            its actual damages as a result of such failure. The indemnifying
            Party shall be entitled to assume the defense and control of any
            suit, claim or demand of any third party at its own cost and
            expense. If the indemnifying Party shall assume the defense of such
            action, it shall not settle such action without the prior written
            consent of the indemnified Party, which consent shall not be
            unreasonably withheld or delayed; provided, however, that an
            indemnified Party shall not be required to consent to any settlement
            that (i) does not include as an unconditional term thereof the
            giving by the claimant or the plaintiff of an unconditional release
            of the indemnified Party from all liability with respect to such
            action or (ii) involves the imposition of equitable remedies or the
            imposition of any material obligations on such indemnified Party
            other than financial obligations for which such indemnified Party
            will be indemnified hereunder. As long as the indemnifying Party is
            contesting any such action in good faith and on a timely basis, the
            indemnified Party shall not pay or settle any claims brought in such
            action without the prior written consent of the indemnifying Party.
            Notwithstanding the assumption by the indemnifying Party of the
            defense of any action as provided in this Section 17.4, the
            indemnified Party shall be permitted to participate in the defense
            of such action and to employ counsel at its own expense; provided,
            however, that if the defendants in any action shall include both an
            indemnifying Party and any indemnified Party and such indemnified
            Party shall have reasonably concluded that counsel selected by
            indemnifying Party has a potential conflict of interest because of
            the availability of different or additional defenses to such
            indemnified Party, such indemnified Party shall have the right to
            select separate counsel to participate in the defense of such action
            on its behalf, at the expense of the indemnifying Party, it being
            understood, however, that the indemnifying Party shall not be liable
            for the reasonable fees and expenses of more than one separate firm
            of attorneys at any time for all indemnified parties (in addition to
            local counsel) in such action or group of related actions.

                                       17
<PAGE>
            If the indemnifying Party shall fail to notify the indemnified Party
            of its desire to assume the defense of any such action within the
            prescribed period of time, or shall notify the indemnified Party
            that it will not assume the defense of any such action, then the
            indemnified Party may assume the defense of any such action, in
            which event it may do so acting in good faith in such manner as it
            may deem appropriate, and the indemnifying Party shall be bound by
            any determination made in such action.

      17.5. Recalls.

            Inhibitex shall have the right to control the arrangement of any
            recall of the Product, and the Parties will cooperate with each
            other in implementing such recall. Specifically, the Parties shall
            cooperate in the event of a Product recall with respect to the
            reshipment, storage and disposal of recalled Product; the
            preparation and maintenance of relevant reports and records; and
            notification to any recipients or users. In the event that any
            governmental agency or authority issues a recall or takes similar
            action in connection with the Product, or in the event either Party
            determines that an event, incident or circumstance has occurred
            which may result in the need for a recall or market withdrawal, the
            Party with such information shall, within twenty-four (24) hours,
            advise the other Party of the circumstances by telephone or
            facsimile. Except as otherwise provided in Section 17.2 and Section
            17.3 above, each Party shall bear the costs it incurs in connection
            with any recall.

18.   CONFIDENTIALITY

      18.1. Confidentiality. Inhibitex and Nabi shall not disclose any to any
            third party any Proprietary Information of the other Party received
            pursuant to this Agreement or otherwise, or use any such Proprietary
            Information in any manner, or for any purpose, that is not expressly
            permitted hereby, without the prior written consent of such other
            Party. These obligations shall not apply to:

            (a)   information which is known to the receiving Party on a
                  non-confidential basis prior to the time of disclosure and
                  documented by written records;

            (b)   information disclosed to the receiving Party by a third party
                  which has a right to make such disclosure;

            (c)   information which is independently developed by the receiving
                  Party without use of the Proprietary Information of the other
                  Party and documented by written records;

            (d)   information which becomes patented, published or otherwise
                  part of the public domain other than as a result of a breach
                  by the receiving Party of its obligations hereunder; or

            (e)   information which is required to be disclosed by law or
                  regulation or in response to a valid order of a court or other
                  governmental body, but only to the extent of and for the
                  purpose of such law, regulation or order, and only if the
                  receiving Party first notifies the disclosing Party of the
                  required disclosure and permits the disclosing Party, at its
                  expense, to seek an appropriate legal remedy to maintain the
                  information in secret.

