Document:

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                                                                    Exhibit 4.6

     THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
    1933, AS AMENDED (THE "1933 ACT"), OR ANY APPLICABLE STATE SECURITIES
      LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR
     TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF
     SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE
      REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
                    AVAILABLE WITH RESPECT THERETO.

                            EXELIXIS, INC.

                         COMMON STOCK WARRANT

Warrant No. __________

     FOR VALUE RECEIVED, Exelixis, Inc., a Delaware corporation (the "Company"),
with its principal office at 260 Littlefield Avenue, South San Francisco, CA
94080, hereby certifies that the Laurence and Magdalena Shushan Family Trust
(the "Holder") is entitled, upon surrender of this Warrant with the notice of
exercise annexed hereto duly executed at the principal office of the Company, to
purchase from the Company 1,500 shares of common stock of the Company, subject
to adjustment as provided in Section 4. Such shares shall be fully paid and
nonassessable shares of Common Stock, $.001 par value, of the Company (the
"Common Stock") purchased at a price per share of Three Dollars ($3.00) (the
"Purchase Price"), subject to the provisions set forth herein. Until such time
as this Warrant is exercised in full or expires, the Purchase Price and the
securities issuable upon exercise of this Warrant are subject to adjustment as
hereinafter provided. The person or persons on whose name or names any
certificate representing shares of Common Stock is issued hereunder shall be
deemed to have become Holder of record of the shares represented thereby as at
the close of business on the date this Warrant is exercised with respect to such
shares, whether or not the transfer books of the Company shall be closed. The
shares of Common Stock deliverable upon such exercise, as adjusted from time to
time, are hereinafter sometimes referred to as "Warrant Shares."

     1. TERM. The purchase right represented by this Warrant is exercisable, in
whole or in part, at any time and from time to time from the date of grant
through the date which is five (5) years after the closing of the Company's
initial public offering of its Common Stock effected pursuant to a Registration
Statement on Form S-1 (or its successor) filed under the Securities Act of 1933,
as amended (the "Act").

     2. METHOD OF EXERCISE; PAYMENT; ISSUANCE OF NEW WARRANT.

        2.1 General. Subject to Section 1 hereof, the purchase right represented
by this Warrant may be exercised by Holder hereof, in whole or in part and from
time to time, by the surrender of this Warrant (with the notice of exercise form
attached hereto as Exhibit A duly executed) at the principal office of the
Company and by the payment to the Company, by cash, check or wire transfer, of
an amount equal to the then applicable Purchase Price multiplied by

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the number of Warrant Shares then being purchased. The person or persons in
whose name(s) any certificate(s) representing shares of Common Stock shall be
issuable upon exercise of this Warrant shall be deemed to have become Holder(s)
of record of, and shall be treated for all purposes as the record Holder(s) of,
the shares represented thereby (and such shares shall be deemed to have been
issued) immediately prior to the close of business on the date or dates upon
which this Warrant is exercised. In the event of any exercise of the rights
represented by this Warrant, certificates for the shares of stock so purchased
shall be delivered to Holder hereof as soon as possible and in any event within
thirty days after such exercise and, unless this Warrant has been fully
exercised or expired, a new Warrant of like tenor representing the portion of
the Warrant Shares, if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to Holder hereof as soon as possible
and in any event within such thirty-day period.

        2.2 NET ISSUE EXERCISE. Notwithstanding any provisions herein to the
contrary, if the fair market value of one share of the Company's Common Stock is
greater than the Purchase Price (at the date of calculation as set forth below),
in lieu of exercising this Warrant for cash, Holder may elect to receive Warrant
Shares equal to the value (as determined below) of this Warrant (or the portion
thereof being canceled) by surrender of this Warrant (with the notice of
exercise form attached hereto as Exhibit A duly executed) in which event the
Company shall issue to Holder a number of Warrant Shares computed using the
following formula:

                X = Y (A-B)
                    -------
                       A

     Where X = the number of shares of Warrant Shares to be issued to Holder

             Y = the number of Warrant Shares purchasable under the Warrant or,
             if only a portion of the Warrant is being exercised, the portion of
             the Warrant being canceled (at the date of such calculation)

             A = the fair market value of one share of the Company's Common
             Stock (at the date of such calculation)

             B = the Purchase Price (as adjusted to the date of such
             calculation)

        For purposes of the above calculation, fair market value of one share of
Common Stock shall be determined as follows: (i) if the class of stock of which
the Warrant Shares are a part is listed on a national stock exchange, on the
NASDAQ National Market System or on any other over-the-counter market, then such
fair market value shall be the closing price per share reported for such class
on such national stock exchange or on the NASDAQ National Market System, or the
average of the final "bid" and "asked" prices reported on such over-the-counter
market, as applicable, at the close of business on the date of calculation, as
reported in the Wall Street Journal; and (ii) if the class of stock of which the
Warrant Shares are a part is not listed on any national stock exchange, on the
NASDAQ National Market System or on any other over-the-

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counter market, then the Board of Directors of the Company shall determine such
fair market value as of the date of calculation in its reasonable good faith
judgment, and shall (upon written request by Holder) advise Holder of such
determination prior to any decision by the registered Holder to exercise its
purchase rights under this Warrant.

     3. STOCK FULLY PAID; RESERVATION OF SHARES. All Warrant Shares that may be
issued upon the exercise of the rights represented by this Warrant will, upon
issuance pursuant to the terms and conditions herein, be fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the
issue thereof. During the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized, and
reserved for the purpose of the issue upon exercise of the purchase rights
evidenced by this Warrant, a sufficient number of shares of its Common Stock to
provide for the exercise of the rights represented by this Warrant. The Company
will take all such actions as may be necessary to assure that such shares of
Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any domestic securities
exchange upon which the Common Stock may be listed; provided, however, that the
Company shall not be required to effect a registration under the Act or state
securities laws with respect to such exercise. The covenant set forth in the
immediately preceding sentence is based in part on the representations made by
Holder in Section 7 and assumes no change in currently applicable law that would
make such actions impracticable.

     4. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES. The number and kind
of securities purchasable upon the exercise of this Warrant and the Purchase
Price shall be subject to adjustment from time to time upon the occurrence of
certain events, as follows:

        4.1 RECLASSIFICATION OR MERGER. In case of any reclassification, change
or conversion of securities of the class issuable upon exercise of this Warrant
(other than a change in par value, or from par value to no par value, or from no
par value to par value, or as a result of a subdivision or combination), or in
case of any merger of the Company with or into another corporation (other than a
merger with another corporation in which the Company is the acquiring and the
surviving corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or in
case of any sale of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, shall
duly execute and deliver to Holder a new Warrant (in form and substance
satisfactory to Holder), so that Holder shall have the right to receive, at a
total purchase price not to exceed that payable upon the exercise of the
unexercised portion of this Warrant, and in lieu of the shares of Common Stock
theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such
reclassification, change or merger by a Holder of the number of shares of Common
Stock then purchasable under this Warrant. Such new Warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 4. The provisions of this Section 4.1
shall similarly apply to successive reclassifications, changes, mergers and
transfers.

