Document:

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                                                                   Exhibit 10.22

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, AS
AMENDED.

                           EXCLUSIVE LICENSE AGREEMENT

                                     BETWEEN

               ENTERPRISE IRELAND (TRADING AS BIORESEARCH IRELAND)

                                       AND

                                 INHIBITEX, INC.

         This Exclusive License Agreement (the "Agreement") is made effective as
of the last signature date below (the "Effective Date"), by and between
Enterprise Ireland (trading as BioResearch Ireland), formerly Forbairt trading
as BioResearch Ireland ("BRI") having its principal place of business at
Glasnevin, Dublin 9, Ireland, and Inhibitex, Inc. ("Inhibitex"), having its
principal place of business at 8995 Westside Parkway, Alpharetta, GA 30004
("INHIBITEX").

                                   WITNESSETH

         WHEREAS, BRI in collaboration with Trinity College Dublin has
identified, characterized or developed the use of certain surface binding
proteins from bacteria and gene products thereof for pharmaceutical and
diagnostic purposes, which are encompassed by the Licensed Technology and
Licensed Patents;

         WHEREAS BRI is empowered to enter into license agreements with third
parties and to grant rights for commercial exploitation of the Licensed
Technology and Licensed Patents;

         WHEREAS, BRI is willing to grant a royalty bearing, worldwide,
exclusive license to the Licensed Technology and Licensed Patents to Inhibitex
on the terms set forth herein;

         WHEREAS, Inhibitex desires to obtain said exclusive license;

         WHEREAS Inhibitex and BRI entered into a first License Agreement
effective March 1996, which was amended on December 6, 1996, February 21, 1997,
July 1998 and November 1998; and

         WHEREAS Inhibitex and BRI desire to supersede the first License
Agreement (as amended) in full with this Exclusive License Agreement;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and promises contained herein, and subject to the consideration
herein, the receipt and sufficiency of which is hereby acknowledged:

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1.       DEFINITIONS

1.01     "LICENSED TECHNOLOGY" shall mean all inventions, conceptions,
         reductions to practice, patent filings, technology, methods, compounds,
         compositions, cell lines, biological materials, proteins, nucleic
         acids, know-how, information, documents, materials, tests, laboratory
         notebooks, computer data, and all improvements thereto, including
         confidential information, related to Staphylococcal surface proteins
         developed in partnership between BRI and Trinity College during the
         period of the Research and Development Agreement executed on February
         22, 1996, and extensions thereof;and the 1999 Cooperative Research and
         Development Agreement executed at the time this Exclusive License
         Agreement is executed, and extensions thereof.

1.02     "LICENSED PATENTS" shall mean any U.S. or foreign patent application(s)
         filed for protection of LICENSED TECHNOLOGY; and any patent(s) issuing
         from the foregoing application(s); all applications and patents which
         correspond to or which claim priority under any application(s) or
         patent(s); any divisions, continuations, continuations-in-part, or
         continuing prosecution applications (CPAs), of such U.S. or foreign
         application(s); and all extensions, reissues, or reexaminations of any
         such patent(s). LICENSED PATENTS includes those patent filings listed
         in Attachment B. Attachment B will be amended annually on the
         anniversary of the Agreement to reflect additional filings.

1.03     "IMPROVEMENTS" shall mean all improvements, advancements,
         modifications, revisions, changes or alterations in or to the LICENSED
         TECHNOLOGY that are made or under the scope of the Research and
         Development Agreement executed on February 22, 1996, and extensions
         thereof; and the 1999 Cooperative Research and Development Agreement
         executed at the time this Exclusive License Agreement is executed, and
         extensions thereof.

1.04     "LICENSED PRODUCT" shall mean any product or part thereof, whose
         manufacture, sale or use would, but for the licenses granted herein,
         infringe a VALID CLAIM of the LICENSED PATENTS in the country for which
         such product or part is sold.

1.05     "NET SALES" shall mean the gross revenue received by INHIBITEX from the
         sale by INHIBITEX of LICENSED PRODUCTS to non-affiliate third parties,
         less (i) discounts actually allowed, (ii) credit for claims, allowances
         or returned products, (iii) prepaid freight, and (iv) taxes or other
         governmental charges added to the face of the invoice and actually paid
         by INHIBITEX. There shall be no imputed revenues for samples, free
         goods, or other marketing programs whereby LICENSED PRODUCTS are given
         away to induce sales of the LICENSED PRODUCTS.

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1.06     "INHIBITEX" shall include any "Affiliate" thereof. An Affiliate of
         INHIBITEX shall mean any corporation or other business entity
         controlled by, controlling or under common control with INHIBITEX. For
         this purpose "control" means direct or indirect beneficial ownership of
         twenty percent (20%) of capital stock of the subject entity entitled to
         vote in the election of directors (or, in the case of an entity that is
         not a corporation. interests entitled to vote in the election of the
         corresponding managing authority).

1.07     "VALID CLAIM" shall mean a claim of an issued and unexpired patent
         included within the LICENSED PATENTS, which has not been held
         unenforceable, unpatentable or invalid by a court or other governmental
         agency of competent jurisdiction, and which has not been admitted to be
         invalid or unenforceable through reissue, disclaimer or otherwise. If a
         claim of an issued and unexpired patent within the LICENSED PATENTS is
         held by a court or other governmental agency of competent jurisdiction
         to be unenforceable, unpatentable or invalid, and such holding is
         reversed on appeal by a higher court or agency of competent
         jurisdiction, such claim shall be reinstated thereafter as a VALID
         CLAIM hereunder.

                                    (2) GRANT

2.01     Grant. Except as provided in paragraph 2.02, BRI hereby grants to
         INHIBITEX an exclusive, worldwide license under LICENSED TECHNOLOGY to
         make, have made, use, and sell the LICENSED PRODUCTS and otherwise
         exploit the LICENSED PATENTS and LICENSED TECHNOLOGY. Such license
         shall include the right to grant and authorize sublicenses of the same
         or lesser scope, to the end of the term of this Agreement, as
         prescribed in Article 3.

2.02     Reservation. BRI reserves an irrevocable, nonexclusive, royalty-free
         right to LICENSED TECHNOLOGY for academic, non-commercial research
         purposes.

                                 (3) SUBLICENSES

3.01     Sublicenses. INHIBITEX shall have the right to grant and authorize
         sublicenses consistent with this Agreement, provided that INHIBITEX
         shall be responsible for the contractual obligations of its
         sublicensee(s) relevant to this Agreement. All

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         sublicenses to Inhibitex affiliates must be approved by BRI, which
         approval will not be unreasonably withheld.

3.02     Reporting. INHIBITEX shall provide BRI with copies of all executed
         sublicenses and annual or semi-annual reports as are pertinent to the
         calculation of BRI's sublicense royalties.

                                (4) CONSIDERATION

4.01     Stock Option. Inhibitex shall grant to BRI an option to purchase twenty
         eight thousand (28,000) shares of the common stock of Inhibitex (the
         Common Stock), representing approximately eight tenths of one percent
         (0.8%) of the Common Stock outstanding as of the date of this Agreement
         ("the BRI Option"). Inhibitex shall grant to Dr. Foster an option to
         purchase seven thousand (7,000) shares of Common Stock (the Foster
         Option), representing approximately 0.2% of the Common Stock
         outstanding as of the date of this Agreement. The BRI Option and the
         Foster Option (together the Options) shall be exercisable at an
         exercise price of $0.15 per share for a period of ten (10) years
         following the date of the grant; provided, however, that the Options
         shall become exercisable at the rate of twenty-five percent (25%) of
         the shares per year on the date of the mailing of the completed annual
         report for the performance period for each of the first four years
         after the date of the grant. In consideration of the Foster Option, Dr.
         Foster will execute a Consulting Agreement with Inhibitex Within thirty
         (30) days of the signing of this Exclusive License Agreement.

4.02     Royalties. Inhibitex shall pay to BRI royalties on NET SALES of
         LICENSED PRODUCTS, as specified in Attachment A. Inhibitex will pay a [
         *** ] royalty on net sales for products sold in territories where there
         is an issued patent having claims covering technology used in the
         product sold. If Inhibitex funds at least two full Performance Periods,
         and if a royalty is payable to a second entity for these product sales,
         the royalty to BRI will be reduced to [ *** ]. If a second third party
         royalty is required to commercialize the product, the royalty to BRI
         will be reduced to [ *** ]. In no case shall the royalty payable to BRI
         fall below [ *** ] for sales in territories where there is an issued
         patent having claims covering technology used in the sales. If
         Inhibitex funds less than two Performance Periods, the royalty paid
         under the provision for a second royalty payment shall be raised from [
         *** ] to [ *** ]%.