                                       18
<PAGE>
            Upon request by the Party providing the Proprietary Information, at
            the expiration or earlier termination of this Agreement, the other
            Party shall return all Proprietary Information and all copies
            thereof that are in its possession. Each Party, if it so desires,
            may retain in the files of its legal counsel, for archival purposes
            only, one copy of all materials returned so as to provide a record
            of such disclosure and return.

      18.2. Remedies. Because of the unique nature of the Proprietary
            Information, each Party acknowledges and agrees that the other Party
            would suffer irreparable injury if such Party fails to comply with
            the obligations in this Section 18 and that monetary damages would
            be inadequate to compensate such Party for such breach. Accordingly,
            each Party agrees that the other Party will, in addition to any
            other remedies available to it at law, in equity or, without
            limitation, otherwise, be entitled to injunctive relief and/or
            specific performance to enforce the terms, or prevent or remedy the
            violation, of this Section 18. This provision shall not constitute a
            waiver by either Party of any rights to damages or other remedies
            which it may have pursuant to this Agreement or otherwise.

19.   COMPETITIVE PRODUCT

            Permitted Activities. It is acknowledged and understood by the
            Parties that Nabi may have developed or may be in the process of
            developing a Competitive Product. Subject to Sections 8 and 18 of
            this Agreement, nothing in this Agreement shall prohibit or restrict
            Nabi from using the Nabi Intellectual Property and the Nabi Process
            to develop and manufacture a Competitive Product for its own use or
            another third party during the term of this Agreement.

20.   MISCELLANEOUS PROVISIONS

      20.1. Notice. Any notice permitted or required by this Agreement shall be
            in writing and shall be delivered, mailed postage prepaid or sent by
            e-mail, facsimile or express courier service to the following
            addresses:

            Inhibitex:

                        Inhibitex, Inc.
                        8995 Westside Parkway, Suite 150
                        Alpharetta, GA  30004
                        Attention:  Barry Mangum
                        Telephone: (678) 336-2600
                        Facsimile: (678) 336-4193
                        email: bmangum@inhibitex.com

            with a copy to:

                        Swidler Berlin Shereff Friedman, LLP
                        405 Lexington Avenue
                        New York, NY 10174
                        Attn:  David S. Rosenthal
                        Telephone: 212-973-0111
                        Facsimile: 212-891-9598
                        email: dsrosenthal@swidlaw.com

                                       19
<PAGE>
            Nabi:

                        Nabi
                        5800 Park of Commerce Boulevard, N.W.
                        Boca Raton, Florida  33487
                        Attention:  Janice Smith, Sr. Dir. Contract
                                    Manufacturing Operations
                        Telephone: (561) 989-5775
                        Facsimile: (561) 989-5897
                        email: jsmith@nabi.com

            with a copy to:

                        Nabi
                        5800 Park of Commerce Boulevard, N.W.
                        Boca Raton, Florida  33487
                        Attention:  General Counsel
                        Telephone: (561) 989-5850
                        Facsimile: (561) 989-5889
                        email: amack@nabi.com

            All such notices shall:

            (i)   if delivered, be deemed to have been given on receipt;

            (ii)  if transmitted by e-mail or facsimile, be deemed to have been
                  given on the day they were sent; and

            (iii) if express courier, be deemed to have been given on the first
                  day following the date of sending.

      20.2. Entire Agreement. This Agreement, including all attached Schedules
            and Exhibits which are hereby incorporated by reference into this
            Agreement, is the entire agreement between the parties with respect
            to its subject matter and supersedes all other agreements, oral or
            written, relating to its subject matter. There are no other
            representations, understandings or agreements between the Parties
            relative to such subject matter.

      20.3. Modifications. No modifications or amendments to this Agreement
            shall be valid unless in writing and signed by an authorized officer
            of Inhibitex and Nabi.

      20.4. Waiver. No waiver by either Party or any default shall operate as a
            waiver of any other default or of the same default on a future
            occasion.

