Document:

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                                                                     EXHIBIT 4.5

THIS WARRANT AND THE SECURITIES ISSUABLE UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
STATE SECURITIES LAW, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER THE ACT OR IN A TRANSACTION WHICH, IN THE OPINION OF COUNSEL
REASONABLY SATISFACTORY TO PHARMION CORPORATION, QUALIFIES AS AN EXEMPT
TRANSACTION UNDER THE ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

                              PHARMION CORPORATION

                    Series B Preferred Stock Purchase Warrant

                  PHARMION CORPORATION, a Delaware corporation (the "Company"),
hereby certifies that, for value received, CELGENE CORPORATION, a Delaware
corporation, or its assigns (the "Holder"), is entitled, subject to the terms
set forth below, to purchase from the Company, at any time and from time to time
during the Exercise Period (as defined below) at a purchase price per share
equal to the Purchase Price (as defined below), in whole or in part, that number
of fully paid and non-assessable shares of the Series B Preferred Stock, par
value 0.001 per share, of the Company as shall equal the Exercise Number (as
defined below). The Purchase Price, the Exercise Number and the character of
shares subject to this Warrant are subject to adjustment as provided below, and
the term "Series B Preferred Stock" shall mean, unless the context otherwise
requires, the stock or other securities or property at the time deliverable upon
the exercise of this Warrant. This Warrant is herein called the "Warrant."

                  1.       DEFINITIONS. As used herein, the following terms
shall have the following respective meanings:

                  1.1.     "Exercise Number" shall mean 1,701,805 shares of
Series B Preferred Stock, as such number may be adjusted as provided below.

                  1.2.     "Exercise Period" shall mean the period commencing
with the first anniversary of the date hereof and ending on the seventh
anniversary of the date hereof.

                  1.3.     "Purchase Price" shall mean $2.09 per share of Series
B Preferred Stock, subject to adjustment pursuant to Section 4 below.

                  2.       EXERCISE OF WARRANT. The purchase rights evidenced by
this Warrant shall be exercised by the Holder surrendering this Warrant, with
the form of subscription at the end hereof duly executed by the Holder, to the
Company at its office in Boulder, Colorado, accompanied by payment, of an amount
(the "Exercise Payment") equal to the Purchase Price multiplied by the number of
shares being purchased pursuant to such exercise, payable to the Company in
cash, by certified or official bank check, or by wire transfer of the Exercise
Payment to an account specified by the Company.

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                           This Warrant may be exercised for less than the full
number of shares of Series B Preferred Stock, in which case the number of shares
receivable upon the exercise of this Warrant as a whole, and the sum payable
upon the exercise of this Warrant as a whole, shall be proportionately reduced.
Upon any such partial exercise, the Company at its expense will forthwith issue
to the Holder a new Warrant or Warrants of like tenor calling for the number of
shares of Series B Preferred Stock as to which rights have not been exercised,
such Warrant or Warrants to be issued in the name of the Holder hereof or his or
its nominee (upon payment by the Holder of any applicable transfer taxes).

                  3.       DELIVERY OF STOCK CERTIFICATES ON EXERCISE. As soon
as practicable after the exercise of this Warrant and payment of the Purchase
Price, and in any event within ten (10) days thereafter, the Company, at its
expense, will cause to be issued in the name of and delivered to the Holder a
certificate or certificates for the number of fully paid and non-assessable
shares or other securities or property to which the Holder shall be entitled
upon such exercise, plus, in lieu of any fractional share to which the Holder
would otherwise be entitled, cash in an amount determined in accordance with
Section 4.5 hereof. The Company agrees that the shares so purchased shall be
deemed to be issued to the Holder as the record owner of such shares as of the
close of business on the date on which this Warrant shall have been surrendered
and payment made for such shares as aforesaid.

                  4.       ANTI-DILUTION PROVISIONS AND OTHER ADJUSTMENTS. In
order to prevent dilution of the right granted hereunder, the Purchase Price
shall be subject to adjustment from time to time in accordance with this Section
4. Upon each adjustment of the Purchase Price pursuant to this Section 4, the
registered Holder of this Warrant shall thereafter be entitled to acquire upon
exercise, at the Purchase Price resulting from such adjustment, the number of
shares of Series B Preferred Stock obtainable by multiplying the Purchase Price
in effect immediately prior to such adjustment by the number of shares of Series
B Preferred Stock acquirable immediately prior to such adjustment and dividing
the product thereof by the Purchase Price resulting from such adjustment.

                  4.1.     Subdivisions and Combinations. In case the Company
shall at any time (i) subdivide the outstanding Series B Preferred Stock or (ii)
issue a stock dividend on its outstanding Series B Preferred Stock, the Purchase
Price in effect immediately prior to such subdivision or dividend shall be
proportionately reduced by the same ratio as the subdivision or dividend. In
case the Company shall at any time combine its outstanding Series B Preferred
Stock, the Purchase Price in effect immediately prior to such combination shall
be proportionately increased by the same ratio as the combination.

                  4.2.     Reorganization, Reclassification, Consolidation,
Merger or Sale of Assets. If any capital reorganization or reclassification of
the capital stock of the Company, or consolidation or merger of the Company with
or into another corporation, or the sale of all or substantially all of its
assets to another corporation shall be effected in such a way that holders of
Series B Preferred Stock shall be entitled to receive stock, securities, cash or
other property with respect to or in exchange for Series B Preferred Stock,
then, as a condition of such reorganization, reclassification, consolidation,
merger or sale, lawful and adequate provision shall be made whereby the Holder
shall have the right to acquire and receive, upon exercise of this Warrant, such
shares of stock, securities, cash or other property issuable or payable (as part

                                      -2-

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of the reorganization, reclassification, consolidation, merger or sale) with
respect to or in exchange for such number of outstanding shares of the Series B
Preferred Stock as would have been received upon exercise of this Warrant at the
Purchase Price then in effect. The Company will not effect any such
consolidation, merger or sale, unless prior to the consummation thereof the
successor corporation (if other than the Company) resulting from such
consolidation or merger or the corporation purchasing such assets shall assume
by written instrument mailed or delivered to the Holder at the last address of
the Holder appearing on the books of the Company, the obligation to deliver to
the Holder such shares of stock, securities cash or other property as, in
accordance with the foregoing provisions, the Holder may be entitled to
purchase.