        4.2 SUBDIVISION OR COMBINATION OF SHARES. If the Company at any time
while this Warrant remains outstanding and unexpired shall subdivide or combine
its outstanding shares of Common Stock, the Purchase Price shall be
proportionately decreased in the case of a

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subdivision or increased in the case of a combination, effective at the close of
business on the date the subdivision or combination becomes effective.

        4.3 STOCK DIVIDENDS AND OTHER DISTRIBUTIONS. If the Company at any time
while this Warrant is outstanding and unexpired shall (i) pay a dividend with
respect to Common Stock payable in Common Stock, or (ii) make any other
distribution with respect to Common Stock (except any distribution specifically
provided for in the foregoing subparagraphs (a) and (b)) of Common Stock, then
the Purchase Price shall be adjusted, from and after the date of determination
of shareholders entitled to receive such dividend or distribution, to that price
determined by multiplying the Purchase Price in effect immediately prior to such
date of determination by a fraction (i) the numerator of which shall be the
total number of shares of Common Stock outstanding immediately prior to such
dividend or distribution, and (ii) the denominator of which shall be the total
number of shares of Common Stock outstanding immediately after such dividend or
distribution.

        4.4 ADJUSTMENT OF NUMBER OF SHARES. Upon each adjustment in the Purchase
Price, the number of Warrant Shares purchasable hereunder shall be adjusted, to
the nearest whole share, to the product obtained by multiplying the number of
Warrant Shares purchasable immediately prior to such adjustment in the Purchase
Price by a fraction, the numerator of which shall be the Purchase Price
immediately prior to such adjustment and the denominator of which shall be the
Purchase Price immediately thereafter.

     5. NOTICE OF CERTAIN EVENTS

        5.1 NOTICE OF ADJUSTMENTS. Whenever the Purchase Price or the number of
Warrant Shares purchasable hereunder shall be adjusted pursuant to Section 4
hereof, the Company shall make a certificate signed by its chief financial
officer setting forth, in reasonable detail, the event requiring the adjustment,
the amount of the adjustment, the method by which such adjustment was
calculated, and the Purchase Price and the number of Warrant Shares purchasable
hereunder after giving effect to such adjustment, shall be mailed (without
regard to Section 8.2 hereof, by first class mail, postage prepaid) to Holder.

        5.2 OTHER NOTICES. If at any time:

            (a) the Company shall declare any cash dividend upon its Common
Stock;

            (b) the Company shall declare any dividend upon its Common Stock
payable in stock or make any special dividend or other distribution to the
holders of its Common Stock;

            (c) the Company shall offer for subscription pro rata to all holders
of its Common Stock any additional shares of stock of any class or other rights;

            (d) there shall be any capital reorganization or reclassification of
the capital stock of the Company, or consolidation or merger of the Company
with, or sale of all or substantially all of its assets to, another corporation
or other entity;

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

            (f) there shall be an initial public offering of Company securities;

            then, in any one or more of said cases, the Company shall give, by
first class mail, postage prepaid, addressed to Holder at the address of Holder
as shown on the books of the Company, (1) at least ten (10) days' prior written
notice of the date on which the books of the Company shall close or a record
shall be taken for such dividend, distribution, or subscription rights or for
determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation,
winding-up or public offering, and (2) in the case of any such event, at least
ten (10) days' prior written notice of the date when the same shall take place,
provided, however, Holder shall make a best efforts attempt to respond to such
notice as early as possible after the receipt thereof. Any notice given in
accordance with the foregoing clause (1) shall also specify, in the case of any
such dividend, distribution or subscription rights, the date on which the
holders of Common Stock shall be entitled thereto. Any notice given in
accordance with the foregoing clause (2) shall also specify the date on which
the holders of Common Stock shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation,
winding-up, conversion or public offering, as the case may be.

     6. FRACTIONAL INTEREST. In no event shall any fractional share of Common
Stock be issued upon any exercise of this Warrant. If, upon exercise of this
Warrant as an entirety, Holder would, except as provided in this Section 6, be
entitled to receive a fractional share of Common Stock, then the Company shall
issue the next higher number of full shares of Common Stock, issuing a full
share with respect to such fractional share.

     7. COMPLIANCE WITH SECURITIES ACT; DISPOSITION OF WARRANT OR SHARES OF
COMMON STOCK.

        7.1 COMPLIANCE WITH SECURITIES ACT. Holder, by acceptance hereof, agrees
that this Warrant, and the shares of Common Stock to be issued upon exercise
hereof are being acquired for investment and that Holder will not offer, sell or
otherwise dispose of this Warrant, or any shares of Common Stock to be issued
upon exercise hereof except under circumstances which will not result in a
violation of the Act. Upon exercise of this Warrant, unless the Warrant Shares
being acquired are registered under the Act or an exemption from such
registration is available, Holder shall confirm in writing that the shares of
Common Stock so purchased are being acquired for investment and not with a view
toward distribution or resale. This Warrant and all shares of Common Stock
issued upon exercise of this Warrant (unless registered under the Act) shall be
stamped or imprinted with a legend in substantially the following form:

     "THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE
     OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION
     STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR HOLDER,
     REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH

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     REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE
     APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE
     PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE
     ISSUED, DIRECTLY OR INDIRECTLY."

        7.2 REPRESENTATIONS OF HOLDER. In addition, in connection with the
issuance of this Warrant, Holder specifically represents to the Company by
acceptance of this Warrant as follows:

            (a) Holder is aware of the Company's business affairs and financial
condition, and has acquired information about the Company sufficient to reach an
informed and knowledgeable decision to acquire this Warrant. Holder is acquiring
this Warrant for its own account for investment purposes only and not with a
view to, or for the resale in connection with, any "distribution" thereof for
purposes of the Act.

            (b) Holder understands that this Warrant has not been registered
under the Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of Holder's investment
intent as expressed herein. In this connection, Holder understands that, in the
view of the SEC, the statutory basis for such exemption may be unavailable if
Holder's representation was predicated solely upon a present intention to hold
the Warrant for the minimum capital gains period specified under tax statutes,
for a deferred sale, for or until an increase or decrease in the market price of
the Warrant, or for a period of one year or any other fixed period in the
future.

            (c) Holder further understands that this Warrant must be held
indefinitely unless subsequently registered under the Act and any applicable
state securities laws, or unless exemptions from registration are otherwise
available. Moreover, Holder understands that the Company is under no obligation
to register this Warrant.

            (d) Holder is aware of the provisions of Rule 144 and 144A,
promulgated under the Act, which, in substance, permit limited public resale of
"restricted securities" acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions, if applicable, including, among other
things: The availability of certain public information about the Company, the
resale occurring not less than two years after the party has purchased and paid
for the securities to be sold; the sale being made through a broker in an
unsolicited "broker's transaction" or in transactions directly with a market
maker (as said term is defined under the Securities Exchange Act of 1934, as
amended) and the amount of securities being sold during any three-month period
not exceeding the specified limitations stated therein.

            (e) Holder further understands that at the time it wishes to sell
this Warrant there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be
satisfying the current public information requirements of Rule 144 and 144A, and
that, in such event, Holder may be precluded from selling this Warrant under
Rule 144 and 144A even if the two-year minimum holding period had been
satisfied.