      20.5. Public Announcements. No public announcement relating to the Product
            or this Agreement shall be made by either Party without the prior
            written consent of the other Party, and neither Party shall use the
            name of the other Party to this Agreement, any trademark or trade
            name, or the name of any employee of the other Party in any
            advertising or news release without the prior consent of the other
            Party. Notwithstanding the foregoing, either Party may at any time
            make any announcement which is required by applicable law, agency
            regulation or administrative order.

                                       20
<PAGE>
      20.6. Assignment. Neither Party shall assign this Agreement or any of its
            rights or obligations hereunder without the express written consent
            of the other Party, except as hereinafter provided. With prior
            written notice to the other Party, either Party, without the other
            Party's consent, may assign this Agreement to (i) an Affiliate, or
            (ii) a successor of substantially its entire assets relating to the
            products to be sold or the services to be performed hereunder, who
            shall expressly assume in writing the performance of all of the
            terms and conditions of this Agreement then to be performed by such
            successor as if it were named herein as a party; provided, however,
            that prior to the consummation of any such assignment by Nabi, Nabi
            shall use good faith efforts to produce and deliver to Inhibitex
            Product sufficient to satisfy Inhibitex's reasonable requirements
            for eighteen (18) months. Any such assignment by Nabi shall not have
            an adverse regulatory effect on Inhibitex or the Product. Any
            purported assignment of this Agreement other than as provided in
            this Section 20.6 shall be void. This Agreement shall be binding on
            and enure to the benefit of each Party's successors and permitted
            assigns.

      20.7. Relationship. Inhibitex and Nabi are independent contractors and
            nothing herein shall be deemed to establish a relationship of
            principal and agent between Inhibitex and Nabi, nor any of their
            agents or employees for any purpose whatsoever. This Agreement shall
            not be construed as constituting Inhibitex and Nabi as partners, or
            creating any other form of legal association or arrangement which
            would impose liability upon one Party for the act or failure to act
            of the other Party.

      20.8. Currency. All payments required to be made under this Agreement
            shall be made in legal currency of the United States of America. All
            dollar amounts set forth in this Agreement are in United States
            dollars.

      20.9. Force Majeure. Failure of either Party to perform its obligations
            under this Agreement shall not subject such Party to any liability
            to the other Party if such failure is caused by any event and/or
            circumstances beyond the reasonable control of such non-performing
            Party, including, but not limited to, acts of God, fire, explosion,
            flood, drought, war, terrorism, riot, sabotage, embargo, strikes or
            other labor trouble, failure in whole or in part of suppliers to
            deliver on schedule materials, equipment or machinery, interruption
            of or delay in transportation, or national health emergency or
            material regulatory change (an "Event of Force Majeure"). The Party
            suffering an Event of Force Majeure shall use reasonable efforts to
            perform its obligations hereunder as soon as practicable. If such
            Party is not able to perform its obligations hereunder within ninety
            (90) days of the Event of Force Majeure, the other Party may
            terminate this agreement without liability.

      20.10. Governing Law. This Agreement shall be governed by and construed in
            accordance with the laws of the State of New York, USA without
            regard to the choice of law provisions thereof.

      20.11. Dispute Resolution. All disputes arising between the Parties under
            this Agreement shall be settled by arbitration conducted in
            accordance with the procedures of the commercial international
            Arbitration Rules of the American Arbitration Association. In
            addition, each Party shall have the right to take discovery of the
            other Party by any or all methods provided in the United States
            Federal Rules of Civil Procedure. The arbitrator(s) may upon request
            exclude any evidence not made available to the other Party pursuant
            to a proper discovery request from being used in the arbitration
            proceeding. Any arbitration proceeding will be held in New York
            City, New York, USA.

                                       21
<PAGE>
      20.12. Severance. If any provision of this Agreement should be or become
            fully or partly invalid or unenforceable for any reason whatsoever
            or violate any applicable law, this Agreement is to be considered
            divisible as to such provision and such provision is to be deleted
            from this Agreement and the remainder of this Agreement shall be
            deemed valid and binding as if such provision were not included. A
            suitable provision which, as far as legally possible, comes nearest
            to what the Parties desired according to the sense and purpose of
            this Agreement, had this point been considered when concluding this
            Agreement, shall be substituted for any such provision deemed to be
            deleted.