4.03     Sublicense Royalties INHIBITEX shall pay to BRI the royalty set forth
         in Attachment A on NET SALES by a sublicensee of LICENSED PRODUCTS
         pursuant to a sublicense under the LICENSED PATENTS., The rate shall be

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         decreased as provided in section 4.02 above in the event third party
         licenses are required.

                                (5) DUE DILIGENCE

5.01     INHIBITEX shall use commercially reasonable efforts to bring one or
         more LICENSED PRODUCTS to market directly or through sublicensees.

                            (6) PAYMENTS AND REPORTS

6.01     When payments are due. Payments shall be made semi-annually. Payments
         shall be made to BRI not later than sixty (60) days after the last day
         of June and December of each semi-annual period in which NET SALES or
         Sublicense Royalties pertaining to the LICENSED TECHNOLOGY were
         received by INHIBITEX.

6.02     Payment reports. With each semi-annual payment, INHIBITEX shall provide
         information sufficient to allow BRI to calculate the payment due. This
         information shall include, at a minimum, sublicensee reports and
         deductions permitted under this Agreement and payment due. No
         semi-annual reports are due until revenues are earned from sublicenses.

6.03 Payments in Dollars. All payments due hereunder are expressed in and shall
be paid by check payable in United States of America currency, without deduction
of exchange, collection or other charges, to BRI, or to the account of BRI at
such other bank as BRI may from time to time designate by notice to Inhibitex.
All currency conversion rates will be calculated at the reported conversion rate
in The Wall Street Journal on the first day of the month in which the payment is
due.

6.04     Inspection of books and records. At its own expense, BRI may annually
         inspect INHIBITEX'S books and records as needed to determine royalties
         and sublicense fees payable. INHIBITEX shall maintain such books and
         records for at least three (3) years following the dates of the
         underlying transactions. Any such inspections shall be in confidence
         and conducted during ordinary business hours, and BRI will provide
         INHIBITEX prior notice of two (2) weeks before making such inspections.
         BRI may employ a Certified Public Accountant for this purpose; if it
         does so, and if the sum of all royalty and sublicense royalty

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         payments for the preceding two (2) semi-annual periods is determined to
         be less than the royalty and sublicense fee payments due BRI by ten
         percent (10%) or more, then INHIBITEX shall pay the documented expenses
         of the accountant.

6.05     Interest charges. Overdue payments shall bear interest until payment at
         a per annum rate two per cent (2%) above the prime rate in effect at
         the Chase Manhattan Bank (N.A.) on the due date. The payment of such
         interest shall not foreclose BRI from exercising any other rights it
         may have as a consequence of the lateness of any payment.

                        (7) INTELLECTUAL PROPERTY RIGHTS

7.01     Definition of Intellectual Property. "Intellectual Property" shall
         include research results and any works, inventions, improvements,
         formulae, processes, techniques, biological materials, compositions of
         matter, pharmaceutical compositions, know-how, data, trade secrets,
         computer data, and other innovations and proprietary information and
         materials (whether patentable or not) made, conceived, reduced to
         practice, or learned by Trinity College, or in particular, the
         Principal Investigator (Dr. Timothy Foster) and/or his Researchers
         (those employees or graduate students selected by BRI to act in
         cooperation with the Principal Investigator), during the term of the
         Research and Development Agreement executed on February 22, 1996, and
         extensions thereof; or the Cooperative Research and Development
         Agreement executed at the time this Exclusive License is executed, and
         extensions thereof; either alone or in conjunction with others,
         including employees or other agents of Inhibitex, for example, the
         employees or other agents of Texas A&M University. The fact that BRI
         may receive funding for the intellectual property from sources other
         than Inhibitex shall not affect Inhibitex's rights under this Agreement
         with respect to the Intellectual Property.

7.02     Ownership of Intellectual Property. All Intellectual Property invented
         solely by persons at Trinity College Dublin and/or BRI, including the
         Principal Investigator and/or Researchers shall be owned jointly by
         Trinity College Dublin and BRI pursuant to a collateral agreement
         between Trinity College Dublin, BRI and the inventors which appoint BRI
         as exclusive agent for the commercialization of the Intellectual
         Property. This collateral agreement and ownership of the Intellectual
         Property shall be subject to Inhibitex's exclusive licensing rights set
         forth in Section 2 hereof. The rights to all Intellectual Property
         invented by the Principal Investigator and/or Researchers in
         conjunction with others, including employees or other agents of
         Inhibitex shall be assigned to Trinity College Dublin and BRI pursuant
         to the collateral agreement in the case of the Principal Investigator
         and/or

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         researchers, and as required by the employment agreement of each
         individual inventor in the case of other inventors.

7.03     Protection of Intellectual Property by BRI and Inhibitex. BRI will
         promptly notify Inhibitex in writing of any relevant Intellectual
         Property invented solely by persons at Trinity College Dublin and/or
         BRI including the Principal Investigator and/or Researchers and any
         relevant Intellectual Property owned jointly by Trinity College Dublin
         and BRI or owned jointly by BRI and another. Inhibitex shall be
         entitled to review such Intellectual Property for patentability or
         other proprietary protection. If Inhibitex requests a patent
         application, copyright registration or other form of protection for
         such Intellectual Property, Inhibitex shall promptly take action to
         have prepared, filed, and prosecuted such U.S. and foreign
         application(s) or other appropriate filing. Inhibitex shall bear all
         costs incurred in connection with such preparation, filing, prosecution
         and maintenance of U.S. and foreign application(s) requested by
         Inhibitex and directed to said Intellectual Property. Inhibitex and BRI
         shall cooperate to assure that such application(s) will cover, to the
         best of Inhibitex's and BRI's knowledge, all items of commercial
         interest and importance. While Inhibitex shall be responsible for
         making decisions regarding scope and content of application(s) to be
         filed and the prosecution thereof, BRI shall be given an opportunity to
         review all substantive documents filed with patent offices prior to
         filing and will be allowed to add and amend claims, and revise text.
         Inhibitex shall keep BRI advised as to all developments with respect to
         such application(s) and shall promptly supply to BRI copies of all
         papers received and filed in connection with the prosecution thereof in
         sufficient time for BRI to comment thereon. Further, Inhibitex shall
         promptly notify BRI in writing of any matter which has been patented
         under this Paragraph.

7.04     Protection of Intellectual Property by BRI. If Inhibitex elects not to
         provide financial support for or to discontinue the financial support
         of the prosecution or maintenance of the protection of any Intellectual
         Property owned solely by BRI, BRI shall be free to file or continue
         prosecution or maintain any such patents or application(s), and to
         maintain any protection issuing thereon in the U.S. and any other
         country at BRI's sole expense. Inhibitex shall notify BRI in sufficient
         time for BRI to act upon any such patents or applications Inhibitex is
         abandoning. If Inhibitex makes such an election, Inhibitex forfeits its
         rights pursuant to this Exclusive License Agreement within the
         territory(ies) for which Inhibitex elects not to provide financial
         support for the prosecution or protection of the specific Intellectual
         Property owned by BRI.

7.05     BRI shall provide, free of charge, to INHIBITEX any scientific data and
         results, including but not limited to animal test data, obtained by BRI
         in using and validating the LICENSED TECHNOLOGY.

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7.06     Certain Notices. BRI shall notify Inhibitex of each notice pertaining
         to any patent included within the Patent Rights which BRI receives as
         patent owner, including, but not limited to those pursuant to the Drug
         Price Competition and Patent Term Restoration Act of 1984 (hereinafter
         called the "Act"), including but not necessarily limited to notices
         pursuant to Sections 101 and 103 of the Act from persons who have filed
         an abbreviated NDA ("ANDA"). Such notices shall be given promptly, but
         in any event within ten (10) days of each such patent's date of issue
         or receipt of each such notice pursuant to the Act, whichever is
         applicable.