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            (f) Holder further understands that in the event all of the
requirements of Rule 144 and 144A are not satisfied, registration under the Act,
compliance with Regulation A, or some other registration exemption will be
required; and that, notwithstanding the fact that Rule 144 and 144A are not
exclusive, the Staff of the SEC has expressed its opinion that persons proposing
to sell private placement securities other than in a registered offering and
otherwise than pursuant to Rule 144 and 144A will have a substantial burden of
proof in establishing that an exemption from registration is available for such
offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk.

        7.3 DISPOSITION OF WARRANT OR SHARES. With respect to any offer, sale or
other disposition of this Warrant or any shares of Common Stock acquired
pursuant to the exercise of this Warrant prior to registration of such Warrant
or shares, Holder hereof and each subsequent Holder agrees to give written
notice to the Company prior thereto, describing briefly the manner thereof,
together with a written opinion of Holder's counsel, if reasonably requested by
the Company, to the effect that such offer, sale or other disposition may be
effected without registration or qualification (under the Act as then in effect
or any federal or state law then in effect) of this Warrant or such shares of
Common Stock and indicating whether or not under the Act certificates for this
Warrant or such shares of Common Stock to be sold or otherwise disposed of
require any restrictive legend as to applicable restrictions on transferability
in order to ensure compliance with such law. Promptly upon receiving such
written notice and reasonably satisfactory opinion, if so requested, the
Company, as promptly as practicable, shall notify Holder that Holder may sell or
otherwise dispose of this Warrant or such shares of Common Stock, all in
accordance with the terms of the notice delivered to the Company. If a
determination has been made pursuant to this Section 7.3 that the opinion of
counsel for Holder is not reasonably satisfactory to the Company, the Company
shall so notify Holder promptly after such determination has been made and shall
specify in detail the legal analysis supporting any such conclusion.
Notwithstanding the foregoing, this Warrant or such shares of Common Stock may,
as to such federal laws, be offered, sold or otherwise disposed of in accordance
with Rule 144 or 144A under the Act, provided that the Company shall have been
furnished with such information as the Company may reasonably request to provide
a reasonable assurance that the provisions of Rule 144 or 144A have been
satisfied. Each certificate representing this Warrant or the shares of Common
Stock thus transferred (except a transfer pursuant to Rule 144 or 144A) shall
bear a legend as to the applicable restrictions on transferability in order to
ensure compliance with such laws, unless in the aforesaid opinion of counsel for
Holder, such legend is not required in order to ensure compliance with such
laws. The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions.

        7.4 EXCEPTED TRANSFERS. Neither any restrictions of any legend described
in this Warrant nor the requirements of Section 7.3 above shall apply to any
transfer without any additional consideration of, or grant of a security
interest in, this Warrant or any part hereof (i) to a partner of Holder if
Holder is a partnership, (ii) by Holder to a partnership of which Holder is a
general partner, or (iii) to any affiliate of Holder if Holder is a corporation;
PROVIDED, HOWEVER, in any such transfer, the transferee shall on the Company's
request agree in writing to be bound by the terms of this Warrant as if an
original signatory hereto.

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        7.5 RIGHTS AS SHAREHOLDERS; INFORMATION. Holder shall not be entitled to
vote or receive dividends or be deemed a holder of Common Stock or any other
securities of the Company which may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to
confer upon Holder, as such, any of the rights of a shareholder of the Company
or any right to vote for the election of directors or upon any matter submitted
to shareholders at any meeting thereof, or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until this Warrant shall
have been exercised and the Warrant Shares purchasable upon the exercise hereof
shall have become deliverable, as provided herein. Notwithstanding the
foregoing, the Company will transmit to Holder such information, documents and
reports as are generally distributed to holders of any class or series of the
securities of the Company concurrently with the distribution thereof to the
shareholders and will, upon written request by Holder to the Chief Financial
Officer of the Company from time to time (but not more often than twice in any
12-month period) provide to Holder copies of the following documents within a
reasonable time after such request (but in all events only to the extent that,
and no sooner than the time that, such documents have been made available to the
Company's stockholders ): (i) the Company's most recent audited annual financial
statements or, if audited statements are not available, then the Company's
unaudited annual financial statements as of the end of the Company's most
recently ended fiscal year and (ii) unaudited quarterly financial statements for
each quarter of the Company's fiscal year since the date of the annual financial
statements delivered pursuant to clause (i) above. Notwithstanding the preceding
sentence, during any period in which the Company has outstanding a class of
publicly-traded securities or is for any reason a reporting company under the
Securities Exchange Act of 1934, it shall be sufficient compliance to provide
copies of its most recent Form 10-K and annual report, any Form 10-Qs and/or
8-Ks filed by the Company with the SEC since the date of such Form 10-K, and any
proxy statements.

        7.6 MARKET STANDOFF. Holder, by acceptance hereof, agrees that Holder
will not, without the prior written consent of the lead underwriter of the
initial public offering of the Common Stock of the Company pursuant to a Public
Offering, directly or indirectly offer to sell, contract to sell (including,
without limitation, any short sale), grant any option for the sale of, acquire
any option to dispose of, or otherwise dispose of any Warrant Shares for a
period of 180 days following the day on which the registration statement filed
on behalf of the Company in connection with the Public Offering shall become
effective by order of the SEC.

        8. MISCELLANEOUS

            8.1 MODIFICATION AND WAIVER. This Warrant and any provision hereof
may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

            8.2 NOTICES. Any notice, request, communication or other document
required or permitted to be given or delivered to Holder hereof or the Company
shall be delivered, or shall be sent by certified or registered mail, postage
prepaid, to Holder at its address as shown on the books of the Company or to the
Company at the address indicated therefor on the signature page of this Warrant.

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            8.3 BINDING EFFECT ON SUCCESSORS. This Warrant shall be binding upon
any corporation succeeding the Company by merger, consolidation or acquisition
of all or substantially all of the Company's assets, and all of the obligations
of the Company relating to the Common Stock issuable upon the exercise or
conversion of this Warrant shall survive the exercise, conversion and
termination of this Warrant and all of the covenants and agreements of the
Company shall inure to the benefit of the successors and assigns of Holder
hereof. The Company will, at the time of the exercise or conversion of this
Warrant, in whole or in part, upon request of Holder hereof but at the Company's
expense, acknowledge in writing its continuing obligation to Holder hereof in
respect of any rights (including, without limitation, any right to registration
of the shares of Registrable Securities) to which Holder hereof shall continue
to be entitled after such exercise or conversion in accordance with this
Warrant; PROVIDED, that the failure of Holder hereof to make any such request
shall not affect the continuing obligation of the Company to Holder hereof in
respect of such rights.

            8.4 LOST WARRANTS OR STOCK CERTIFICATES. The Company covenants to
Holder hereof that, upon receipt of evidence reasonably satisfactory to the
Company (such as an affidavit of Holder) of the loss, theft, destruction or
mutilation of this Warrant or any stock certificate and, in the case of any such
loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory
to the Company, or in the case of any such mutilation upon surrender and
cancellation of such Warrant or stock certificate, the Company will make and
deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.