                  4.3.     Notices of Record Date, Etc.

                  (a)      In the event that:

                  (i)      the Company shall declare any cash dividend upon its
         Series B Preferred Stock, or

                  (ii)     the Company shall declare any dividend upon its
         Series B Preferred Stock payable in stock or make any special dividend
         or other distribution to the holders of its Series B Preferred Stock,
         or

                  (iii)    the Company shall offer for subscription pro rata to
         the holders of its Series B Preferred Stock any additional shares of
         stock of any class or other rights, or

                  (iv)     there shall be any capital reorganization or
         reclassification of the capital stock of the Company, including any
         subdivision or combination of its outstanding shares of Series B
         Preferred Stock, or consolidation or merger of the Company with, or
         sale of all or substantially all of its assets to, another corporation,
         or

                  (v)      there shall be a voluntary or involuntary
         dissolution, liquidation or winding up of the Company;

then, in connection with such event, the Company shall give to the Holder:

                  (b)      at least twenty (20) days' prior written notice of
the date on which the books of the Company shall close or a record shall be
taken for such dividend, distribution or subscription rights or for determining
rights to vote in respect of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up; and

                  (c)      in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, at least twenty (20) days' prior written notice of the date when the
same shall take place. Such notice in accordance with the foregoing clause (i)
shall also specify, in the case of any such dividend, distribution or
subscription rights, the date on which the holders of Series B Preferred Stock
shall be entitled thereto, and such notice in accordance with the foregoing
clause (ii) shall also specify the date on which the holders of Series B
Preferred Stock shall be entitled to exchange their Series B Preferred Stock for
securities or other property deliverable upon such reorganization,
reclassification consolidation, merger, sale, dissolution, liquidation or
winding up, as the case may be. Each such written

                                      -3-

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notice shall be given by first class mail, postage prepaid, addressed to the
Holder at the address of the Holder as shown on the books of the Company.

                  4.4.     Adjustment by Board of Directors. If any event occurs
as to which, in the opinion of the Board of Directors of the Company, the
provisions of this Section 4 are not strictly applicable or if strictly
applicable would not fairly protect the rights of the Holder in accordance with
the essential intent and principles of such provisions, then the Board of
Directors shall make an adjustment in the application of such provisions, in
accordance with such essential intent and principles, so as to protect such
rights as aforesaid, but in no event shall any adjustment have the effect of
increasing the Purchase Price as otherwise determined pursuant to any of the
provisions of this Section 4 except in the case of a combination of shares of a
type contemplated in Section 4.1 and then in no event to an amount larger than
the Purchase Price as adjusted pursuant to Section 4.1.

                  4.5.     Fractional Shares. The Company shall not issue
fractions of shares of Series B Preferred Stock upon exercise of this Warrant or
scrip in lieu thereof. If any fraction of a share of Series B Preferred Stock
would, except for the provisions of this Section 4.5, be issuable upon exercise
of this Warrant, the Company shall in lieu thereof pay to the person entitled
thereto an amount in cash equal to such fraction, calculated to the nearest
one-hundredth (1/100) of a share, multiplied by the product obtained by
multiplying the conversion rate then in effect for one share of Series B
Preferred Stock by the fair market value of a share of Common Stock, determined
as of the date of exercise in good faith by the Company's Board of Directors.

                  4.6.     Officers' Statement as to Adjustments. Whenever the
Purchase Price shall be adjusted as provided in Section 4 hereof, the Company
shall forthwith file at each office designated for the exercise of this Warrant,
a statement, signed by the Chairman of the Board, the President, any Vice
President or Treasurer of the Company, showing in reasonable detail the facts
requiring such adjustment and the Purchase Price that will be effective after
such adjustment. The Company shall also cause a notice setting forth any such
adjustments to be sent by mail, first class, postage prepaid, to the record
Holder at his or its address appearing on the stock register. If such notice
relates to an adjustment resulting from an event referred to in Section 4.3,
such notice shall be included as part of the notice required to be mailed and
published under the provisions of Section 4.3 hereof.

                  5.       NO DILUTION OR IMPAIRMENT. The Company will not, by
amendment of its certificate of incorporation or through reorganization,
consolidation, merger, dissolution, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder against dilution or
other impairment. Without limiting the generality of the foregoing, the Company
will not increase the par value of any shares of stock receivable upon the
exercise of this Warrant above the amount payable therefor upon such exercise,
and at all times will take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and
non-assessable stock upon the exercise of this Warrant.

                                      -4-

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                  6.       RESERVATION OF STOCK, ETC., ISSUABLE ON EXERCISE OF
WARRANTS. The Company shall at all times reserve and keep available out of its
authorized but unissued stock, solely for the issuance and delivery upon the
exercise of this Warrant and other similar Warrants, such number of its duly
authorized shares of Series B Preferred Stock as from time to time shall be
issuable upon the exercise of this Warrant and all other similar Warrants at the
time outstanding.

                  7.       CONVERSION OF SERIES B PREFERRED STOCK. In the event
that (i) the Company redeems the Series B Preferred Stock or (ii) conversion of
the Series B Preferred Stock into Common Stock becomes mandatory, in each case
in accordance with the provisions of the Company's Certificate of Incorporation,
as amended, relating to the Series B Preferred Stock, then all references in
this Warrant to "Series B Preferred Stock," "Series B Preferred Stock or Common
Stock" or "Series B Preferred Stock and Common Stock" shall be deemed to be
references solely to the Common Stock and this Warrant shall become exercisable
for shares of Common Stock in accordance with its terms as so altered. The
number of shares of Common Stock issuable upon exercise of this Warrant shall
equal the number of shares of Series B Preferred Stock issuable upon exercise of
this Warrant multiplied by the conversion rate for the Series B Preferred Stock
in effect immediately prior to the redemption or mandatory conversion, as the
case may be.

                  8.       REPRESENTATIONS OF HOLDER.

                  8.1.     Acquisition of Warrant for Personal Account. The
Holder represents and warrants that it is acquiring this Warrant solely for its
account for investment and not with a view to or for sale or distribution of
said Warrant or any part hereof. The Holder also represents that the entire
legal and beneficial interests of this Warrant is being acquired for, and will
be held for, its account only.

                  8.2.     Securities Are Not Registered.

                  (a)      The Holder understands that this Warrant, the shares
of Series B Preferred Stock issuable upon its exercise and the Common Stock
issuable upon conversion of the Series B Preferred Stock have not been
registered under the Act, on the basis that no distribution or public offering
of the stock of the Company is to be effected. The Holder realizes that the
basis for the exemption may not be present if, notwithstanding its
representations, the Holder has a present intention of acquiring the securities
for a fixed or determinable period in the future, selling (in connection with a
distribution or otherwise), granting any participation in, or otherwise
distributing the securities. The Holder has no such present intention.

                  (b)      The Holder recognizes that this Warrant, the shares
of Series B Preferred Stock issuable upon its exercise and the Common Stock
issuable upon conversion of the Series B Preferred Stock must be held
indefinitely unless they are subsequently registered under the Act or an
exemption from such registration is available. The Holder recognizes that the
Company has no obligation to register this Warrant or such securities or to
comply with any exemption from such registration.