Authorizations Relating to Patent Term Extension. BRI hereby authorizes
         Inhibitex (i) to include in any NDA for a Licensed Product, as
         Inhibitex may deem appropriate under the Act, a list of patents
         included within the Patent Rights that relate to such Licensed Product
         and such other information as Inhibitex in its reasonable discretion
         believes is appropriate to be filed pursuant to the Act; (ii) to
         commence suit for any infringement of Patent Rights under Section
         271(e) (2) of Title 35 of the United States Code occasioned by the
         submission by a third party of an ANDA or an NDA for a Licensed Product
         pursuant to Sections 101 or 103 of the Act; and (iii) in consultation
         with BRI, to exercise any rights that may be exercisable by BRI as
         patent owner under the Act to apply for an extension of the term of any
         patent included within the Patent Rights, as Inhibitex in its
         discretion deems appropriate. In the event that applicable law in any
         other country of the world hereafter provides for the extension of the
         term of any patent included in the Patent Rights in such country, upon
         request by Inhibitex, BRI shall use its best efforts to obtain such
         extension or, in lieu thereof, shall authorize Inhibitex or, if
         requested by Inhibitex, its sublicensee to apply for such extension, in
         consultation with BRI. BRI agrees to cooperate with Inhibitex or its
         sublicensee, as applicable, in the exercise of the authorization
         granted herein and will execute such documents and take such additional
         action as Inhibitex may reasonably request in connection therewith,
         including, if necessary, permitting itself to be joined as a proper
         party in any suit for infringement brought by Inhibitex.

                       (8) OBLIGATIONS OF CONFIDENTIALITY

8.01     Definition of Confidential Information. The term "Confidential
         Information" shall refer to any information, technical data, trade
         secrets, or know-how, whether written or oral, including but not
         limited to that which relates to research, data, products, services,
         customers, markets, business information, laboratory data, inventions,
         processes, patent applications, computer information, conceptions,
         reductions to practice, experiments, documents, or notebooks, in any
         form emanating, directly or indirectly, from Inhibitex (provided such
         item is marked or

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         otherwise identified as confidential by Inhibitex) or that is generated
         by BRI and/or Trinity College Dublin during the performance of research
         under this Agreement and shall include any compilation of otherwise
         public information in a form not publicly known.

8.02     Exclusions from Confidential Information. It is understood that the
         term "Confidential Information" does not include information which:

                  (a)      is publicly known at the times of disclosure;

                  (b)      after disclosure by Inhibitex or generation under
                  this Agreement, becomes publicly known other than through a
                  breach of this Agreement;

                           (c) BRI can show by written records was known to it,
                  other than under obligation of confidentiality or restricted
                  use, prior to disclosure by Inhibitex or prior to performance
                  of this Agreement;

                           (d) can be shown, by written records kept in the
                  ordinary course of business by BRI, was developed
                  independently by members or students of BRI who were not aware
                  of the content of information disclosed by Inhibitex or
                  generated under this Agreement; and/or

                  (f) can be shown was made available by a third party who had a
                  right to do so and has not imposed any obligation of
                  confidentiality or restricted use in respect hereof.

8.02     Non-Disclosure Obligations. BRI acknowledges that Inhibitex has a
         proprietary interest in maintaining the confidentiality of the
         Confidential Information and agrees that, both during and after the
         termination of this Agreement, it will not disclose the Confidential
         Information to any third party and will not use the Confidential
         Information except for the purpose of the Research Work.

8.03     BRI Representatives Confidentiality Obligations. BRI will inform the
         Principal Investigator, Researcher(s), and any other of its members,
         staff, employees or students involved with the Research Work of the
         obligation of confidentiality and will require them to use all
         reasonable efforts to maintain the confidentiality of the Confidential
         Information both during and after the termination of this Agreement.

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                                 (9) TERMINATION

9.01     Term. The term of this Agreement shall be for the life of the last to
         expire of the patents and patent applications and any modifications,
         extensions, or reissues thereof.

9.02     Termination by INHIBITEX. INHIBITEX may terminate this Agreement in the
         whole or as to any particular patent or patent application by providing
         written notice to BRI at least ninety (90) days before the termination
         is to take effect. From and after the effective date of a termination
         under this Paragraph with respect to a particular patent application or
         patent, such patent application and patent in the particular country
         shall cease to be within the LICENSED PATENTS for all purposes of this
         LICENSE AGREEMENT.

9.03     Termination by BRI. If INHIBITEX defaults in making payments under this
         Agreement, fails to achieve due diligence requirements as specified in
         Article 5, or otherwise materially breaches this Agreement, BRI shall
         give INHIBITEX written notice of the breach. INHIBITEX shall have a
         period of ninety (90) days from receipt of the notice to cure the
         breach. If INHIBITEX does not cure the breach within this period, BRI
         may terminate this Agreement; provided that INHIBITEX disputes such
         breach within such ninety (90) day period, this Agreement shall not be
         terminated unless it has been finally determined by a court of
         competent jurisdiction or by Arbitration as provided in Section 13.10,
         at INHIBITEX's option, that this Agreement was materially breached, and
         INHIBITEX fails to cure such breach within ninety (90) days after such
         court's or arbitrator's determination.

9.04     INHIBITEX's financial condition. If INHIBITEX: (a) ceases to carry on
         its business, or (b) voluntarily seeks, consents to or acquiesces in
         the benefits of any bankruptcy or similar debtor-relief laws, then BRI
         may terminate this Agreement without prejudice to any other remedy to
         which BRI may be entitled at law or in equity or elsewhere under this
         Agreement, by giving written notice of termination to INHIBITEX.

9.05     Mutual Agreement. It is understood that this Agreement may be
         terminated at any time by mutual agreement of INHIBITEX and BRI.

9.06     Other matters surviving termination. All accrued obligations and
         claims, including royalty and sublicense royalty obligations and claims
         or causes of action for breach of this Agreement, shall survive
         termination of this Agreement.

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                      (10) ENFORCEMENT OF LICENSED PATENTS

10.01    Notice of Infringement. INHIBITEX and BRI shall promptly notify one
         another in writing of any evidence of potential or suspected
         infringement of LICENSED PATENTS. Within thirty (30) days after receipt
         of such notice, INHIBITEX and SRI shall meet and formulate a strategy
         for resolving the potential or suspected infringement.

10.02    Action by INHIBITEX. INHIBITEX may choose to pursue legal action to
         redress the infringement at its own expense. BRI hereby grants that
         INHIBITEX may include BRI as a party plaintiff in any suit, without
         expense to BRI. INHIBITEX shall indemnify BRI against any order for
         costs that may be made against BRI in such proceedings.

10.02    Action by BRI. Should INHIBITEX choose not to pursue legal action to
         redress the infringement, BRI may do so at its own expense. INHIBITEX
         shall notify BRI in a timely manner if INHIBITEX chooses not to pursue
         legal action to redress the infringement.

10.03    Monetary Recovery. Any monetary recovery for an infringement suit
         brought by INHIBITEX shall belong to INHIBITEX, except, however, that
         all legal fees and costs shall be paid first and BRI shall be
         reimbursed for out of pocket legal fees related to the action of
         INHIBITEX. Any monetary recovery for an infringement suit brought
         solely by BRI shall belong to BRI, except, however, that all legal fees
         and costs shall be paid first and INHIBITEX shall be reimbursed for out
         of pocket legal fees related to the action of BRI.

10.05    Cooperation. INHIBITEX and BRI shall cooperate in any legal process
         concerning filing, prosecution or alleged infringement of LICENSED
         PATENTS. Each party shall, to the fullest extent possible, make
         available its employees, records, information and the like as relevant
         to the legal process.

                                 (11) LIABILITY

11.01    Patent Infringement Indemnification. INHIBITEX shall at all times
         require sublicensees, during the term of this Agreement and thereafter,
         to indemnify, defend and hold harmless BRI, their regents, officers,
         employees, and affiliates,

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         against any claim, proceeding, demand, liability, or expense (including
         legal expenses and reasonable attorney's fees) which relates to any
         action brought by a third party alleging infringement of a domestic or
         foreign patent as a result of the activities of sublicensee(s) under
         this Agreement; provided that the party to be indemnified gives
         INHIBITEX prompt notice of any claim, and provides INHIBITEX or its
         designee the sole right to defend and/or settle the same.

11.02    Product Liability and Indemnification. INHIBITEX shall at all times
         require its sublicensees during the term of this Agreement and
         thereafter, to indemnify, defend and hold harmless BRI, their agents,
         officers, employees, and affiliates, against any claim, proceeding,
         demand, liability, or expenses (including legal expenses and reasonable
         attorney's fees) which relates to injury to persons or property, or
         against any other claim proceeding, demand, expense and liability of
         any kind whatsoever resulting from the production, manufacture, sale,
         use, lease, consumption or advertisement of LICENSED PRODUCTS or
         arising from any obligation of sublicensee(s) hereunder; provided that
         the party to be indemnified gives INHIBITEX prompt notice of any claim
         and provides INHIBITEX or its designee the sole right to defend and/or
         settle the same.