            8.5 DESCRIPTIVE HEADINGS. The descriptive headings of the several
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

            8.6 GOVERNING LAW. This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of California.

            8.7 SURVIVAL OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS. All
representations and warranties of the Company and Holder hereof contained herein
shall survive the date of grant, the exercise or conversion of this Warrant (or
any part hereof) or the termination or expiration of rights hereunder. All
agreements of the Company and Holder hereof contained herein shall survive
indefinitely until, by their respective terms, they are no longer operative.

            8.8 REMEDIES. In case any one or more of the covenants and
agreements contained in this Warrant shall have been breached, Holder (in the
case of a breach by the Company), or the Company (in the case of a breach by
Holder), may proceed to protect and enforce their or its rights either by suit
in equity and/or by action at law, including, but not limited to, an action for
damages as a result of any such breach and/or an action for specific performance
of any such covenant or agreement contained in this Warrant.

            8.9 ACCEPTANCE. Receipt of this Warrant by Holder hereof shall
constitute acceptance of and agreement to the foregoing terms and conditions.

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            8.10 NO IMPAIRMENT OF RIGHTS. The Company will not, by amendment of
its Certificate of Incorporation or through any other means, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of Holder against impairment.

            8.11 ENTIRE AGREEMENT. This Warrant constitutes the entire agreement
between the parties pertaining to the subject matter herein and supersedes all
prior and contemporaneous agreements, representation and undertakings of the
parties.

            8.12 ATTORNEYS' FEES. In any litigation, arbitration or other legal
proceeding between the Company and Holder relating to or arising out of this
Warrant, the prevailing party shall be entitled to recover all its fees, costs
and expenses incurred in connection with such proceeding, including (but not
limited to) reasonable fees and expenses of attorneys and accountants and
including (but not limited to) all such fees, costs and expenses incurred in
connection with any appeals and/or in connection with the enforcement of any
judgment or award rendered in such proceeding.

     IN WITNESS WHEREOF, the Company has duly caused this Warrant to be
signed by its duly authorized officer and to be dated as of February 26, 2000.

                                  EXELIXIS, INC.

                                  By: /s/ Glen Y. Sato
                                     ----------------------------------
                                     Name: Glen Y. Sato
                                     Title: Chief Financial Officer

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                             EXHIBIT A

                        SUBSCRIPTION FORM

                                               Dated ___________, ______

Exelixis Pharmaceuticals, Inc.
260 Littlefield Avenue
South San Francisco, CA 94080
Attention: Chief Executive Officer

Ladies and Gentlemen:

_________  The undersigned hereby elects to exercise the warrant issued to it by
           Exelixis Pharmaceuticals, Inc. (the "Company") and
           dated March ___, 2000, Warrant No. ___ (the "Warrant") and to
           purchase thereunder __________________________________ shares of the
           Common Stock of the Company (the "Shares") at a purchase price of
           ___________________________________________ Dollars ($__________) per
           Share or an aggregate purchase price of
           __________________________________ Dollars ($__________) (the
           "Purchase Price"); or

_________  The undersigned hereby elects to convert _______ percent (___%) of
           the value of the Warrant pursuant to the provisions of Section 2.2 of
           the Warrant.

     Pursuant to the terms of the Warrant the undersigned has delivered the
Purchase Price herewith in full in cash or by certified check or wire transfer
(unless the second alternative above has been marked).

                                                 Very truly yours,

                                                 _______________________________

                                                 By:____________________________

                                                 Title:_________________________

                                       11<PAGE>

                                                                   Exhibit 4.10

     THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE
     EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO,
     (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE
     COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF
     NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv)
     OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THIS WARRANT.

                                 EXELIXIS, INC.

                               WARRANT TO PURCHASE
                            SHARES OF PREFERRED STOCK
                                WARRANT NO.: w-6a
                Originally dated January 24, 1996 (Date of Grant)
                          Re-issued as of May 19, 2000

     THIS CERTIFIES THAT, for value received, and subject to the provisions and
upon the terms and conditions hereinafter set forth, MM VENTURES and its
assignees are entitled to subscribe for and purchase up to 71,428 shares of the
fully paid and nonassessable shares of Preferred Stock (as adjusted pursuant to
Section 4 hereto the "Shares") of EXELIXIS, INC., a Delaware corporation (the
"Company") at the price per share (such price and such other price as shall
result, from time to time, from the adjustments specified in Section 4 hereof is
herein referred to as the "Warrant Price") as shall be determined in accordance
with Section 1(a) hereof. The Preferred Stock issuable hereunder shall be shares
of the series of Preferred Stock (expected to be Series B Preferred Stock)
issued to investors in a financing having aggregate net proceeds in excess of
$4,000,000 (whether in one transaction or in a series of transactions after the
date of this Warrant and excluding the conversion of debt to equity) (a
"Qualified Financing"); provided, that if no Qualified Financing occurs prior to
April 30, 1996, then the Preferred Stock issuable hereunder shall be Series A
Preferred Stock. As used herein, (a) the term "Series Preferred" shall mean the
Company's presently authorized Series A Preferred Stock or contemplated Series B
Preferred Stock (as determined pursuant to the preceding sentence), and any
stock into or for which such Series A Preferred Stock or Series B Preferred
Stock, as applicable, may hereafter be converted or exchanged, (b) the term
"Date of Grant" shall mean the date as set forth on the signature page hereto
and (c) the term "Other Warrants" shall mean any other warrants issued by the
Company in connection with the transaction with respect to which this Warrant
was issued, and any warrant issued upon transfer or partial exercise of this
Warrant. The term "Warrant" as used herein shall be deemed to include Other
Warrants unless the context clearly requires otherwise.

     1. WARRANT PRICE; TERM

        (a) WARRANT PRICE. The Warrant Price shall be determined as follows:

                                       1.

<PAGE>

            (i) If the Company completes a Qualified Financing on or prior to
April 30, 1996, and the price paid by investors in such Qualified Financing is
less than $1.00 per share, then the Warrant Price shall be determined by using
the following formula:

                Exercise Price = X + Y
                                 -----
                                   2

When: X  =  The price per share of the Series A Preferred Stock (i.e., $0.70).

      Y  =  The price per share of the Series B Preferred Stock in a
Qualified Financing.

            (ii) If the Company does not complete a Qualified Financing on or
prior to April 30, 1996, then the Warrant Price shall be $.70.

            (iii) If the Company does complete a Qualified Financing prior to
April 30, 1995, but the price paid by investors in such financing is equal to or
greater than $1.00 per share, then, the Warrant Price shall be $0.85 per share.

        (b) The purchase right represented by this Warrant is exercisable in
whole or in part, at any time and from time to time from the Date of Grant
through the later of (i) ten (10) years after the Date of Grant or (ii) five (5)
years after the closing of the Company's initial public offering of its Common
Stock effected pursuant to a Registration Statement on Form S-1 (or its
successor) filed under the Securities Act of 1933, as amended (the "Act").