                                      -5-

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                  (c)      The Holder is aware that neither this Warrant, the
shares of Series B Preferred Stock issuable upon its exercise nor the Common
Stock issuable upon conversion of the Series B Preferred Stock may be sold
pursuant to Rule 144 adopted under the Act unless certain conditions are met,
including, among other things, the existence of a public market for the shares,
the availability of certain current public information about the Company, the
resale following the required holding period under Rule 144 and the number of
shares being sold during any three month period not exceeding specified
limitations. Holder is aware that the conditions for resale set forth in Rule
144 have not been satisfied and that the Company presently has no plans to
satisfy these conditions in the foreseeable future.

                  8.3.     Disposition of Warrant and Exercise Shares.

                  (a)      The Holder further agrees not to make any disposition
of all or any part of this Warrant, the shares of Series B Preferred Stock
issuable upon its exercise or the Common Stock issuable upon conversion of the
Series B Preferred Stock in any event unless and until:

                  (i)      The Company shall have received a letter secured by
         the Holder from the Securities and Exchange Commission stating that no
         action will be recommended to the Commission with respect to the
         proposed disposition; or

                  (ii)     There is then in effect a registration statement
         under the Act covering such proposed disposition and such disposition
         is made in accordance with said registration statement; or

                  (iii)    The Holder shall have notified the Company of the
         proposed disposition and shall have furnished the Company with a
         detailed statement of the circumstances surrounding the proposed
         disposition, and if reasonably requested by the Company, the Holder
         shall have furnished the Company with an opinion of counsel for the
         Holder, reasonably satisfactory to the Company, to the effect that such
         disposition will not require registration of such Warrant or underlying
         securities under the Act or any applicable state securities laws.

                  (b)      The Holder understands and agrees that all
certificates evidencing the securities to be issued to the Holder upon exercise
of this Warrant or conversion of the Series B Preferred Stock shall bear the
following legend:

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "ACT"), AND MAY NOT BE TRANSFERRED, SOLD, OFFERED
         FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE
         REGISTRATION UNDER THE ACT OR IN A TRANSACTION WHICH, IN THE OPINION OF
         COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, QUALIFIES AS AN EXEMPT
         TRANSACTION UNDER THE ACT AND THE RULES AND REGULATIONS PROMULGATED
         THEREUNDER.

                  (c)      Notwithstanding anything to the contrary in this
Warrant, the Holder shall not dispose of any of the securities issuable upon
exercise of this Warrant until the earlier of (i)

                                      -6-

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the third anniversary of the date hereof and (ii) the date which is six (6)
months after the Company's initial public offering.

                  9.       MARKET STAND-OFF AGREEMENT. Holder shall, if
requested by the Company and an underwriter of Common Stock (or other
securities) of the Company, not sell, dispose of, transfer, make any short sale
of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale, any Common Stock (or other
securities) of the Company held by Holder, for a period of time specified by the
managing underwriter(s) (not to exceed one hundred eighty (180 days) following
the effective date of a registration statement of the Company filed under the
Act, provided that: (a) such agreement shall only apply to the Company's initial
public offering; and (b) all officers and directors of the Company shall have
entered into agreements of the same duration and otherwise on substantially the
same terms.

                  10.      REPLACEMENT OF WARRANT. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and (in the case of loss, theft or destruction) upon
delivery of an indemnity agreement in form reasonably acceptable to the Company,
or (in the case of mutilation) upon surrender and cancellation thereof, the
Company will issue, in lieu thereof, a new Warrant of like tenor.

                  11.      REMEDIES. The Company stipulates that the remedies at
law of the Holder in the event of any default by the Company in the performance
of or compliance with any of the terms of this Warrant are not and will not be
adequate, and that the same may be specifically enforced.

                  12.      NEGOTIABILITY, ETC. This Warrant is issued upon the
following terms, to all of which each taker or owner hereof consents and agrees:

                  (i)      Subject to the legend appearing on the first page
         hereof, title to this Warrant may be transferred by endorsement (by the
         Holder executing the form of assignment at the end hereof including
         guaranty of signature) and delivery in the same manner as in the case
         of a negotiable instrument transferable by endorsement and delivery.
         The Company, on surrender of this Warrant, properly endorsed on such
         assignment form and subject to the provisions of this Warrant with
         respect to compliance with the Act, as its expense shall issue to or on
         the order of the Holder a new Warrant or Warrants of like tenor, in the
         name of the Holder or as the Holder (on payment by the Holder of any
         applicable transfer taxes) may direct, for the number of shares
         issuable upon exercise hereof.

                  (ii)     Any person in possession of this Warrant properly
         endorsed is authorized to represent himself as absolute owner hereof
         and is granted power to transfer absolute title hereto by endorsement
         and delivery hereof to a bona fide purchaser hereof for value; each
         prior taker or owner waives and renounces all of his equities or rights
         in this Warrant in favor of every such bona fide purchaser, and every
         such bona fide purchaser shall acquire title hereto and to all rights
         represented hereby.

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                  (iii)    Until this Warrant is transferred on the books of the
         Company, the Company may treat the registered Holder as the absolute
         owner hereof for all purposes without being affected by any notice to
         the contrary.

                  (iv)     Prior to the exercise of this Warrant, the Holder
         shall not be entitled to any rights of a shareholder of the Company
         with respect to shares for which this Warrant shall be exercisable,
         including, without limitation, the right to vote, to receive dividends
         or other distributions or to exercise any preemptive rights, and shall
         not be entitled to receive any notice of any proceedings of the
         Company, except as provided herein.

                  (v)      The Company shall not be required to pay any Federal
         or state transfer tax or charge that may be payable in respect of any
         transfer involved in the transfer or delivery of this Warrant or the
         issuance or conversion or delivery of certificates for Series B
         Preferred Stock in a name other than that of the registered Holder or
         to issue or deliver any certificates for Series B Preferred Stock upon
         the exercise of this Warrant until any and all such taxes and charges
         shall have been paid by the Holder or until it has been established to
         the Company's satisfaction that no such tax or charge is due.

                  13.      SUBDIVISION OF RIGHTS. This Warrant (as well as any
new warrants issued pursuant to the provisions of this Section) is exchangeable,
upon the surrender hereof by the Holder, at the principal office of the Company
for any number of new warrants of like tenor and date representing in the
aggregate the right to subscribe for and purchase the number of shares of Series
B Preferred Stock which may be subscribed for and purchased hereunder.

                  14.      MAILING OF NOTICES, ETC. All notices and other
communications from the Company to the Holder shall be mailed by first-class
certified mail, postage prepaid, to the address furnished to the Company in
writing by the last holder of this Warrant who shall have furnished an address
to the Company in writing.

                  15.      HEADINGS, ETC. The headings in this Warrant are for
purposes of reference only, and shall not limit or otherwise affect the meaning
hereof.