11.03    Representation. BRI represents that it owns and has title to the
         LICENSED PATENTS and has the full right and power to grant the
         exclusive license set forth in paragraph 2.01, and that there are no
         outstanding agreements, assignments, or encumbrances inconsistent with
         the provisions of this Agreement. BRI further warrants that, as of the
         EFFECTIVE DATE, there are no existing or threatened actions, suits or
         claims pending against BRI with respect to the LICENSED TECHNOLOGY or
         the LICENSED PATENTS, or the right of BRI to enter into and perform its
         obligations under this Agreement; and the LICENSED TECHNOLOGY includes
         all inventions of BRI as of the EFFECTIVE DATE. BRI MAKES NO OTHER
         REPRESENTATIONS AND EXTENDS NO OTHER WARRANTIES OF ANY KIND, EITHER
         EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
         MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, NOR DOES BRI
         ASSUME ANY OBLIGATIONS WITH RESPECT TO INFRINGEMENT OF LICENSED PATENTS
         OR OTHER RIGHTS OF THIRD PARTIES DUE TO INHIBITEX'S ACTIVITIES UNDER
         THIS AGREEMENT.

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                                  (12) NOTICES

12.01 Notices. Payments, notices, or other communications required by this
Agreement shall be sufficiently made or given if mailed by certified First Class
mail, postage prepaid, addressed to the address stated below, or to the last
address specified in writing by the intended recipient.

         1.       If to INHIBITEX:

                  Dr. William D. Johnston
                  Inhibitex, Inc.
                  8995 Westside Parkway
                  Alpharetta, GA
                  Telephone: (678) 336 2600
                  Fax: (678) 336 2626

         2.       If to BRI:
                  Dr. Margaret J. Woods
                  BioResearch Ireland
                  National Pharmaceutical Biotechnology Centre
                  O'Reilly Institute
                  Trinity College
                  Dublin 2, Ireland

                  Telephone 353-1-6082153/2159
                  Telefax 353 -1-6715198

                          (13) MISCELLANEOUS PROVISIONS

13.01 Non-Use of Names. INHIBITEX shall not use the name of BRI nor of any of
its employees or components, nor any adaptation thereof, in any product
advertising or sales literature without the prior written consent obtained from
BRI in each case, except that INHIBITEX may state, that it is licensed by BRI
under one or more of the patents and/or applications comprising the LICENSED
PATENTS. INHIBITEX shall not use the name of Dr. Foster or his employer, nor any
adaptation thereof, in any product advertising or sales literature without the
prior written consent obtained from Dr. Foster or his employer in each case.

                                       13
<PAGE>

13.02 Assignment of this Agreement. This Agreement, with the rights and
privileges it creates, is assignable only with the written consent of both
parties; provided that either party may assign this Agreement without such
consent to an assignee of substantially all of the business or assets of such
party.

13.03 Force majeure. Each party shall be excused from any breach of this
Agreement which is proximately caused by government regulation, war, strike, act
of God, or other similar circumstance normally deemed outside the control of
well-managed businesses.

13.04 No Consequential Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR
THE EXERCISE OF RIGHTS HEREUNDER.

13.05 Execution and modification. This Agreement will become binding only when
signed by both parties. It may be modified or amended by a written agreement
between the parties.

13.06 Entire Agreement. This Agreement contains the entire understanding of the
parties with respect to the LICENSED TECHNOLOGY and supersedes all other written
and oral agreements between the parties with respect to the LICENSED TECHNOLOGY,
including the first License Agreement between Forbairt (trading as BioResearch
Ireland) (now known as Enterprise Ireland,trading as BioResearch Ireland and
INHIBITEX executed in March 1996. This Agreement is to be interpreted in
conjunction with, and consistent with the 1999 Cooperative Research and
Development Agreement between BRI and Inhibitex ..

13.07    Headings. Headings appear solely for convenience of reference. Such
         headings are not part of this Agreement and shall not be used to
         construe it.

13.08    Provisions. If any provision or provisions of this Agreement shall be
         held to be invalid, illegal, or unenforceable, the validity, legality
         and enforceability of the remaining provisions shall not in any way be
         affected or impaired thereby.

13.09    Governing Law. This Agreement shall be governed by the laws of the
         state of Georgia and the country of the United States.

13.10    Dispute Resolution. The Parties will attempt in good faith to resolve
         any controversy or dispute arising out of or relating to this Agreement
         promptly by negotiations between or among the parties. Any and all
         claims, disputes or controversies arising under, out of, or in
         connection with this Agreement, including any dispute relating to
         patent validity or infringement and appropriate license terms and
         royalties, which have not been resolved by good faith negotiations

                                       14
<PAGE>

         between the parties shall be resolved by final and binding arbitration
         in Atlanta, Georgia, under the rules of the American Arbitration
         Association, or the Patent Arbitration Rules if applicable. BRI shall
         choose one arbitrator, Inhibitex shall choose one arbitrator, and the
         two arbitrators together will choose a third arbitrator. The
         arbitrators shall have no power to add to, subtract from or modify any
         of the terms or conditions of this agreement. Any award rendered in
         such arbitration may be enforced by either party in either the courts
         of the State of Georgia or in the United States District Court for the
         Northern District of Georgia, to whose jurisdiction for such purposes
         BRI and Inhibitex each hereby irrevocably consents and submits.

IN WITNESS WHEREOF, the parties have caused this Agreement to become effective
as of the date last executed below by a signatory to this Agreement,

Enterprise Ireland (trading as BioResearch Ireland)

    /s/ James Ryan
----------------------------------
Dr. Jim Ryan
Title: Director
Date: 8 April 1999

Inhibitex, Inc

    /s/ Joseph M. Patti
----------------------------------
Joseph M. Patti, Ph.D.
Vice President Preclinical Development
Chief Scientific Officer
Date: 4-5-99

                                       15
<PAGE>

                                  Attachment A

                                BRI Compensation

<TABLE>
<CAPTION>
Number of separate licenses
required by Inhibitex to                      Royalty paid for BRI's
commercialize a Product                       licensed technology in a
produced by                                   product produced by
Inhibitex or by a sublicensee.                Inhibitex or a sublicensee (%)
------------------------------                ------------------------------
<S>                                           <C>
1 license                                                [ *** ]
2 licenses                                               [ *** ]
3 or more licenses                                       [ *** ]
</TABLE>

                                       16
<PAGE>

                                  Attachment B

                         Current Licensed Patent Filings

         1. The S. aureus Fibrinogen Binding Protein Gene, filed 8/22/94 U.S.
         08/293,728.

         2. Fibrinogen Binding Proteins from S. aureus, filed 11/26/97 U.S.
         60/066,815.

         3. Extracellular Matrix Binding Proteins from S. aureus, filed 8/31/98
         U.S. 60/098,427; filed 11/25/98 U.S. 09/200,650 and filed 11/25/98 as
         PCT/US98/25246.

         4. Multicomponent Vaccines, filed 8/31/98 U.S. 60/098,439.

         5. Polypeptides and Polynucleotides from Coagulase-Negative
         Staphylococci, filed 8/31/98 U.S. 60/098,443.

         6. Staphylococcal Adhesions for Donor Select and Donor Stimulation
         Immunization Strategies, filed 8/31/98 U.S. 60/098,449.

                                       17<PAGE>

                                                                   Exhibit 10.23

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, AS
AMENDED.

                                LICENCE AGREEMENT

                                     between

                               LONZA BIOLOGICS PLC

                                       and

                                 INHIBITEX, INC.

<PAGE>

                                      - 2 -

                                      INDEX

<TABLE>
<CAPTION>
ARTICLE      TITLE                                                    PAGE
-------      -----                                                    ----
<S>                                                                   <C>
1.           Definitions                                                3

2.           Supply of Materials and Know-How                           6

3.           Ownership of Property and Intellectual Property            6

4.           Licences                                                   7

5.           Payments                                                   8

6.           Royalty Procedures                                         9

7.           Liability and Warranties                                  10

8.           Confidentiality                                           11

9.           Patents                                                   13

10.          Term and Termination                                      14

11.          Assignment                                                15

12.          Governing Law and Jurisdiction                            16

13.          Force Majeure                                             16

14.          Illegality                                                17

15.          Miscellaneous                                             17

16.          Notice                                                    18

17.          Interpretation                                            19

SCHEDULE

1            Patent Rights                                             20
</TABLE>

<PAGE>

                                     - 3 -

THIS AGREEMENT is made the 23rd day of December 2002

BETWEEN

LONZA BIOLOGICS PLC of 228 Bath Road, Slough, Berkshire SL1 4DY, England
(hereinafter referred to as "Biologics"), and

INHIBITEX, INC. of 8995 Westside Parkway, Alpharetta, Georgia 30004, USA
(hereinafter referred to as "Licensee")

WHEREAS

A.       Biologics is the proprietor of the System and certain Intellectual
         Property rights in relation thereto (all as hereinafter defined), and

B.       The Licensee wishes to take a Licence under Intellectual Property (as
         hereinafter defined) of which Biologics is the proprietor to
         commercially exploit the Product (as hereinafter defined) in the form
         hereunder.