     2. METHOD OF EXERCISE; PAYMENTS ISSUANCE OF NEW WARRANT. Subject to Section
1 hereof, the purchase right represented by this Warrant may be exercised by the
holder hereto in whole or in part and from time to time, at the election of the
holder hereof, (a) the surrender of this Warrant (with the notice of exercise
substantially in the form attached hereto as Exhibit A duly completed and
executed) at the principal office of the Company and by the payment to the
Company, by certified or bank check, or by wire transfer to an account
designated by the Company (a "Wire Transfer") of an amount equal to the then
applicable Warrant Price multiplied by the number of Shares then being
purchased, or (b) if in connection with a registered public offering of the
Company's securities, the surrender of this Warrant (with the notice of exercise
form attached hereto as Exhibit A-1 duly completed and executed) at the
principal office of the Company together with notice of arrangements reasonably
satisfactory to the Company for payment to the Company either by certified or
bank check or by Wire Transfer from the proceeds of the sale of shares to be
sold by the holder in such public offering of an amount equal to the then
applicable Warrant Price per share multiplied by the number of Shares then being
purchased, or (c) exercise of the right provided for in Section 10.3 hereof. The
person or persons in whose name(s) any certificate(s) representing shares of
Series Preferred shall be issuable upon exercise of this Warrant shall be deemed
to have become the holder(s) of record of, and shall be treated for all purposes
as the record holder(s) of, the shares represented thereby (and such shares
shall be deemed to have been issued) immediately prior to the dose of business
on the date or dates upon which this Warrant is exercised. In the event of any
exercise of the rights represented by this Warrant, certificates for the shares
of stock so purchased shall be delivered to the holder hereof as soon as
possible and in any event within thirty (30) days after such exercise and,
unless this Warrant has been fully exercised or expired, a new Warrant
representing the portion of the

                                       2.

<PAGE>

Shares, if any, with respect to which this Warrant shall not then have been
exercised shall also be issued to the holder hereof as soon as possible and in
any event within such thirty-day period.

     3. STOCK FULLY PAID; RESERVATION OF SHARES. All Shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance
pursuant to the terms and conditions herein, be fully paid and nonassessable,
and free from all taxes, hens and charges with respect to the issue thereof
During the period within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized, and reserved for the
purpose of the issue upon exercise of the purchase rights evidenced by this
Warrant, a sufficient number of shares of its Series Preferred to provide for
the exercise of the rights represented by this Warrant and a sufficient number
of shares of its Common Stock to provide for the conversion of the Series
Preferred into Common Stock.

     4. ADJUSTMENT OF WARRANT PRICE AND NUMBER OF SHARES. The number and land of
securities purchasable upon the exercise of this Warrant and the Warrant Price
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

        (a) RECLASSIFICATION OR MERGER. In case of any reclassification or
change of securities of the class issuable upon exercise of this Warrant (other
than a change in par value, or from par value to no par value, or from no par
value to par value, or as a result of a subdivision or combination), or in the
case of any merger of the Company with or into another corporation (other than a
merger with another corporation in which the Company is the acquiring and the
surviving corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or in
case of any sale of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, shall
duly execute and deliver to the holder of this Warrant a new Warrant (in form
and substance satisfactory to the holder of this Warrant), so that the holder of
this Warrant shall have the right to receive, at a total purchase price not to
exceed that payable upon the exercise of the unexercised portion of this
Warrant, and in lieu of the shares of Series Preferred theretofore issuable upon
exercise of this Warrant, the kind and amount of shares of stock, other
securities, money and property receivable upon such reclassification, change or
merger by a holder of the number of shares of Series Preferred then purchasable
under this Warrant. Such new Warrant shall provide for adjustments that shall be
as nearly equivalent as may be practicable to the adjustments provided for in
this Section 4 and, in the case of a new Warrant issuable after conversion of
the authorized shares of the Series Preferred into shares of Common Stock or
after the amendment of the terms of the antidilution protection of the Series
Preferred, shall provide for antidilution protection that shall be as nearly
equivalent as may be practicable to the antidilution provisions applicable to
the Series Preferred on the Date of Grant. The provisions of this subparagraph
(a) shall similarly apply to successive reclassifications, changes, mergers and
transfers.

        (b) Subdivision or Combination of Shares. If the Company at any time
while this Warrant remains outstanding and unexpired shall subdivide or combine
its outstanding shares of Series Preferred the Warrant Price shall be
proportionately decreased in the case of a subdivision or increased in the case
of a combination, effective at the close of business on the date the subdivision
or combination becomes effective.

                                       3.

<PAGE>

        (c) STOCK DIVIDENDS AND OTHER DISTRIBUTIONS. If the Company at any time
while this Warrant is outstanding and unexpired shall (i) pay a dividend with
respect to Series Preferred payable in Series Preferred, or (ii) make any other
distribution with respect ` to Series Preferred (except any distribution
specifically provided for in Sections 4(a) and 4(b)), of Series Preferred, then
the Warrant Price shall be adjusted, from and after the date of determination of
shareholders entitled to receive such dividend or distribution, to that price
determined by multiplying the Warrant Price in effect immediately prior to such
date of determination by a fraction (i) the numerator of which shall be the
total number of shares of Series Preferred outstanding immediately prior to such
dividend or distribution, and (ii) the denominator of which shall be the total
number of shares of Series Preferred, outstanding immediately after such
dividend or distribution.

        (d) ADJUSTMENT OF NUMBER OF SHARES. Upon each adjustment in the Warrant
Price, the number of Shares of Series Preferred purchasable hereunder shall be
adjusted, to the nearest whole share to the product obtained by multiplying the
number of Shares purchasable immediately prior to such adjustment in the Warrant
Price by a fraction, the numerator of which shall be the Warrant Price
immediately prior to such adjustment and the denominator of which shall be the
Warrant Price immediately thereafter.

        (e) ANTIDILUTION RIGHTS. The other antidilution rights applicable to the
Shares of Series Preferred purchasable hereunder are set forth in the Company's
Certificate of Incorporation, as amended through the Date of Grant, a true and
complete copy of which is attached hereto as Exhibit B (the "Charter"). Such
antidilution rights shall not be restated, amended, modified or waived in any
number that is adverse to the holder hereof without such holder's prior written
consent. The Company shall promptly provide the holder hereof with any
restatement, amendment, modification or waiver of the Charter promptly after the
same has been made.

     5. NOTICE OF ADJUSTMENTS. Whenever the Warrant Price or the number of
Shares purchasable hereunder shall be adjusted pursuant to Section 4 hereto the
Company shall make a certificate signed by its chief financial officer setting
forth, in reasonable detail, the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated, and the
Warrant Price and the number of Shares purchasable hereunder after giving effect
to such adjustment, and shall cause copies of such certificate to be mailed
(without regard to Section 13 hereof, by first class mail postage prepaid) to
the holder of this Warrant. In addition, whenever the conversion price or
conversion ratio of the Series Preferred shall be adjusted, the Company shall
make a certificate signed by its chief financial officer setting forth, in
reasonable detail, the event requiring the adjustment, the amount of the
adjustment, the method by which such adjustment was calculated, and the
conversion price or ratio of the Series Preferred after giving effect to such
adjustment, and shall cause copies of such certificate to be mailed (without
regard to Section 13 hereof, by first class mad, postage prepaid) to the holder
of this Warrant.