21.   LIST OF EXHIBITS AND SCHEDULES

            The Exhibits and Schedules listed in this provision and attached
            herewith are fully a part of this Agreement and cannot be modified
            unless mutually agreed between the Parties:

                   Schedule A  Bulk Product Specifications
                   Schedule B  Finished Product Specifications
                   Schedule C  Matrix of Responsibilities
                   Schedule D  Terms of Payment
                   Schedule E  PCR/NAT Testing
                   Exhibit I   Bulk Certificate of Analysis
                   Exhibit II  Finished Product Certificate of Analysis
                   Exhibit III Binding Volume Estimate Flow Chart

                                       22
<PAGE>
      IN WITNESS WHEREOF, the proper officers of the parties hereto have
executed this Agreement.

INHIBITEX, INC.                      NABI

By:   /s/ William D. Johnston        By:   /s/ Thomas H. McLain
    -------------------------            ----------------------
    Name: William D. Johnston            Name: Thomas H. McLain
    Title: President and CEO             Title: Executive Vice President and COO

                                       23
<PAGE>
                                   SCHEDULE A

                           BULK PRODUCT SPECIFICATIONS

                                     [ *** ]

                                       24
<PAGE>
                                   SCHEDULE B

                         FINISHED PRODUCT SPECIFICATIONS

                                     [ *** ]

                                       25
<PAGE>
                                   Schedule C

                           MATRIX OF RESPONSIBILITIES

            Man   - manufacturing            I  - informed
            QA    - quality assurance        C  - contributes
            QC    - quality control          R  - responsible
            FA    - final approval           A  - audits

<TABLE>
<CAPTION>
                TASK                               NABI          INHIBITEX
                                             MAN    QC    QA
<S>                                          <C>   <C>    <C>    <C>
Procure components                            R      C    C        A
Procure chemicals                             R      C    C        A
Select Equipment                              R      I    C        I
Procure plasma                                I      I    I        R
Test & release components                     I      R    A        A*
Test & release Chemicals                      I      R    A        I
Generate in process Q.C. specifications       R      C    C        I
Sub-Contractor Activities                     I      I    R        A
Perform IQ (equipment)                        R      I    A        I
Manufacture Products                          R      C    A        A
Perform environmental monitoring              I      R    A        A
Record Issuance/Review                        C      I    R       A/R
Lot Release                                   I      C    R        FA
Regulatory Inspections                        I      I    R        I
Document Control                              I      I    R        A
Change Control                                C      C    R        I
Product Recall                                I      I    C        R
Variance Approval                             I      I    R        C
Complaint Investigation                       I      I    C        R
Non-conforming material review                C      C    R        FA
Calibration Program                           R      I    A        I
Preventative Maintenance Program              R      I    A        I
</TABLE>

--------------
* results of nucleic acid testing will be sent to Inhibitex for notification of
suppliers of Inhibitex Staph Plasma.

                                       26
<PAGE>
                                   SCHEDULE D

                                TERMS OF PAYMENT

1.    Processing Fees

Nabi will invoice Inhibitex for processing of each liter of Inhibitex Staph
Plasma processed in the manufacture of the Product as per the following
schedule.

For [ *** ] batches, [ *** ] per batch. For [ *** ] batches, the processing fee
shall depend on the yield as follows:

            batches that yield [ *** ];
            batches that yield [ *** ];
            batches that yield [ *** ]; and
            batches that yield [ *** ].

Processing fees are inclusive of all costs except the cost of plasma, any
solvent/detergent royalty, PCR/NAT testing, non-routine quality control testing,
shipping to and from Nabi and shipping to and from the filling contractor.
Beginning in 2003, processing fees will be adjusted annually based on the
increase in the Consumer Price Index for the preceding year.

The yields above [ *** ] can be pro-rated but the yields below [ *** ] cannot.
All yields are commercial yields.

Nabi will invoice Inhibitex for the Finished Product upon shipment.