NOW THEREFORE the parties hereby agree as follows:

1.       Definitions

         1.1      "Affiliate" means any company, partnership or other entity
                  which directly or indirectly controls, is controlled by or is
                  under common control with the relevant party to this
                  Agreement. "control" means the ownership of more than fifty
                  percent (50%) of the issued share capital or the legal power
                  to direct or cause the direction of the general management and
                  policies of the party in question.

         1.2      "Cell Lines" means those cell lines referred to in Clause
                  2.1.1(b).

         1.3      "Effective Date" means the date first above written.

         1.4      "First Commercial Sale" means the date of the first sale or
                  other disposal of Product for consideration by the Licensee or
                  its sublicensee.

<PAGE>

                                     - 4 -

         1.5      "Intellectual Property" means Materials Know-How and Patent
                  Rights owned by Biologics or an Affiliate of Biologics and
                  which Biologics has a right to grant herein.

         1.6      "Know-How" means unpatented technical and other information
                  including but without prejudice to the generality of the
                  foregoing ideas, concepts, inventions, discoveries, data,
                  formulae, specifications, procedures for experiments and tests
                  and other protocols, results of experimentation and testing,
                  fermentation and purification techniques and assay protocols.

         1.7      "Materials" means the System, vectors containing the System,
                  but excluding any gene inserted into the System by Licensee
                  for the purposes of producing Product.

         1.8      "Materials Know-How" means Know-How specifically relating to
                  the Materials of which Biologics is the proprietor.

         1.9      "Net Selling Price" means all monies received by or on behalf
                  of Licensee or its sublicensee hereunder in respect of the
                  sale of Product in the Territory less the following items to
                  the extent that they are paid or allowed and included in the
                  invoice price:

                  1.9.1    normal discounts actually granted;

                  1.9.2    credits allowed for Product or other goods returned
                           or not accepted by customers;

                  1.9.3    packaging, transportation and prepaid insurance
                           charges on shipments or deliveries to customers; and

                  1.9.4    taxes actually incurred and paid by Licensee or its
                           sublicensee hereunder in connection with the sale or
                           delivery of Product or other goods to customers.

                  Upon any sale or other disposal of Product by or on behalf of
                  Licensee or its sublicensee hereunder other than a bona fide
                  arms length transaction exclusively for money or upon any use
                  of the Product for purposes which do not result in a

<PAGE>
                                     - 5 -

                  disposal of such Product in consideration of sales revenue
                  customary in the country of use, such sale, other disposal or
                  use shall be deemed to constitute a sale at the then current
                  maximum selling price in the country in which such sale, other
                  disposal or use occurs.

                  For the avoidance of doubt, the supply of Product free of
                  charge as commercial samples or for use in clinical studies or
                  to third parties for evaluation purposes shall not be included
                  in this provision and shall not be deemed to constitute a
                  sale.

         1.10     "Patent Rights" means the patents and applications which
                  Biologics has a right to grant herein short particulars of
                  which are set out in Schedule 1 hereto and all patents and
                  applications thereof of any kind throughout the world whether
                  national or regional including but without prejudice to the
                  generality of the foregoing, author certificates, inventor
                  certificates, improvement patents, utility certificates and
                  models and certificates of addition and including any
                  divisions, renewals, continuations, continuations in part,
                  extensions of reissue thereof.

         1.11     "Product" means a monoclonal antibody to a bacterial cell
                  surface adhesion known as Aurexis(TM) of which Licensee is the
                  proprietor and which is obtained by the expression of any one
                  gene or of any combination of genes by use of the Materials,
                  or any formulation containing the same.

         1.12     "System" means the glutamine synthetase gene expression system
                  of which Biologics is the proprietor which is described in the
                  Patent Rights and Materials Know-How.

         1.13     "Territory" means world-wide.

         1.14     "Valid Claim" means a claim within the Patent Rights
                  (including any re-issued and unexpired patents) which has not
                  been held unenforceable or invalid by the decision of a court
                  or other governmental agency of competent jurisdiction
                  unappealable or unappealed within the time allowed for appeal
                  and which has not been admitted to be invalid or unenforceable
                  through re-issue or disclaimer or otherwise and which has not
                  expired or been abandoned.

<PAGE>
                                     - 6 -

2.       Supply of Materials and Know-How

         2.1      Immediately following the signature of this Agreement by both
                  parties and receipt of the payment specified in Clause 5.1.1
                  hereof Biologics shall, if requested by Licensee in writing,
                  arrange for supply free of charge ex-works Biologics'
                  premises, Slough, Berkshire (Incoterms 2000) to Licensee the
                  following:

                  2.1.1    Materials

                           (a)      Approximately 20(mu)g of vector pEE12.4.
                                    Approximately 20(mu)g of vector pEE14.4.
                                    Approximately 20(mu)g of vector pEE13.4.
                                    Approximately 20(mu)g of vector pEE6.4.
                                    Approximately 20(mu)g of vector pCon gamma 4
                                    (proline at 241).
                                    Approximately 20(mu)g of vector pCon kappa.
                                    Approximately 20(mu)g of vector pCon gamma
                                    1-f.
                                    Approximately 20(mu)g of vector pCon gamma
                                    1-za.

                           (b)      Two 1ml vials of myeloma cell line NS0.
                                    Two 1ml vials of the Chinese Hamster Ovary
                                    cell line CHO-K1.

                  2.1.2    Materials Know-How

                           Materials Know-How contained as at the date
                           hereinabove in manuals of operating procedures for
                           the System.

                           Licensee shall use the Materials and Cell Lines only
                           in the expression of Product by insertion of gene(s)
                           coding for Product(s) into the Materials and Cell
                           Lines, and shall not use, cause the use of or permit
                           to be used the Materials or the Cell Lines for any
                           purpose not directly authorised by this Agreement.

3.       Ownership of Property and Intellectual Property

         3.1      It is hereby acknowledged and agreed that any and all property
                  and Intellectual Property in the Materials is vested in
                  Biologics.

<PAGE>
                                     - 7 -

         3.2      The provisions of this clause shall survive termination of
                  this Agreement.

4.       Licences

         4.1      Biologics hereby grants to Licensee a world-wide non-exclusive
                  licence under the Intellectual Property to develop,
                  manufacture, market and sell Product in the Territory save as
                  provided by Clause 4.3 below, there shall be no right to
                  sublicense the rights granted hereunder.

         4.2      Save as expressly provided by Clause 2 above, the Licensee
                  hereby undertakes not to make any modifications or adaptations
                  to the Materials or the Cell Lines during the subsistence of
                  this Agreement.

         4.3      Subject to the provisions of this Clause 4.3, Licensee shall
                  be entitled to grant a sublicence to the rights granted by
                  Clause 4.1 to a third party for the purposes of that third
                  party producing Product for Licensee provided always:

                  4.3.1    Licensee shall ensure such sublicensee's use of the
                           Materials, the Cell Lines, the Intellectual Property
                           and the Product is undertaken solely for the purpose
                           of establishing a manufacturing process for Product,
                           or producing Product, for Licensee; and

                  4.3.2    The sublicensee shall not, by virtue of this
                           Agreement, be granted any right or licence, either
                           express or implied, under any patent or proprietary
                           right vested in Biologics or otherwise, to use the
                           Materials, the Intellectual Property or the Product
                           other than for the purposes of establishing a
                           manufacturing Process for Product or producing
                           Product for Licensee and Licensee agrees to ensure
                           that such sublicensee shall not assign, transfer,
                           further sublicense or otherwise make over the benefit
                           or the burden of the rights granted to it pursuant to
                           this Agreement; and

                  4.3.3    Any sublicence granted shall be expressly subject and
                           subordinate to the terms of this Agreement, and it
                           shall be Licensee's responsibility to ensure the
                           strict adherence by any sublicensee hereunder to the
                           terms and conditions of this Agreement; and

<PAGE>
                                     - 8 -

                  4.3.4    Promptly following the grant of any sublicensee
                           pursuant to this Clause 4, Licensee shall notify
                           Biologics of the identity of the sublicensee and
                           shall confirm it has complied with the requirements
                           of this Clause 4.3 in respect of the same.