     6. FRACTIONAL SHARES. No fractional shares of Series Preferred will be
issued in connection with any exercise hereunder, but in lieu of such fractional
shares the Company shall make a cash payment therefor based on the fair market
value of the Series Preferred on the date of exercise as reasonably determined
in good faith by the Company's Board of Directors.

                                       4.

<PAGE>

     7. COMPLIANCE WITH ACT; DISPOSITION OF WARRANT OR SHARES OF SERIES
PREFERRED.

        (a) COMPLIANCE WITH ACT. The holder of this Warrant, by acceptance
hereof, agrees that this Warrant, and the shares of Series Preferred to be
issued upon exercise hereof and any Common Stock issued upon conversion thereof
are being acquired for investment and that such holder will not offer, sell or
otherwise dispose of this Warrant, or any shares of Series Preferred to be
issued upon exercise hereof or any Common Stock issued upon conversion thereof
except under circumstances which will not result in a violation of the Act or
any applicable state securities laws. Upon exercise of Warrant, unless the
Shares being acquired are registered under the Act and any applicable state
securities laws or an exemption from such registration is available, the holder
hereof shall, confirm in writing that the shares of Series Preferred so
purchased (and any shares of Common Stock issued upon conversion thereof) are
being acquired for investment and not with a view toward distribution or resale
in violation of the Act and shall confirm such other matters related thereto as
may be reasonably requested by the Company. This Warrant and all shares of
Series Preferred issued upon exercise of this Warrant and all shares of Common
Stock issued upon conversion thereof (unless registered under the Act and any
applicable state securities laws) shall be stamped or imprinted with a legend in
substantially the following form:

     "THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE
     OR DISPOSITION MAY BE EFFECTED. WITHOUT (i) EFFECTIVE REGISTRATION
     STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE,
     REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT
     REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE
     GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS
     OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED,
     DIRECTLY OR INDIRECTLY.

     Said legend shall be removed by the Company, upon the request of a holder,
at such time as the restrictions on the transfer of the applicable security
shall have terminated. In addition, in connection with the issuance of this
Warrant, the holder specifically represents to the Company by acceptance of this
Warrant as follows:

        (1) The holder is aware of the Company's business affairs and financial
condition, and has acquired information about the Company sufficient to reach an
informed and knowledgeable decision to acquire this Warrant. The holder is
acquiring this Warrant for its own account for investment purposes only and not
with a view to, or for the resale in connection with, any "distribution" thereof
in violation of the Act.

        (2) The holder understands that this Warrant has not been registered
under the Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the holder's
investment intent as expressed herein.

                                       5.

<PAGE>

        (3) The holder further understands that this Warrant must be held
indefinitely unless subsequently registered under the Act and qualified under
any applicable state securities laws, or unless exemptions from registration and
qualification are otherwise available. The holder is aware of the provisions of
Rule 144, promulgated under the Act.

        (b) DISPOSITION OF WARRANT OR SHARES. With respect to any offer, sale or
other disposition of this warrant or any shares of Series Preferred acquired
pursuant to the exercise Of this Warrant prior to registration of such warrant
or shares, the holder hereof agrees to give written notice to the Company prior
thereto, describing briefly the manner thereof, together with a written opinion
of such holders counsel, or other evidence, if reasonably requested by the
Company, to the effect that such offer, sale or other disposition may be
effected without registration or qualification (under the Act as then in effect
or any federal or state securities law then in effect) of this Warrant or such
shares of Series Preferred or Common Stock and indicating whether or not under
the Act certificates for this warrant or such shares of Series Preferred to be
sold or otherwise disposed of require any restrictive legend as to applicable
restrictions on transferability in order to ensure compliance with such law.
Promptly upon receiving such written notice and reasonably satisfactory opinion
or other evidence, if so requested, the Company, as promptly as practicable but
no later than fifteen (15) days after receipt of the written notice, shall
notify such holder that such holder may sell or otherwise dispose of this
Warrant or such shares of Series Preferred or Common Stock, all in accordance
with the terms of the notice delivered to the Company. If a determination has
been made pursuant to this Section 7(b) that the opinion of counsel for the
holder or other evidence is not reasonably satisfactory to the Company, the
Company shall so notify the holder promptly with details thereof after such
determination has been made. Notwithstanding the foregoing, this Warrantor such
shares of Series Preferred or Common Stock may, as to such federal laws, be
offered, sold or otherwise disposed of in accordance with Rule 144 or 144A under
the Act, provided that the Company shall have been furnished with such
information as the Company may reasonably request to provide a reasonable
assurance that the provisions of Rule 144 or 144A have been satisfied. Each
certificate representing this warrant or the shares of Series Preferred thus
transferred (except a transfer pursuant to Rule 144 or 144A) shall bear a legend
as to the applicable restrictions on transferability in order to ensure
compliance with such laws, unless in the aforesaid opinion of counsel for the
holder, such legend is not required in order to ensure compliance with such
laws. The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions.

        (c) APPLICABILITY OF RESTRICTIONS. Neither any restrictions of any
legend described in this Warrant nor the requirements of Section 7(b) above
shall apply to any transfer of, or grant of a security interest in, this Warrant
(or the Series Preferred or Common Stock obtainable upon exercise thereof or any
part hereof (i) to a partner of the holder if the holder is a partnership, (ii)
to a partnership of which the holder is a partner, or (iii) to any affiliate of
the holder if the holder is a corporation; provided, however, in any such
transfer, if applicable, the transferee shall on the Company's request agree in
writing to be bound by the terms of this Warrant as if an original signatory
hereto.

     8. RIGHTS AS SHAREHOLDERS; INFORMATION. No holder of this Warrant, as such,
shall be entitled to vote or receive dividends or be deemed the holder of Series
Preferred or any other securities of the Company which may at any time be
issuable on the exercise hereof for any

                                       6.

<PAGE>

purpose, nor shall anything contained herein be construed to confer upon the
holder of this Warrant, as such, any of the rights of a shareholder of the
Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until this
Warrant shall have been exercised and the Shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein. Notwithstanding the
foregoing, the Company will transmit to the holder of this Warrant such
information, documents and reports as are generally distributed to the holders
of any class or series of the securities of the Company concurrently with the
distribution thereof to the shareholders.

     9. REGISTRATION RIGHTS. The Company grants registration fights to the
holder of this Warrant for any Common Stock of the Company obtained upon
conversion of the Series Preferred, comparable to the registration rights
granted to the investors in that certain Registration Rights Agreement dated as
of January 27, 1995 (the "Registration Rights Agreement"), with the following
exceptions and clarifications:

        (1) The holder will have no demand registration rights.

        (2) The holder will be subject to the same provisions regarding as
contained in the Registration Rights Agreement.

        (3) The registration rights are freely assignable by the holder of this
Warrant.

     10. ADDITIONAL RIGHTS.

        10.1 SECONDARY SALES. The Company agrees that it will not interfere with
the holder of this Warrant in obtaining liquidity if opportunities to make
secondary sales of the Company's securities become available. To this end, the
Company will promptly provide the holder of this Warrant with notice of any
offer (of which it has knowledge) to acquire from the Company's security holders
more than five percent (5%) of the total voting power of the Company and will
not interfere with any attempt by the holder in arranging the sale of this
Warrant to the person or persons making such offer.