                                      -8-

<PAGE>

                  16.      CHANGE, WAIVER, ETC. Neither this Warrant nor any
term hereof may be changed, waived, discharged or terminated orally but only by
an instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought.

                  17.      GOVERNING LAW. THIS WARRANT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

                                      PHARMION CORPORATION

                                      By   /s/ Patrick J. Mahaffy
                                        ----------------------------------------
                                           Patrick J. Mahaffy, President and CEO

Dated: November 30, 2001

                                      -9-

<PAGE>

                  [TO BE SIGNED ONLY UPON EXERCISE OF WARRANT]

                                 EXERCISE NOTICE

PHARMION CORPORATION

4865 Riverbend Road
Boulder, Colorado 80301
Attention: Chief Financial Officer

                  The undersigned hereby elects to purchase, pursuant to the
provisions of the Warrant to Purchase Shares of Series B Preferred Stock, par
value $0.001 per share, issued by Pharmion Corporation and held by the
undersigned, the original of which is attached hereto, and (check the applicable
box):

[ ]      Tenders herewith payment of the Exercise Payment (as defined in the
         Warrant) in full in the form of cash, certified check or official bank
         check in the amount of $__________________ for _______________ shares
         of ______________.

[ ]      Confirms that payment of the Exercise Payment (as defined in the
         Warrant) in full by means of a wire transfer in the amount of
         $__________________ for _______________ shares of ________________ has
         been made to the Company.

                  The undersigned represents that (i) the aforesaid shares are
being acquired for the account of the undersigned for investment and not with a
view to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares;
(ii) the undersigned is aware of the Company's business affairs and financial
condition and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision regarding its investment in the Company;
(iii) the undersigned is experienced in making investments of this type and has
such knowledge and background in financial and business matters that the
undersigned is capable of evaluating the merits and risks of this investment and
protecting the undersigned's own interests; (iv) the undersigned understands
that the shares issuable upon exercise of this Warrant and the shares of Common
Stock that may be issuable upon conversion thereof have not been registered
under the Securities Act of 1933, as amended (the "Securities Act"), by reason
of a specific exemption from the registration provisions of the Securities Act,
which exemption depends upon, among other things, the bona fide nature of the
investment intent as expressed herein, and, because such securities have not
been registered under the Securities Act, they must be held indefinitely unless
subsequently registered under the Securities Act or an exemption from such
registration is available; (v) the undersigned is aware that the aforesaid
shares and shares of Common Stock may not be sold pursuant to Rule 144 adopted
under the Securities Act unless certain conditions are met and until the
undersigned has held the shares for the number of years prescribed by Rule 144,
that among the conditions for use of the Rule is the availability of current
information to the public about the Company and the Company has not made such
information available and has no present plans to do so; and (vi) the
undersigned agrees not to make any disposition of all or any part of the
aforesaid shares or shares of Common Stock unless and until there is then in
effect a registration statement under the Securities Act covering such proposed
disposition and such

                                      -10-

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disposition is made in accordance with said registration statement, or the
undersigned has provided the Company with an opinion of counsel reasonably
satisfactory to the Company, stating that such registration is not required.

               The undersigned requests that the certificates for such shares be
issued in the name of, and be delivered to ______________________, whose address
is ________________________.

Dated:

___________________________

                                             ___________________________________

(Signature must conform in all respects to name of Holder as specified on the
face of the Warrant)

                                             ___________________________________

                                                                Address

                                      -11-

<PAGE>

                  [TO BE SIGNED ONLY UPON TRANSFER OF WARRANT]

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ____________________________ the right represented by the within
Warrant to purchase __________________ shares of Series B Preferred Stock, par
value $0.001 per share, of PHARMION CORPORATION to which the within Warrant
relates, and appoints ____________________ attorney to transfer said right on
the books of PHARMION CORPORATION, with full power of substitution in the
premises.

Dated:

___________________________

                                                        ________________________

(Signature must conform in all respects to name of Holder as specified on the
face of the Warrant)

                                                        ________________________

                                                                Address

IN THE PRESENCE OF:

___________________________

                                      -12-<PAGE>

                                                                     EXHIBIT 4.6

THIS NOTE AND THE SECURITIES ISSUABLE UPON ITS CONVERSION HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH, IN
THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO PHARMION CORPORATION,
QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE SECURITIES ACT AND THE RULES AND
REGULATIONS PROMULGATED THEREUNDER.

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

                              PHARMION CORPORATION
                       SENIOR CONVERTIBLE PROMISSORY NOTE

$12,000,000                                                        April 8, 2003

                  PHARMION CORPORATION, a Delaware corporation (the "Company"),
for value received, hereby promises to pay to CELGENE CORPORATION (the
"Purchaser"), or its registered assigns, the principal amount of TWELVE MILLION
dollars ($12,000,000). The Purchaser and any registered assigns thereof are
referred to as the "Holder." This Note is originally being issued pursuant to
the Securities Purchase Agreement dated the date hereof (the "Securities
Purchase Agreement"), by and between the Company and the Purchaser, and the
Holder is entitled to all of the benefits of the Securities Purchase Agreement,
and may enforce the agreements contained herein and therein and exercise the
remedies provided for hereby and thereby or otherwise available in respect
hereof and thereof, all in accordance with the terms hereof and thereof.
Capitalized terms used and not defined herein shall have the meanings ascribed
to them in the Securities Purchase Agreement. The following terms shall apply to
this Note:

         1.       Principal and Interest Payments.

                  The principal amount of this Note shall be due and payable in
full upon April 8, 2008 (the "Maturity Date"). Interest (a) shall accrue on the
unpaid principal amount of this Note from the date hereof at the rate of 6% per
annum, (b) shall be compounded semi-annually on October 8 and April 8 of each
year and (c) shall be due and payable in cash (i) on each April 8, commencing on
April 8, 2004, (ii) on the Maturity Date of this Note, and (iii) after such
Maturity Date, on demand. Any principal and interest not paid when due (whether
at maturity or at a date fixed for prepayment or repurchase or otherwise) shall
bear interest from and including the date due to but excluding the date paid in
full at the rate of 10% per annum. Interest shall be calculated on the basis of
the actual number of days elapsed in a 365-day year and shall in no event exceed
the maximum rate permitted under applicable law.