5.       Payments

         5.1      In consideration of the licence granted to Licensee pursuant
                  to Clause 4.1 hereof, Licensee shall pay Biologics as follows:

                  5.1.1    [ *** ] per annum upon the Effective Date of this
                           Agreement; and

                  5.1.2    a royalty of [ *** ] of the Net Selling Price of
                           Product manufactured by the Licensee or Biologics.

         5.2      Upon the grant by Licensee of one or more sublicence(s) in
                  respect of the rights granted by Clause 4.1 pursuant to Clause
                  4.3 and during the continued existence of such sublicence(s)
                  the annual licence fee refered to in clause 5.1.1 shall not
                  become due but rather Licensee shall pay Biologics as follows:

                  5.2.1    [ *** ] per sublicence per annum for use of Materials
                           for production of Product for development services
                           for human clinical studies with initial payment being
                           due on the commencement of manufacture of the first
                           GMP batch for such clinical studies; and

                  5.2.2    [ *** ] per sublicence per annum for use of Materials
                           for production of Product for commercial purposes
                           with initial payment being due on the date of grant
                           of the Biologics Licence Application; and

                  5.2.3    a royalty of [ *** ] of the Net Selling Price of
                           Product manufactured by a sublicensee.

<PAGE>
                                     - 9 -

         5.3      For the avoidance of doubt the annual licence fee refered to
                  in clause 5.1.1 shall not be payable on its anniversary if one
                  or more licence fees have been paid during the preceding 12
                  months in accordance with clauses 5.2.1 or 5.2.2 and in the
                  event that Licensee has previously sub-licensed the rights in
                  accordance with clause 5.2 and subsequently terminates such
                  sub-license, then the annual licence fee referred to in clause
                  5.1.1 shall only become payable upon the anniversary of the
                  Effective Date subsequent to the termination of all
                  sub-licences unless a new sub-licence is granted prior to such
                  anniversary and payment is made in accordance with clause 5.2

         6.       Royalty Procedures

         6.1      Licensee shall keep true and accurate records and books of
                  account containing all data necessary for the calculation of
                  royalties payable to Biologics. Such records and books of
                  account shall, upon reasonable notice having been given by
                  Biologics be open for inspection by Biologics or its duly
                  authorised representative.

         6.2      Licensee shall prepare a statement in respect of each calendar
                  quarter which shall show for the quarter in question details
                  of the sales of Product and the royalty due and payable to
                  Biologics thereon.

                  Such statement shall be submitted to Biologics within thirty
                  (30) days of the end of the calendar quarter to which it
                  relates together with a remittance for the royalties due to
                  Biologics.

         6.3      All sums due under this Agreement:

                  6.3.1    shall be made in pounds sterling to Biologics.
                           Payments due to Biologics in currencies other than
                           pounds sterling shall first be calculated in the
                           relevant local currency before being calculated at
                           the rate of exchange ruling at the close of business
                           on the day payment is due or made, whichever is
                           earlier, provided always that where payment is made
                           after the date provided therefore herein conversion
                           shall be at the rate ruling at the date of payment if
                           this is more favourable to Biologics. The rate of
                           exchange shall be the mean value of the Pound Spot
                           Rate in London first

<PAGE>
                                     - 10 -

                           published in the Financial Times on the day following
                           the day for determining such rates.

                  6.3.2    are exclusive of any Value Added Tax or of any other
                           applicable taxes, levies, imposts, duties and fees of
                           whatever nature imposed by or under the authority of
                           any government or public authority which shall be
                           paid by Licensee. The parties agree to co-operate in
                           all respects necessary to take advantage of such
                           double taxation agreements as may be available.

         6.4      Where Biologics does not receive payment of any sum by the due
                  date, interest shall accrue thereafter on the sum due and
                  owing to Biologics at the rate of four percent (4%) over the
                  base rate from time to time of HSBC Bank plc, interest to
                  accrue on a day to day basis without prejudice to Biologics'
                  right to receive payment on the due date.

7.       Liability and Warranties

         7.1      Biologics gives no representation or warranty that the Patent
                  Rights which are patent applications will be granted or if
                  granted will be valid nor that the exercise of the rights
                  granted to Licensee hereunder will not infringe other patent
                  rights or intellectual property rights vested in Biologics or
                  any third party. Biologics represents and warrants to Licensee
                  that as of the Effective Date that it has the title to grant
                  the licence granted pursuant to this Agreement and that the
                  licence granted does not conflict with or violate the terms of
                  any agreement between Biologics and any third party.

         7.2      To the best of Biologics' knowledge and belief, as of the date
                  hereof, save for the Patent Rights there are no patent rights
                  or patent applications with respect to the Materials and
                  Materials Know How of which Biologics or its Affiliate is the
                  proprietor and which are necessary to enable the Licensee to
                  exercise the rights granted herein.

                  In the event Biologics becomes the proprietor of patent rights
                  with respect to the Materials and Materials Know How which are
                  necessary to enable Licensee to exercise the rights granted
                  herein, Biologics agrees to grant a licence under the

<PAGE>
                                     - 11 -

                  patent rights to the extent necessary to enable the Licensee
                  to exercise such rights at no additional charge.

                  As of the date of this Agreement Biologics' Legal or Corporate
                  Departments have not received any claim or demand by any third
                  party claiming infringement of its intellectual property
                  rights by use of the Intellectual Property in accordance with
                  the provisions of this Agreement. Biologics agrees to notify
                  Licensee at any time during the term of this Agreement if it
                  receives such notice or demand.

         7.3      The Licensee hereby acknowledges that in order to exploit the
                  rights contained herein the Licensee may require licences
                  under Biologics patent rights other than those herein licensed
                  or under third party patent rights (including those vested in
                  Affiliates of Biologics) that may be infringed by the use by
                  the Licensee of the rights licensed herein and it is hereby
                  agreed that it shall be the Licensee's responsibility to
                  satisfy itself as to the need for such licences and if
                  necessary to obtain such licences. No licence is granted save
                  as expressly provided herein and no licence in addition
                  thereto shall be deemed to have arisen or be implied by way of
                  estoppel or otherwise.

         7.4      Licensee shall indemnify and hold harmless Biologics and its
                  officers, servants and agents at all times in respect of any
                  and all losses, damages, costs and expenses suffered or
                  incurred as a result of any contractual, tortious or other
                  claims or proceedings by third parties against Biologics
                  arising in any way out of the exercise by Licensee of any of
                  the rights granted to it under this Agreement, including, but
                  not limited to, product liability claims or proceedings save
                  to the extent that such third party claims relate solely to
                  the System and Licensee's use of the System in accordance with
                  the scope of this Agreement.

         7.6      Any condition or warranty other than those relating to title
                  which might otherwise be implied or incorporated within this
                  Agreement by reason of statute or common law or otherwise is
                  hereby expressly excluded.

         7.5      The terms of this Clause 7 shall survive termination of the
                  Agreement for whatever reason.

<PAGE>
                                     - 12 -

8.       Confidentiality

         8.1      Licensee expressly acknowledges that the Materials Know-How
                  and any other Know-How with which it is supplied by Biologics
                  pursuant to this Agreement is supplied in circumstances
                  imparting an obligation of confidence and Licensee agrees to
                  keep such Know How or Materials Know-How secret and
                  confidential and to respect Biologics' proprietary rights
                  therein and to use the same for the sole purpose of this
                  Agreement and not during the period of this Agreement or at
                  any time for any reason whatsoever to disclose or permit to be
                  disclosed such Know How or Materials Know-How to any third
                  party other than its sublicensee hereunder for use in
                  accordance with the terms of this Agreement. Licensee shall
                  procure that only its employees and employees of it
                  sublicensee hereunder shall have access to the Know How or
                  Materials Know-How on a need to know basis and that all such
                  employees shall be informed of their secret and confidential
                  nature and shall be subject to the same obligations as
                  Licensee and its sublicensee hereunder pursuant to this Clause
                  8.1.

         8.2      Licensee hereby undertakes and agrees to keep the Materials
                  and the Cell Lines secure and safe from loss, damage, theft,
                  misuse and unauthorised access and shall procure that the
                  Materials and the Cell Lines shall be made available only to
                  employees of Licensee and employees of its sublicensee
                  hereunder on a need to know basis and subject to the same
                  obligations of confidence as provided in Clause 8.1 hereof,
                  and to use the same for the sole purpose of this Agreement.