        10.2 MERGERS. The Company shall provide the holder of this Warrant with
at least thirty (30) days' notice of the terms and conditions of any of the
following potential transactions: (i) the sale, lease, exchange, conveyance or
other disposition of all or substantially all of the Company's property or
business, or (a) its merger into or consolidation with any other corporation
(other than a wholly-owned subsidiary of the Company), or any transaction
(including a merger or other reorganization) or series of related transactions,
in which more than 50% of the voting power of the Company is disposed of. The
Company will cooperate with the holder in arranging the sale of this Warrant in
connection with any such transaction.

        10.3 RIGHT TO CONVERT WARRANT INTO STOCK; NET ISSUANCE.

             (a) RIGHT TO CONVERT. In addition to and without limiting the
rights of the holder under the terms of this Warrant, the holder shall have the
right to convert this Warrant or any portion thereof (the "Conversion Right")
into shares of Series Preferred (or Common Stock if the Series Preferred has bow
automatically converted into Common Stock), as provided

                                       7.

<PAGE>

in this Section 10.3 at any time or from time to time during the term of this
Warrant. Upon exercise of the Conversion Right with respect to a particular
number of shares subject to this Warrant (the "Converted Warrant Shares"), the
Company shall deliver to the holder (without payment by the holder of any
exercise price or any cash or other consideration) (X) that number of shares of
fully paid and nonassessable Series Preferred (or Common Stock if the Series
Preferred has been automatically converted into Common Stock) equal to the
quotient by dividing the value of this Warrant (or the specified portion hereof)
on the Conversion Date (as defined in subsection (b) hereof), which value shall
be determined by subtracting (A) the aggregate Warrant Price of the Converted
Warrant Shares immediately prior to the exercise of the Conversion Right from
(B) the aggregate fair market value of the Converted Warrant Shares issuable
upon exercise of this Warrant (or the specified portion hereof) on the
Conversion Date (as herein defined) by (Y) the fair market value of one share of
Series Preferred (or Common. Stock if the Series Preferred has been
automatically converted into Common Stock) on the Conversion Date (as herein
defined).

         Expressed as a formula, such conversion (assuming the Series Preferred
has been automatically converted into Common Stock) shall be computed as
follows:

                X = B - A
                    -----
                      Y

When:  X = The number of shares of Common Stock that may be issued to holder.

       Y = The fair market value (FMV) of one share of Common Stock.

       A = The aggregate Warrant Price (i.e., Converted Wan-at Shares X
           Warrant, Price).

       B = The aggregate FMV (i.e., FMV X Converted Warrant Shares).

     No fractional shares shall be issuable upon exercise of the Conversion
Right, and, if the number of shares to be issued determined in accordance with
the foregoing formula is other than a whole number, the Company shall pay to the
holder an amount in cash equal to the fair market value of the resulting
fractional share on the Conversion Date (as hereinafter defined). For purposes
of Section 9 of this Warrant, shares issued pursuant to the Conversion Right
shall be treated as if they were issued upon the exercise of this Warrant.

             (b) METHOD OF EXERCISE. The Conversion Right may be exercised by
the holder by the surrender of this Warrant at the principal office of the
Company together with a written statement specifying that the holder thereby
intends to exercise the Conversion Right and indicating the number of shares
subject to this Warrant which are being surrendered (referred to in Section
10.3(a) hereof as the Converted Warrant Shares) in exercise of the Conversion
Right Such conversion shall be effective upon receipt by the Company of this
Warrant together with the aforesaid written statement, or on such later date as
is specified therein (the "Conversion Date"), and, at the election of the holder
hereof, may be made contingent upon the closing of the sale of the Company's
Common Stock to the public in a public offering pursuant to a Registration
Statement under be Act (a "Public Offering"). Certificates for the shares
issuable upon exercise of the Conversion Right and, if applicable-, a new
warrant evidencing the balance

                                       8.

<PAGE>

of the shares remaining subject to this Warrant shall be issued as of the
Conversion Date and shall be delivered to the holder within thirty (30) days
following the Conversion Date. Any conversion from Series Preferred to Common
Stock shall be in the ratio of one (1) share of Common Stock for each share of
Series Preferred (as adjusted herein and in the Charter). On the Date of Grant,
each share of the Series Preferred represented by this Warrant is convertible
into one share of Common Stock.

             (c) DETERMINATION OF FAIR MARKET VALUE. For purposes of this
Section 10.3, "fair market value" of a share of Series Preferred (or Common
Stock if the Series Preferred has been converted into Common Stock) as of a
particular date (the "Determination Date") shall mean:

             (i) If the Conversion Right is exercised in connection with and
contingent upon a Public Offering, and if the Company's Registration Statement
relating to such Public Offering ("Registration Statement") has been declared
effective by the SEC, then the initial "Price to Public" specified in the final
prospectus with respect to such offering.

             (ii) If the Conversion Right is not exercised in connection with
and contingent upon a Public Offering, then as follows:

                  (a) If traded on a securities exchange, the fair market value
of the Common Stock shall be deemed to be the average of the closing prices of
the Common Stock on such exchange over the 30-day period ending five business
days prior to the Determination Date, and the fair market value of the Series
Preferred shall be deemed to be such fair market value of the Common Stock
multiplied by the number of shares of Common Stock into which each share of
Series Preferred is then convertible;

                  (b) If traded over-the-counter, the fair market value of the
Common Stock shall be deemed to be the average of the closing bid prices of the
Common Stock over the 30-day period ending five business days prior to the
Determination Date, and the fair market value of the Series Preferred shall be
deemed to be such fair market value of the Common Stock multiplied by the number
of shares of Common Stock into which each share of Series Preferred is then
convertible; and

                  (c) If there is no public market for the Common Stock, then
fair market value shall be determined by mutual agreement of the holder of this
Warrant and the Company.

     11. REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to
the holder of this Warrant as follows:

        (a) This Warrant has been duly authorized and executed by the Company
and is a valid and binding obligation of the Company enforceable in accordance
with its terms, subject to laws of general application relating to bankruptcy,
insolvency and the relief of debtors and the rules of law or principles at
equity governing specific performance, injunctive relief and other equitable
remedies;

                                       9.

<PAGE>

        (b) The Shares have been duly authorized and reserved for issuance by
the Company and, when issued in accordance with the terms hereof, will be
validly issued, fully paid ad non-assessable,

        (c) The rights, preferences, privileges and restrictions granted to or
imposed upon the Series Preferred and the holders thereof we as set forth in die
Charter, as amended to the Date of the Grant a true and complete copy of which
has been delivered to the original holder of this Warrant and is attached hereto
as Exhibit B;

        (d) The shares of Common Stock issuable upon conversion of the Shares
have been duly authorized and reserved for issuance by the Company and, when
issued in accordance with the terms of the Charter will be validly issued, fully
paid and nonassessable;

        (e) The execution and delivery of this Warrant are not, and the issuance
of the Sham upon exercise of this Warrant in accordance with the terms hereof
will not be, inconsistent with the Company's Charter or by-laws, do not and will
not contravene any law, governmental rule or regulation, judgment or order
applicable to the Company, and do not and will not conflict with or contravene
any provision of, or constitute a default under, any indenture, mortgage,
contract or other instrument of which the Company a party or by which it is
bound or require the consent or approval of, the giving of notice to, the
registration or filing with or the taking of any action in respect of or by, any
Federal, state or local government authority or agency or other person, except
for the filing of notices pursuant to federal and state securities laws, which
filings will be effected by the time required thereby, and

        (f) There are no actions, suits, audits, investigations or proceedings
pending or, to the knowledge of the Company, threatened against the Company in
any court or before any governmental commission, board or authority which, if
adversely determined, will have a material adverse effect on the ability of the
Company to perform its obligations under this Warrant.