<PAGE>

         2.       Optional Prepayment.

                  The principal amount of this Note may be prepaid without
penalty in whole or in part, together with accrued and unpaid interest thereon,
at the option of the Company upon delivery of written notice to the Holder
("Prepayment Notice") specifying a prepayment date (the "Prepayment Date") no
earlier than twenty (20) days nor later than thirty (30) days subsequent to the
delivery of such notice, provided, however, that no such Prepayment Notice shall
be issued unless the average closing price of a share of the Company's common
stock, $0.001 par value per share (the "Common Stock"), on the principal
securities market on which such shares shall then be traded for a twenty (20)
consecutive trading-day period ending within five (5) days of the issuance of
the Prepayment Notice shall have equaled or exceeded $3.75 per share
(appropriately adjusted for any stock split or combination or any stock dividend
or other recapitalization affecting such shares after the date hereof). The term
"Common Stock" shall include, unless the context otherwise requires, the stock
or other securities or property at the time deliverable upon conversion of this
Note.

         3.       Conversion.

                  3.1.     Conversion.

                  (a)      The Holder shall have the right at any time prior to
the Maturity Date or a Prepayment Date to convert in whole or in part the unpaid
principal of this Note, and accrued and unpaid interest thereon, into such
number of fully-paid and nonassessable shares of Common Stock as is determined
by dividing the aggregate amount of principal and interest to be converted by
the conversion price in effect on the date this Note is surrendered for
conversion (the "Conversion Price"); provided, that, following any Prepayment
Date, a Holder shall continue to have the right to convert any principal of this
Note that remains unpaid, together with accrued and unpaid interest thereon. The
initial Conversion Price shall be $2.75 per share of Common Stock. Such initial
Conversion Price shall be subject to adjustment as set forth in Paragraph 4.

                  (b)      The Holder shall notify the Company of its intention
to convert all or a portion of this Note pursuant to this Paragraph 3.1. Within
five (5) Business Days after the date of such notice of intention, the Company
shall deliver to the Holder a certificate, signed by the Company's Chief
Executive Officer and Chief Financial Officer, to the effect that: (i) since the
end of the Company's most recently completed fiscal year, there has been no
material adverse change in the business, assets, properties, liabilities,
condition (financial or otherwise) or results of operations of the Company or
any of its subsidiaries; (ii) there is no material action, suit or proceeding,
or governmental inquiry or investigation, pending, or, to the best of the
Company's knowledge, threatened, against the Company or any of its subsidiaries;
and (iii) neither the Company nor, to the best of the Company's knowledge, any
other party thereto is in default in any material respect of any of its
obligations under any material agreement or contract of the Company. If, for any
reason, the Company is unable to certify as to any of the above matters, it
shall so notify the Holder, and shall deliver a certificate as to the remaining
matters, within such five (5) Business Day period. The delivery of any
certificate by the Company to the Holder pursuant to this Paragraph 3.1(b) shall
not obligate the Holder to convert this Note.

                                       2

<PAGE>

                  3.2.     Automatic Conversion. The principal amount of this
Note, together with accrued and unpaid interest thereon, shall be automatically
converted into shares of Common Stock at the Conversion Price then in effect,
immediately upon the closing of a sale of the Common Stock in a firm commitment
underwritten public offering pursuant to a registration statement under the
Securities Act, the public offering price of which is not less than $3.75 per
share (appropriately adjusted for any stock split, dividend, combination or
other recapitalization affecting such shares after the date hereof) and which
results in aggregate cash proceeds to the Company of no less than $50,000,000
(net of underwriting discounts and commissions) (a "Qualifying IPO").

                  3.3.     Mechanics of Conversion. Before any Holder of this
Note shall be entitled to receive the Common Stock into which this Note has been
converted, such Holder shall surrender this Note duly endorsed at the Company's
principal corporate office and, if such conversion is being made pursuant to
Paragraph 3.1, shall give written notice to the Company, at its principal
corporate office, of the election to convert this Note, further stating therein
the amount of the principal and interest to be converted and the name or names
in which the certificate or certificates for the Common Stock are to be issued.
The Company shall, as soon as practicable after such surrender of this Note,
issue and deliver to such Holder at the address specified by such Holder, or to
the nominee or nominees of such Holder, a certificate or certificates for the
Common Stock, together with any other securities and property, to which such
person or persons shall be entitled as aforesaid. Except as otherwise provided
in Paragraph 3.2, such conversion shall be deemed to have been made immediately
prior to the close of business on the date on which this Note shall have been
surrendered for conversion and the person or persons entitled to receive the
Common Stock shall be treated for all purposes as the record holder or holders
of such Common Stock as of such date. If the conversion pursuant to Paragraph
3.1 is in connection with an underwritten offering of securities registered
pursuant to the Securities Act, the conversion may, at the option of the Holder
of this Note, be conditioned upon the closing with the underwriters of the sale
of securities pursuant to such offering, in which event the Holder shall not be
deemed to have converted this Note until immediately prior to the closing of
such sale of securities. Upon any partial conversion of this Note, the Company,
at its expense, will forthwith issue and deliver to the Holder a new Note in a
principal amount equal to the unconverted principal amount of the surrendered
Note, such new Note to be dated and to bear interest from the date to which
interest has been paid on the surrendered Note.

         4.       Adjustments.

                  4.1.     Subdivision or Combination of Stock. In the event the
Company should at any time or from time to time after the date hereof subdivide
its outstanding shares of Common Stock into a greater number of shares, the
Conversion Price in effect immediately prior to such subdivision shall be
proportionately reduced, and conversely, if the outstanding shares of Common
Stock of the Company are combined into a smaller number of shares, the
Conversion Price in effect immediately prior to such combination shall be
proportionately increased.

                  4.2.     Dividends in Common Stock, Other Stock, Property,
Reclassification. If at any time or from time to time the holders of Common
Stock receive or become entitled to receive, without payment therefor:

                                       3

<PAGE>

                  (a)      Common Stock or any shares of stock or other
securities that are at any time directly or indirectly convertible into or
exchangeable for Common Stock, or any rights, warrants or options to subscribe
for, purchase or otherwise acquire any of the foregoing by way of dividend or
other distribution;

                  (b)      any cash paid or payable otherwise than as a cash
dividend, evidences of the Company's indebtedness or any other asset; or

                  (c)      Common Stock or additional stock or other securities
or property (including cash) by way of distribution, spinoff, split-up,
reclassification, combination of shares or similar corporate rearrangement or
otherwise (other than shares of Common Stock issued as a stock split, which are
covered by the terms of Paragraph 4.1),

then, and in each such case, the Holder shall, upon the conversion of this Note,
be entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including cash
in the cases referred to in clauses (b) and (c) above) that the Holder would
have received or been entitled to receive had it been the holder of record of
such number of shares of Common Stock as of the date on which holders of Common
Stock received or became entitled to receive such shares or all other additional
stock and other securities and property.