         8.3      Both parties undertake and agree not to at any time for any
                  reason whatsoever disclose or permit to be disclosed to any
                  third party or otherwise make use of or permit to be made use
                  of any trade secrets or confidential information relating to
                  the business affairs or finances of the other or of any
                  suppliers, agents, distributors, licensees or other customers
                  of the other which comes into their possession pursuant to
                  this Agreement.

         8.4      The obligations of confidence referred to in this Clause 8
                  shall not extend to any information which:

<PAGE>
                                     - 13 -

                  8.4.1    is or shall become generally available to the public
                           otherwise than by reason of a breach by the recipient
                           party of such information of the provisions of this
                           Clause 8;

                  8.4.2    is known to the recipient party of such information
                           and is at its free disposal prior to its receipt from
                           the other;

                  8.4.3    is subsequently disclosed to the recipient party
                           without obligations of confidence by a third party
                           owing no such obligations in respect thereof; and

                  8.4.4    Biologics or Licensee may be required to disclose to
                           a government agency for the purpose of any statutory,
                           regulatory or similar legislative requirement
                           applicable to the production of Product or to meet
                           the requirements of any Stock Exchange to which the
                           parties may be subject but only to the extent such
                           disclosure is required, and subject to obligations of
                           secrecy wherever possible; and

                  8.4.5    can be demonstrated by competent written evidence as
                           having been independently developed by the recipient
                           of the information in questions without reference to
                           that information.

         8.5      The obligations of both parties under this Clause 8 shall
                  survive the expiry or termination of this Agreement for
                  whatever reason.

9.       Patents

         9.1      Biologics hereby undertakes and agrees that at its own cost
                  and expense it will:

                  9.1.1    prosecute or procure prosecution of such of the
                           Patent Rights which are patent applications
                           diligently to grant so as to secure the best
                           commercial advantage obtainable so far as it is
                           reasonable to do so with reference to Biologics'
                           commercial considerations; and

                  9.1.2    pay or procure payment of all renewal fees in respect
                           of the Patent Rights valid and subsisting for the
                           full term thereof and in particular will procure

<PAGE>
                                     - 14 -

                           such renewal of the registrations thereof as may be
                           necessary from time to time so far as it is
                           reasonable to do so with particular reference to
                           commercial considerations.

         9.2      Licensee shall promptly notify Biologics in writing of any
                  infringement or improper or unlawful use of or of any
                  challenge to the validity of the Patent Rights and/or
                  Know-How. Biologics undertakes and agrees to take all such
                  steps and proceedings and to do all other acts and things as
                  may in Biologics' sole discretion be necessary to restrain any
                  such infringement or improper or unlawful use or to defend
                  such challenge to validity and Licensee shall permit Biologics
                  to have the sole conduct of any such steps and proceedings
                  including the right to settle them whether or not Licensee is
                  a party to them.

10.      Term and Termination

         10.1     Unless terminated earlier in accordance with the provisions of
                  this Clause 10 or Clause 13 or 14, this Agreement shall
                  continue in force in each country of the world, until expiry
                  of the last to expire of a period of fifteen (15) years from
                  the date of First Commercial Sale or until expiry of the last
                  Valid Claim, whichever is later always provided that this
                  Agreement shall terminate before the expiry of the said
                  fifteen (15) year period and after the expiry of the last
                  Valid Claim if Biologics makes publicly available the
                  Materials and the Materials Know-How.

         10.2     Licensee may terminate this Agreement by giving sixty (60)
                  days notice in writing to Biologics.

         10.3     Either Biologics or Licensee may terminate this Agreement
                  forthwith by notice in writing to the other upon the
                  occurrence of any of the following events:

                  10.3.1   if the other commits a breach of this Agreement which
                           in the case of a breach capable of remedy shall not
                           have been remedied within sixty (60) days of the
                           receipt by the other of a notice identifying the
                           breach and requiring its remedy.

                  10.3.2   if the other is unable to pay its debts or enters
                           into compulsory or voluntary liquidation (other than
                           for the purpose of effecting a

<PAGE>
                                     - 15 -

                           reconstruction or amalgamation in such manner that
                           the company resulting from such reconstruction or
                           amalgamation if a different legal entity shall agree
                           to be bound by and assume the obligations of the
                           relevant party under this Agreement) or compounds
                           with or convenes a meeting of its creditors or has a
                           receiver appointed over all or any part of its assets
                           or takes or suffers any similar action in consequence
                           of a debt, or ceases for any reason to carry on
                           business.

         10.4     If at any time during this Agreement Licensee directly or
                  indirectly opposes or assists any third party to oppose the
                  grant of letters patent or any patent application within any
                  of the Patent Rights or disputes or directly or indirectly
                  assists any third party to dispute the validity of any patent
                  within any of the Patent Rights or any of the claims thereof
                  Biologics shall be entitled at any time thereafter to
                  terminate all or any of the licences granted hereunder
                  forthwith by notice to Licensee.

         10.5     If this Agreement is terminated for any reason any and all
                  licences granted hereunder shall terminate with effect from
                  the date of termination and Licensee shall destroy all
                  Materials, Cell Lines and Product forthwith and shall certify
                  such destruction immediately thereafter in writing to
                  Biologics.

         10.6     Termination for whatever reason or expiration of this
                  Agreement shall not affect the accrued rights of the parties
                  arising in any way out of this Agreement as at the date of
                  termination. The right to recover damages against the other
                  and all provisions which are expressed to survive this
                  Agreement shall remain if full force and effect.

11.      Assignment

         11.1     Save as expressly provided by Clause 4. neither party shall be
                  entitled to assign, transfer, charge or in any way make over
                  the benefit and/or burden of this Agreement without the prior
                  written consent of the other which consent shall not be
                  unreasonably withheld or delayed save that Company shall be
                  entitled without the prior written consent of Biologics to
                  assign, transfer, charge, sub-contract, deal with or in any
                  manner make over the benefit and/or burden of this Agreement
                  to an entity to which Company has assigned its entire business
                  in the

<PAGE>
                                     - 16 -

                  field relevant to the Research Evaluation and Biologics shall
                  be entitled without the prior written consent of the other
                  party to assign transfer, charge, sub-contractor deal with or
                  in any other manner make over the benefit and/or burden of
                  this Agreement to an Affiliate or to any 50/50 joint venture
                  company of which Biologics is the beneficial owner of fifty
                  per cent (50%) of the issued share capital thereof or to any
                  company with which Biologics may merge or to any company to
                  which that party may transfer its assets and undertakings.

         11.2     This Agreement shall be binding upon the successors and
                  assigns of the parties and the name of a party appearing
                  herein shall be deemed to include the names of its successors
                  and assigns provided always that nothing herein shall permit
                  any assignment by either party except as expressly provided
                  herein.

12.      Governing Law and Jurisdiction

         12.1     The validity, construction and performance of this Agreement
                  shall be governed by English law to the jurisdiction of whose
                  courts the parties hereto submit.

         12.2     Either party shall have the right to take proceedings in any
                  other jurisdiction for the purposes of enforcing a judgement
                  or order obtained from the Court in England.

13.      Force Majeure

         Neither party shall be in breach of this Agreement if there is any
         total or partial failure of performance by it of its duties and
         obligations under this Agreement occasioned by acts and events beyond
         its control such as any act of God, fire, act of government or state,
         war, civil commotion, insurrection, embargo, prevention from or
         hindrance in obtaining any raw materials, energy or other supplies,
         labour disputes of whatever nature and any other reason beyond the
         control of either party. If either party is unable to perform its
         duties and obligations under this Agreement as a direct result of the
         effect of one of the reasons set out in this Clause 13 such party shall
         give written notice to the other of such inability stating the reason
         in question. The operation of this Agreement shall be suspended during
         the period (and only during the period) in which the reason continues.
         Forthwith upon the reason ceasing to exist the party relying upon it
         shall give written advice to the other of this fact. If the reason
         continues for a period of more than ninety

<PAGE>
                                     - 17 -

         (90) days and substantially affects the commercial basis of this
         Agreement the party not claiming under this Clause 13 shall have the
         right to terminate this Agreement by giving sixty (60) days written
         notice of such termination to the other party.