     12. MODIFICATION AND WAIVER. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     13. NOTICES. Any notice, request, communication or other document required
or permitted to be given or delivered to the holder hereof or the Company shall
be delivered, or dull be sent by certified or registered mail, postage prepaid,
to each such holder at its address as shown on the books of the Company or to
the Company at the address indicated therefor on the signature page of this
Warrant.

     14. BINDING EFFECT ON SUCCESSORS. This Warrant shall be binding upon any
corporation succeeding the Company by merger, consolidation or acquisition of
all or substantially all of the Company's assets, and all of the obligations of
the Company relating to the Series Preferred issuable upon the exercise or
conversion of this Warrant shall survive the exercise, conversion and
termination of this Warrant and all of the covenants and agreements of the
Company shall inure to the benefit of the successors and assigns of the holder
hereof. The Company will, at the time of the exercise or conversion of this
Warrant, in whole or in part, upon request of the holder

                                       10.

<PAGE>

hereof but at the Company's expense, acknowledge in writing its continuing
obligation to the holder hereof in respect of any rights (including, without
limitation, any right to registration of the Shares) to which the; holder hereof
shall continue to be entitled after such exercise or conversion in accordance
with this Warrant; provided, that the failure of the holder hereof to make any
such request shall not affect the continuing obligation of the Company to the
holder hereof in respect of such rights.

     15. LOST WARRANTS OR STOCK CERTIFICATES. The Company covenants to the
holder hereof that, upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company will make and deliver a new Warrantor stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     16. DESCRIPTIVE HEADINGS. The descriptive headings of the several
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant Mw language in this Warrant shall be construed
as to its fair mewing without regard to which party drafted this Warrant

     17. GOVERNING LAW. Warrant shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the laws of the State
of California; provided, however, that any matters herein dealing with the
internal corporate governance of the Company or the rights, preferences and
privileges applicable to the Company's capital stock shall be governed by the
laws of the State of Delaware.

     18. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS. All
representations and warranties of the Company and the holder hereof contained
herein shall survive the Date of Grant, the exercise or conversion of this
Warrant (or arty part hereof) or- the termination or expiration of rights
hereunder. All agreements of the Company and the holder hereof contained herein
shall survive indefinitely until, by respective terms, they we no longer
operative.

     19. REMEDIES. In am any one or more of the covenants and agreements
contained in this Warrant shall have been breached, the holders hereof (in the
case of a breach by the Company), or the Company (in the case of a breach by a
holder), may proceed to protect and enforce their or its rights either by suit
in equity and/or by action at law, including, but not limited to, an action for
damages as a result of any such breach and/or an action for specific performance
of any such covenant or agreement contained in this Warrant.

     20. NO IMPAIRMENT OF RIGHTS. The Company will not by amendment of its
Charter or through any other means avoid or seek to avoid the observance or
performance of any of the terms; of this Warrant, but win at all times in good
faith assist in the carrying out of an such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the
holder of this Warrant against impairment.

     21. SEVERABILITY. The invalidity or unenforceability of any provision of
this Warrant in any jurisdiction shall not affect the validity or enforceability
of such provision in any other

                                       11.

<PAGE>

jurisdiction, or affect any other provision of this Warrant which shall remain
in full force and effect.

     22. RECOVERY OF LITIGATION COSTS. If any legal action or other proceeding
is brought for the enforcement of this Warrant, or because of an alleged
dispute, breach, default, or misrepresentation in connection with any of the
provisions of this Warrant, the successful or prevailing party or parties shall
be entitled to recover reasonable attorneys' fees and other costs incurred in
that action or proceeding, in addition to any other relief to which it or they
may be entitled.

     23. ENTIRE AGREEMENT; MODIFICATION. This Warrant constitutes the entire
agreement between the parties pertaining to the subject matter contained in it
and supersedes all prior and contemporaneous agreements, representations, and
undertakings of the parties, whether oral or written, with respect to such
subject matter.

Date of Grant: January 24, 1996           EXELIXIS, INC., a Delaware corporation
               ----------------

                                        By: /s/ Glen Y. Sato
                                           -------------------------------------

                                        Name: Glen Y. Sato
                                             -----------------------------------

                                        Title: Chief Financial Officer
                                             -----------------------------------

                                        Address:  170 Harbor Way
                                                --------------------------------
                                                  P.O. Box 511
                                        ----------------------------------------
                                                  South San Francisco, CA 94083
                                        ----------------------------------------

                                       12.

<PAGE>

                              EXHIBIT A

                          NOTICE OF EXERCISE

     1. The undersigned hereby:

        / / elects to purchase shares of Stock of Exelixis, Inc. pursuant to the
            tam of the attached Warrant, and tenders herewith payment of the
            purchase price of rich shares in full, or

        / / elects to exercise its net issuance rights pursuant to Section 10.3
            of the attached Warrant with respect to Shares of Stock.

     2. Please issue a certificate or certificates, representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

                   ----------------------------
                             (NAME)

                   ----------------------------
                            (ADDRESS)

     3. The undersigned represents that the aforesaid shares are being acquired
for the account of the undersigned for investment and not with a view to, or for
resale in connection with, the distribution thereof and that the undersigned has
no present intention of distributing or reselling such shares, all except as in
compliance with applicable securities laws.

---------------------
(DATE)

                                                   -----------------------------
                                                   (SIGNATURE)

<PAGE>

                              EXHIBIT A-1

                          NOTICE OF EXERCISE

To:  EXELIXIS, INC. (the "Company")

     1. Contingent upon and effective immediately prior to the closing (the
"Closing") of the Company's public offering contemplated by the Registration
Statement on Form S____, filed __________, 19__, the undersigned hereby:

        / / elects to purchase __________ shares of __________ Stock of the
            Company (or such lesser number of shares as may be sold on behalf of
            the undersigned at the Closing) pursuant to the terms of the
            attached Warrant, or

        / / elects to exercise its net issuance rights pursuant to Section 10.3
            of the attached Warrant with respect to __________ Shares of
            __________ Stock.

     2. Please deliver to the custodian for the selling shareholders a stock
certificate representing such __________ shares.

     3. The undersigned has instructed the custodian for the selling
shareholders to deliver to the Company $__________ or, if less, the net proceeds
due the undersigned from the sale of shares in the aforesaid public offering. If
such net proceeds are less than the purchase price for such shares, the
undersigned agrees to deliver the difference to the Company prior to the
Closing.

---------------------
(DATE)

                                                   -----------------------------
                                                   (SIGNATURE)

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