                  4.3.     Reorganization, Reclassification, Consolidation,
Merger or Sale. If any recapitalization, reclassification or reorganization of
the capital stock of the Company, or any consolidation or merger of the Company
with another entity, or the sale of all or substantially all of its assets in
one or a series of transactions, or other transaction, is effected and, in
connection therewith, holders of Common Stock are entitled to receive stock,
securities, or other assets or property (an "Organic Change"), then, as a
condition of such Organic Change, lawful and adequate provisions shall be made
by the Company whereby the Holder shall thereafter have the right to receive (in
lieu of the shares of the Common Stock of the Company immediately theretofore
receivable upon the conversion of this Note) upon conversion of this Note such
shares of stock, securities or other assets or property as may be issued or
payable with respect to or in exchange for a number of outstanding shares of
such Common Stock equal to the number of shares of such stock immediately
theretofore receivable upon the conversion of this Note. In the event of any
Organic Change, appropriate provision shall be made by the Company with respect
to the rights and interests of the Holder of this Note to the end that the
provisions hereof (including, without limitation, provisions for adjustments of
the Conversion Price and of the number and type of shares and other securities
and property receivable upon the conversion of this Note) shall thereafter be
applicable, in relation to any shares of stock, securities or other assets or
property thereafter deliverable upon the conversion hereof. The Company shall
not effect any such consolidation, merger or sale unless, prior to the
consummation thereof, the successor entity (if other than the Company) resulting
from such consolidation or merger or the entity purchasing such assets shall
assume by written instrument delivered to the Company and to the Holder the
obligation to deliver to the Holder such shares of stock, securities or other
assets or property as, in accordance with the foregoing provisions, the Holder
may be entitled to receive, as well as the obligations of the Company set forth
in the immediately preceding

                                       4

<PAGE>

sentence. The above provisions shall similarly apply with respect to successive
recapitalizations, reclassifications, reorganizations, consolidations, mergers,
sales or other transactions.

                  4.4.     Adjustments to Conversion Price for Certain Diluting
Issues. In the event that after the date hereof any transaction or event, other
than those described in Paragraphs 4.1 through 4.3 above, occurs which, pursuant
to the provisions of the Company's Third Restated Certificate of Incorporation
(as the same may be amended or restated, the "Certificate of Incorporation"),
results in a change in the conversion price of the Company's Series C Preferred
Stock, par value $0.001 per share (the "Series C Preferred Stock"), whether by
reason of the full-ratchet or weighted average antidilution calculations
pertaining to the Series C Preferred Stock, then simultaneously with each such
change in the conversion price of the Series C Preferred Stock, the Conversion
Price shall be reset to equal 1.316 times the new conversion price of the Series
C Preferred Stock. In respect of any such adjustment, the adjusted Conversion
Price will be determined by reference to the provisions of the Company's
Certificate of Incorporation as they shall be in effect at the time of any such
transaction or event, and nothing herein contained shall be deemed to limit the
Company's right, upon receipt of the appropriate consent of the holders of the
Series C Preferred Stock, to modify the antidilution provisions applicable to
the Series C Preferred Stock or to require the consent of the Purchaser to any
such modification.

                  4.5.     Certain Events. If any change in the outstanding
Common Stock of the Company or any other event occurs as to which the other
provisions of this Paragraph 4 are not strictly applicable or if strictly
applicable would not fairly protect the rights of the Holder in accordance with
such provisions, then the Board of Directors of the Company shall make an
adjustment in the number, class and kind of shares available under the Note, the
Conversion Price or the application of such provisions, so as to give the Holder
upon conversion of the Note the total number, class and kind of shares as it
would have owned had the Note been converted prior to the event and had it
continued to hold such shares until after the event requiring adjustment.

                  4.6.     Notices of Adjustments. Immediately upon any
adjustment under this Paragraph 4, the Company shall give written notice thereof
to the Holder, setting forth in reasonable detail and certifying the calculation
of such adjustment, the adjusted Conversion Price and the adjusted number or
type of shares of Common Stock or other securities or property issuable upon
conversion hereof (as applicable) and describing the transactions giving rise to
such adjustment.

                  4.7.     Notices of Corporate Events. If the Company (i)
declares a dividend or any other distribution of cash, securities or other
property in respect of its Common Stock, (ii) authorizes or approves, enters
into any agreement contemplating or solicits stockholder approval for any
Organic Change or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then the Company shall deliver to the
Holder a notice describing the material terms and conditions of such transaction
at least 20 Business Days prior to the applicable record or effective date on
which a person would need to hold Common Stock in order to participate in or
vote with respect to such transaction, and the Company will take all steps
reasonably necessary in order to ensure that the Holder is given the practical
opportunity to convert this Note prior to such time so as to participate in or
vote with respect to such

                                       5

<PAGE>

transaction. For purposes of this Note, "Business Day" shall mean any day
(except Saturday or Sunday) on which banks are scheduled to be open to conduct
business in the City of New York.

                  4.8.     No Fractional Shares. No fractional shares shall be
issued upon the conversion of this Note, and the number of shares of Common
Stock to be issued shall be rounded to the nearest whole share (including a
fraction equating to .5000 being rounded up to the next whole number). The
number of shares issuable upon such conversion shall be determined on the basis
of the unpaid principal and interest of this Note, as the case may be, the
Holder is at the time converting into Common Stock and the number of shares of
Common Stock issuable upon such aggregate conversion.

                  4.9.     Reservation of Stock Issuable Upon Conversion. The
Company shall at all times reserve and keep available, free from preemptive
rights, out of its authorized but unissued shares of Common Stock, solely for
the purpose of effecting the conversion of this Note, such number of its shares
of Common Stock as shall from time to time be sufficient to effect the
conversion of this Note for the maximum number of shares of Common Stock
issuable upon conversion of this Note; and if at any time the number of
authorized but unissued shares of Common Stock shall not be sufficient to effect
the conversion of this Note for the maximum number of shares of Common Stock
then issuable upon conversion hereof, in addition to such other remedies as
shall be available to the Holder, the Company will take such corporate action as
may, in the opinion of its counsel, be necessary to increase its authorized but
unissued shares of Common Stock to such number of shares as shall be sufficient
for such purposes, including, without limitation, engaging in best efforts to
obtain the requisite stockholder approval of any necessary amendment to the
Certificate of Incorporation.

                  4.10.    Fully Paid Shares. All shares of capital stock issued
upon the conversion of this Note shall be validly issued, fully paid and
non-assessable.