14.      Illegality

         If any provision or term of this Agreement or any part thereof shall
         become or be declared illegal, invalid or unenforceable for any reason
         whatsoever including but without limitation by reason of the provisions
         of any legislation or other provisions having the force of law or by
         reason of any decision of any Court or other body or authority having
         jurisdiction over the parties hereto or this Agreement including the EC
         Commission or the European Court of Justice, such terms or provisions
         shall be divisible from this Agreement and shall be deemed to be
         deleted from this Agreement in the jurisdiction in question provided
         always that if any such deletion substantially affects or alters the
         commercial basis of this Agreement either party shall have the right to
         terminate this Agreement by giving sixty (60) days written notice of
         such termination to the other party.

15.      Miscellaneous

         15.1     This Agreement embodies and sets forth the entire agreement
                  and understanding of the parties and supersedes all prior oral
                  and written agreements, understanding or arrangements relating
                  to the subject matter of this Agreement. Neither party shall
                  be entitled to rely on any agreement, understanding or
                  arrangement which is not expressly set forth in this
                  Agreement.

         15.2     This Agreement shall not be amended, modified, varied or
                  supplemented except in writing signed by duly authorised
                  representatives of the parties.

         15.3     No failure or delay on the part of either party hereto to
                  exercise any right or remedy under this Agreement shall be
                  construed or operated as a waiver thereof nor shall any single
                  or partial exercise of any right or remedy under this
                  Agreement preclude the exercise of any other right or remedy
                  or preclude the further exercise of such right or remedy as
                  the case may be. The rights and remedies provided in this
                  Agreement are cumulative and are not exclusive of any rights
                  or remedies provided by law.

<PAGE>
                                     - 18 -

         15.4     The text of any press release or other communication to be
                  published by or in the media whether of a scientific nature or
                  otherwise and concerning the subject matter of this Agreement
                  shall require the prior written approval of Biologics.
                  Notwithstanding the foregoing, nothing herein shall be
                  construed as limiting Licensee's rights or ability to publish,
                  present or use in any way data and results relating solely and
                  exclusively to the Research Evaluation without reference to
                  the System, the Materials, the Intellectual Property or
                  Biologics. Such publication, presentation or use by Company
                  shall not require prior review or written approval of
                  Biologics.

         15.5     Each of the parties hereto shall be responsible for its
                  respective legal and other costs incurred in relation to the
                  preparation of this Agreement.

         15.6     The parties to this Agreement do not intend that any term
                  hereof should be enforceable by virtue of the Contracts
                  (Rights of Third Parties) Act 1999 by any person who is not a
                  party to this Agreement.

16.      Notice

         16.1     Any notice or other document to be given under this Agreement
                  shall be in writing and shall be deemed to have been duly
                  given if left at or sent by registered post, courier,
                  facsimile or other electronic media to a party or delivered in
                  person to a party at the address or facsimile number set out
                  below for such party or such other address as the party may
                  from time to time designate by written notice to the other(s):

                  Address of Biologics
                  Lonza Biologics plc, 228 Bath Road, Slough, Berkshire SL1 4DY
                  Facsimile: 01753 777001
                  For the attention of the Head of Legal Services

                  Address of Licensee
                  Inhibitex, Inc., 8995 Westside Parkway, Alpharetta,
                  Georgia 30004, USA
                  Facsimile: 001 678 336 2612

<PAGE>
                                     - 19 -

                  For the attention of President and Chief Operating Officer
                  with a copy to Chief Scientific Officer

         16.2     All such notices and documents shall be in the English
                  language. Any such notice or other document shall be deemed to
                  have been received by the addressee seven (7) working days
                  following the date of despatch of the notice or other document
                  by post or, where the notice or other document is sent by hand
                  or is given by facsimile or other electronic media,
                  simultaneously with the transmission or delivery. To prove the
                  giving of a notice or other document it shall be sufficient to
                  show that it was despatched.

17.      Interpretation

         17.1     The headings in this Agreement are inserted only for
                  convenience and shall not affect the construction hereof.

         17.2     Where appropriate words denoting a singular number only shall
                  include the plural and vice versa.

         17.3     Reference to any statute or statutory provision includes a
                  reference to the statute or statutory provision as from time
                  to time amended, extended or re-enacted.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto

Signed for and on behalf of                             [ILLEGIBLE]
LONZA BIOLOGICS PLC                              -------------------------

                                                         Secretary         TITLE

Signed for and on behalf of                         /s/ Joseph M. Patti
INHIBITEX, INC.                                  -------------------------

                                       CSO and VP Preclinical Development. TITLE

<PAGE>
                                     - 20 -

                                   SCHEDULE 1

                                  PATENT RIGHTS

Biologics Ref:          LBP07 (formerly known as PA98)

Priority Dates:         01.04.85 and 03.09.85

Title:                  Transformed Myeloma Cell-Line and a Process for the
                        Expression of a Gene Coding for a Eukaryotic Polypeptide
                        employing same

Inventors:              John Henry Kenten
                        Michael Alan Boss

<TABLE>
<CAPTION>
                         Patent Application
Territory                or * Patent Number          Patent Expiry Date
---------                ------------------          ------------------
<S>                      <C>                         <C>
Australia                     * 584417                    01.04.06

Bulgaria                      *  60107                    01.04.06

Canada                        *1319120                    15.06.10

Europe+                       * 216846                    01.04.06

Russia                        *2079553                    01.04.06

United Kingdom                *2183662                    01.04.06

USA (cont III)                *5981216                    09.11.16
</TABLE>

+        includes Austria, Belgium, France, Germany, Italy, Luxembourg,
         Netherlands, Sweden and Switzerland.

<PAGE>
                                     - 21 -

Celltech Ref. No:                PA 108

Subject Matter:                  Expression systems containing a glutamine
gene                             synthetase

Title:                           Recombinant DNA Sequences, Vectors containing
                                 them and method for the use thereof

Origin:                          Celltech/University of Glasgow joint invention
Registered Owner:                Celltech Limited/University of Glasgow
Beneficial Owner:                Celltech R&D Limited/University of Glasgow

Priority Application Date:       23rd January 1986
Earliest Publication Date/No:    30th July 1987/WO87/04462

<TABLE>
<CAPTION>
Territory              Application Date       Application No.       Patent No.      Expiry Date
---------              ----------------       ---------------       ----------      -----------
<S>                    <C>                    <C>                   <C>             <C>
Australia                  23.01.87              68935/87             599081          23.01.07
Canada                     23.01.87              528011               1338901         11.02.14
*Europe                    23.01.87              87900856.3           0256055         23.01.07
Japan                      23.01.87              500891/87            7032712         23.01.07
USA                        23.01.87              07/595733            5122464         16.06.09
USA (divisional)           23.01.87              08/302241            5770359         16.06.09
USA (divisional)           23.01.87              08/476567            5827739         16.06.09
</TABLE>

*includes: Austria, Belgium, France, Germany, Italy, Liechtenstein, Luxembourg,
Netherlands, Sweden, Switzerland, United Kingdom

<PAGE>
                                     - 22 -

Biologics Ref:       LBP09 (formerly known as PA 140)

Priority Date:       23.07.87

Title:               Recombinant DNA Product and Processes using it

Inventors:           Christopher Robert Bebbington

<TABLE>
<CAPTION>
                          Patent Application
Territory                 or * Patent Number          Patent Expiry Date
---------                 ------------------          ------------------
<S>                       <C>                         <C>
Europe+                        * 323997                    22.07.08

Japan                          *2505268                    22.07.08

USA (cont II)                  *5591639                    07.01.14

USA (divisional)               *5658759                    19.08.14
</TABLE>

+        includes Austria, Belgium, France, Germany, Italy, Luxembourg,
         Netherlands, Sweden, Switzerland and United Kingdom

<PAGE>
                                     - 23 -

Biologics Ref:       LBP10 (formerly known as PA 177)

Priority Date:       18.04.88

Title:               Recombinant DNA Methods, Vectors and Host Cells

Inventors:           Christopher Robert Bebbington
                     Geoffrey Thomas Yarranton

<TABLE>
<CAPTION>
                          Patent Application
Territory                 or * Patent Number          Patent Expiry Date
---------                 ------------------          ------------------
<S>                       <C>                         <C>
Australia                      * 624616                    18.04.09

Canada                         *1338891                    04.02.14

Europe+                        * 338841                    18.04.09

Japan                          *2007380                    18.04.09

USA (cont I)                   *5879936                    09.03.16

USA (cont II)                  *5891693                    06.04.16
</TABLE>

+        includes Austria, Belgium, France, Germany, Greece, Italy, Luxembourg,
         Netherlands, Spain, Sweden, Switzerland and United Kingdom

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]