2.    Cancellation Fees.

If either Party cancels any binding Production Run, then it shall pay to the
other Party the following cancellation fees per batch for the calendar year
affected by the cancellation:

<TABLE>
<CAPTION>
           Date of Notice of Cancellation    Cancellation Fees
           ------------------------------    -----------------
<S>                                          <C>
             Less than or equal to 3             [ *** ]
             months before the
             Production Run Date

             More than 3 months and              [ *** ]
             less than or equal to 6
             months before the
             Production Run Date

             More than 6 months and              [ *** ]
             less than or equal to 9
             months before  the
             Production Run Date

             More than 9 months and              [ *** ]
             less than or equal to 12
             months before the
             Production Run Date

             More than 12 months                 [ *** ]
             before the Production
             Run Date
</TABLE>

                                       27
<PAGE>
3.    Payment Instructions.

Payment terms are net 30 days from invoice date, payable by wire transfer to the
following account:

      If to Nabi, to:

                        Bank of America
                        140 Elm Street, 3rd Floor
                        Dallas, TX  75202-2911
                        Acct. No.: 375-016-8862
                        ABA No.: 1110-0001-2
                        Swift code: NABKUS 44 DAL

      If to Inhibitex, to:

                        Bank of America
                        600 Peachtree St., NE, Suite 1100
                        Atlanta, GA  30308
                        ABA:  061000052
                        Name of Account:  INHIBITEX, INC.
                        Account #:  325 670 7615

                                       28
<PAGE>
                                   SCHEDULE E

                                 PCR/NAT TESTING

Nabi or its agent will test pooled plasma and individual donations for
infectious diseases according to the following price schedule and according to
Nabi SOPs:

      Master pools standard prices
      Two reactions per primer set Qualitative

      HIV RNA PCR      [  ***  ]
      HCV RNA PCR      [  ***  ]
      HBV DNA PCR      [  ***  ]
      HAV RNA PCR      [  ***  ]
      Parvo DNA PCR    [  ***  ]

      Primary pools/Individual donor/Standard prices
      One reaction per primer set Qualitative

      HIV RNA PCR      [  ***  ]
      HCV RNA PCR      [  ***  ]
      HBV DNA PCR      [  ***  ]
      HAV RNA PCR      [  ***  ]
      Parvo DNA PCR    [  ***  ]

Nabi or its agent will pool Inhibitex donations at a charge of $1.50 per
donation.

Nabi will review test results. Nabi will notify Inhibitex in writing within five
(5) business days of discovery of a reactive unit(s). Inhibitex will be
responsible for notification of reactive donors to the applicable Plasma
Collection Center and notification of Nabi to pull and destroy units found
reactive. Upon such notification, Nabi shall pull and destroy such units in
accordance with Nabi SOPs.

                                       29
<PAGE>
                                    EXHIBIT I

                          BULK CERTIFICATE OF ANALYSIS

                         QUALITY ASSURANCE BATCH RELEASE

PRODUCT NAME:
             ---------------------------------------------------

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

LOT NUMBER:
           -----------------------------------------------------

MANUFACTURER:

      NAME:
           -----------------------------------------------------

      ADDRESS:
              --------------------------------------------------

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

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

FDA LICENSE #:
              --------------------------------------------------

QUANTITY RELEASED:
                  ----------------------------------------------

SIZE OF PACKAGE:
                ------------------------------------------------

EXPIRATION DATE:
                ------------------------------------------------

[ ]   FULL RELEASE     [ ] LIMITED RELEASE

COMMENTS:
         -------------------------------------------------------

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

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

QA Batch Review and Released By                             Date

                                       30
<PAGE>
                                   EXHIBIT II

                    FINISHED PRODUCT CERTIFICATE OF ANALYSIS

                         QUALITY ASSURANCE BATCH RELEASE

PRODUCT NAME:
             ---------------------------------------------------

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

LOT NUMBER:
           -----------------------------------------------------

MANUFACTURER:

      NAME:
           -----------------------------------------------------

      ADDRESS:
              --------------------------------------------------

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

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

FDA LICENSE #:
              --------------------------------------------------

QUANTITY RELEASED:
                  ----------------------------------------------

SIZE OF PACKAGE:
                ------------------------------------------------

EXPIRATION DATE:
                ------------------------------------------------

[ ]   FULL RELEASE     [ ] LIMITED RELEASE

COMMENTS:
         -------------------------------------------------------

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

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

QA Batch Review and Released By                             Date

                                       31
<PAGE>
                                   EXHIBIT III

                       BINDING VOLUME ESTIMATE FLOW CHART

                                     [ *** ]

                                       32

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