         5.       Repurchase Upon Change of Control.

                  5.1.     Repurchase Right. In the event of a Change of Control
(as hereinafter defined), the Company will make an offer to repurchase (the
"Change of Control Offer") this Note at a purchase price in cash equal to the
unpaid principal amount hereof, plus accrued and unpaid interest hereon to the
date of repurchase. Within five days following the occurrence of any Change of
Control, the Company shall give written notice of such Change of Control to the
Holder, which notice shall state: (i) that a Change of Control has occurred and
that the Holder has the right to require the Company to repurchase all or a
portion of the Note at a purchase price in cash equal to the unpaid principal
amount thereof, plus accrued and unpaid interest thereon (the "Repurchase
Price") to the date of repurchase (the "Repurchase Date"), which shall be a
Business Day, specified in such notice, that is not earlier than 20 days or
later than 30 days after the date such notice is given; (ii) the then effective
Conversion Price; and (iii) that payment will be made upon presentation and
surrender of the Note. To exercise its repurchase right, the Holder shall give
to the Company, within 10 days after its receipt of the Company's notice,
written notice of its election to accept the Change of Control Offer (the
"Election Notice"), which Election Notice shall set forth the principal amount
of this Note to be repurchased and, if this Note is to be repurchased in part,
the name and address of the person in which the portion thereof to remain
outstanding after such repurchase is to be registered. Notwithstanding the

                                       6

<PAGE>

Holder's election to accept the Change of Control Offer and delivery of the
Election Notice to the Company, the right of the Holder to convert this Note
pursuant to Paragraph 3 shall continue until the close of business on the day
immediately preceding the Repurchase Date. If the Holder has elected to accept
the Change of Control Offer, then, on the Repurchase Date, the Holder shall
surrender this Note to the Company at the office or agency of the Company
maintained pursuant to Paragraph 10.1 and shall thereupon be entitled to receive
payment of the Repurchase Price therefor. If the Holder elects to have
repurchased less than the entire principal amount of this Note, the Company
shall issue, at its expense, a new Note representing the portion of the
principal amount not so repurchased, which new Note shall be dated as of the
date (prior to the Repurchase Date) to which interest has been paid on the Note
so surrendered.

                  5.2.     Definition of Change of Control. "Change of Control"
means the occurrence of any of the following events:

                  (a)      any "person" or "group" (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended)
becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
Securities Exchange Act of 1934, as amended), directly or indirectly, of more
than 50% of the total voting power represented by the outstanding capital stock
of the Company pursuant to which the holders thereof have the general voting
power under ordinary circumstances to elect at least a majority of the Board of
Directors of the Company (irrespective of whether or not at the time the stock
of any other class shall or might have voting power by reason of the happening
of any contingency) ("Voting Stock");

                  (b)      the Company consolidates with, or merges with or
into, another entity or conveys, transfers, leases or otherwise disposes of all
or substantially all of its assets to any person or entity, or any entity
consolidates with, or merges with or into, the Company, in any such event
pursuant to a transaction in which the outstanding Voting Stock of the Company
is converted into or exchanged for cash, securities or other property, other
than in each case any such transaction (x) that does not result in any
reclassification, conversion, exchange or cancellation of outstanding shares of
Voting Stock of the Company (except to the extent necessary to reflect a change
in the jurisdiction of incorporation of the Company) or (y) pursuant to which
holders of Voting Stock of the Company immediately prior to such transaction
have the entitlement to exercise, directly or indirectly, more than 50% of the
total voting power represented by the outstanding capital stock of the surviving
or transferee corporation pursuant to which the holders thereof have the general
voting power under ordinary circumstances to elect at least a majority of the
Board of Directors of the surviving or transferee corporation (irrespective of
whether or not at the time the stock of any other class shall or might have
voting power by reason of the happening of any contingency);

                  (c)      during any consecutive two-year period, individuals
who at the beginning of such period constituted the Board of Directors of the
Company (together with any new directors whose election by the Board of
Directors or whose nomination for election by the stockholders of the Company
was approved by a vote of at least a majority of the directors then still in
office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the Board of Directors then in office; or

                                       7

<PAGE>

                  (d)      the Company is liquidated or dissolved or adopts a
plan of liquidation or dissolution.

         6.       Form of Payments.

                  All payments of principal of and interest on this Note shall
be made in such coin or currency of the United States of America as at the time
of payment shall be legal tender therein for the payment of public and private
debts and shall be payable by wire transfer of immediately available funds to
the account of the Holder at such banking institution as the Holder designates,
or, if requested by the Holder, by certified or official bank check mailed to
the Holder at the address of the Holder set forth on the records of the Company
or such other address as shall be designated in writing by the Holder to the
Company.

         7.       Events of Default.

                  If any of the following events (herein called "Events of
Default") shall happen (for any reason whatsoever and whether such happening
shall be voluntary or involuntary or come about or be effected by operation of
law or pursuant to or in compliance with any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body) and be continuing:

                  7.1.     Payment of Principal. The Company shall fail to pay
the principal sum of this Note when and as the same shall become due and
payable, whether at maturity or at a date fixed for prepayment or repurchase or
by acceleration or otherwise;

                  7.2.     Payment of Interest. The Company shall fail to pay
any installment of interest on this Note according to its tenor when and as the
same shall become due and payable and such default shall continue for more than
ten (10) calendar days;

                  7.3.     Representations and Warranties. Any representation or
warranty made by the Company in the Securities Purchase Agreement or any
document delivered pursuant thereto that is qualified by reference to
materiality or material adverse effect shall prove to have been incorrect in any
respect, or any such representation or warranty that is not so qualified shall
prove to have been incorrect in any material respect, in each case when made;

                  7.4.     Covenants. The Company or any of its subsidiaries
shall default in any material respect in the performance or observance of any
term, covenant, condition or agreement contained in any agreement between or
among the Holder, on the one hand, and the Company and/or any of its
subsidiaries, on the other hand (including, without limitation, the Securities
Purchase Agreement, this Note and the Warrant), and such default shall continue
unremedied for a period of ten (10) calendar days after notice thereof shall
have been given by the Holder to the Company;

                  7.5.     Intellectual Property Licenses. Any material
intellectual property license agreement or arrangement under which the Company
or any of its subsidiaries is a licensee shall have been terminated prior to its
normal expiration date other than by the Company or any of its subsidiaries;

                                       8

<PAGE>

                  7.6.     Other Indebtedness. The holder of any other
indebtedness of the Company or any of its subsidiaries for borrowed money shall
have declared any of such indebtedness to be due and payable prior to its stated
maturity as a result of the occurrence of an event of default under the
instruments evidencing such indebtedness;

                  7.7.     Judgments. A final judgment or judgments for the
payment of money shall be rendered against one or more of the Company and its
subsidiaries which, after application of any insurance coverage relating to such
judgment or judgments, aggregates an amount that exceeds twenty percent (20%) of
the cash and readily marketable securities of the Company as reflected on the
balance sheet included in its then most recently issued quarterly or annual
consolidated financial statements, which judgments are not, within 60 days after
entry thereof, bonded, discharged or stayed pending appeal, or are not
discharged within 60 days after the expiration of such stay;

                  7.8.     Voluntary Reorganization. The Company or any of its
subsidiaries shall (i) apply for or consent to the appointment of a custodian,
receiver, trustee or liquidator of the Company or such subsidiary or any of
their respective properties or assets, (ii) be unable to, or admit in writing
its inability to, pay its debts as they mature, (iii) make a general assignment
for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent or (v)
file a voluntary petition in bankruptcy, or a petition or an answer seeking
reorganization or an arrangement with creditors or to take advantage of any
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution or liquidation law or statute, or any answer admitting the material
allegations of a petition filed against it in any proceeding under any such law,
or if corporate action shall be taken by the Company or any such subsidiary for
the purpose of effecting any of the foregoing; or

                  7.9.     Involuntary Reorganization. An order, judgment or
decree shall be entered, without the application, approval or consent of the
Company or any subsidiary, by any court of competent jurisdiction, approving a
petition seeking reorganization of the Company or any of its subsidiaries or of
all or a substantial part of the respective properties or assets of the Company
or any of its subsidiaries, or appointing a custodian, receiver, trustee or
liquidator of the Company or any of its subsidiaries, and such order, judgment
or decree shall continue unstayed and in effect for any period of 60 consecutive
days,

then, and in any such event (other than an Event of Default specified in
Paragraph 7.8 or 7.9), the Holder may declare the principal of, and all accrued
and unpaid interest on, this Note to be due and payable immediately, by a notice
in writing to the Company, whereupon such principal and interest shall become
immediately due and payable; provided, that, in the case of an Event of Default
specified in Paragraph 7.8 or 7.9, the principal of, and all accrued and unpaid
interest on, this Note ipso facto shall become immediately due and payable
without any declaration or other act of the Holder.

         8.       Exchange or Replacement of Note.

                  8.1.     The Holder, at its option, may in person or by duly
authorized attorney surrender this Note for exchange, at the office or agency of
the Company maintained pursuant to Paragraph 10.1, and receive in exchange
therefor a new Note in the same aggregate principal

                                       9

<PAGE>

amount as the unpaid principal amount of the Note so surrendered, each such new
Note to be dated as of the date to which interest has been paid on the Note so
surrendered and payable to the Holder.

                  8.2.     Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction, or mutilation of this Note,
and in case of loss, theft or destruction of indemnity reasonably satisfactory
to it, and upon surrender and cancellation of this Note, if mutilated, the
Company shall make and deliver to the Holder a new Note of like tenor in lieu of
this Note. Any Note made and delivered in accordance with this paragraph shall
be dated the date hereof.

         9.       Amendments.

                  This Note may not be amended or modified in any respect unless
the Company and the Holder consent and such amendment or modification is set
forth in writing and signed by the Company and the Holder. Any such amendment or
modification shall be binding upon the Holder and future assigns of this Note.

         10.      Office or Agency.

                  10.1.    So long as this Note remains outstanding, the Company
shall maintain an office or agency (which shall initially be the principal
place of business of the Company, located at 2525 28th Street, Boulder,
Colorado 80301) where notices, presentations and demands to or upon the Company
in respect of this Note may be given. All such notices, presentations and
demands shall be delivered (personally, by overnight courier or by telecopier)
or mailed to such address and shall be effective on the date so delivered or
three Business Days after the date so mailed.

                  10.2.    All notices to be given by the Company to the Holder
in respect of this Note shall be delivered (personally, by overnight courier or
by telecopier) or mailed to the address of the Holder set forth on the records
of the Company or such other address as shall be designated in writing by the
Holder to the Company and shall be effective on the date so delivered or three
Business Days after the date so mailed.

         11.      Extension of Maturity.

                  If any payment of principal of or interest on this Note shall
become due on a Saturday, Sunday or a public holiday under the laws of the State
of New York or the United States of America, such payment shall be made on the
next succeeding Business Day and such extension of time shall in such case be
included in computing interest in connection with such payment.

         12.      Costs and Expenses.

                  The Company shall pay all reasonable costs and expenses,
including reasonable attorneys' fees, incurred by the Holder in collecting or
enforcing this Note during the continuance of any Event of Default.

                                       10

<PAGE>

         13.      Waivers.

                  13.1.    The Company and all endorsers, sureties and
guarantors of this Note hereby jointly and severally waive presentment, demand
for payment, notice of dishonor, notice of protest, and protest in connection
with the delivery, acceptance, performance, default, endorsement, enforcement or
guaranty of this Note.

                  13.2.    No failure or delay by the Holder in exercising any
power or right hereunder shall operate as a waiver of any power or right, nor
shall any single or partial exercise of any power or right preclude other or
further exercise thereof, or the exercise of any other power or right hereunder
or otherwise. No waiver or modification of the terms hereof shall be valid
unless set forth in writing by the Company and Holder, and then such waiver or
modification shall be effective only in the specific instance and for the
specific purpose for which given. The remedies provided for herein are
cumulative and not exclusive of any remedies provided by law.

         14.      Transfer of Note.

                  Subject to the restrictions on transfer set forth herein and
in the Securities Purchase Agreement, this Note and all rights hereunder are
transferable by the Holder, in whole or in part, at any time and from time to
time. Any transfer shall be effected by the Holder in person or by duly
authorized attorney by surrendering this Note, properly endorsed, at the agency
or office of the Company referred to in Paragraph 10.1. Each taker and holder of
this Note, by taking or holding the same, consents and agrees that this Note,
when endorsed, in blank, shall be deemed negotiable, and, when so endorsed the
holder hereof may be treated by the Company and all other persons dealing with
this Note as the absolute owner hereof for any purposes and as the person
entitled to exercise the rights represented by this Note, or to the transfer
hereof on the books of the Company, any notice to the contrary notwithstanding;
but until such transfer on such books, the Company may treat the registered
holder hereof as the owner hereof for all purposes.

                                       11

<PAGE>

         15.      Governing Law; Jurisdiction. THIS NOTE SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. The Company
hereby submits to the jurisdiction of the federal or state courts located within
the City of New York, State of New York for the conduct of any suit, action or
proceeding arising out of or relating to this Note. The Company hereby agrees
that the Holder may effect service of process upon the Company by delivery
(other than facsimile) in the manner provided for the giving of notices under
Paragraph 10.1.

         16.      Binding Effect. This Note shall be binding upon the Company
and its successors and permitted assigns, and shall insure to the benefit of the
Holder and its successors and permitted assigns.

         17.      Severability. Any provision of this Note that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Note or affecting the validity or enforceability of
such provision in any other jurisdiction.

                  IN WITNESS WHEREOF, PHARMION CORPORATION has caused this Note
to be signed in its corporate name by its officer thereunto duly authorized, and
to be dated as of the day first above written.

                                            PHARMION CORPORATION

                                            By: /s/ Patrick J. Mahaffy
                                                --------------------------------
                                                Name:  Patrick J. Mahaffy
                                                Title: President and CEO

                                       12

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