Document:

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                                           *** TEXT OMITTED AND FILED SEPARATELY
                                                CONFIDENTIAL TREATMENT REQUESTED
                                           UNDER 17 C.F.R. SECTIONS 200.80(b)(4)
                                                                     AND 230.406

                                                                   Exhibit 10.15

                                SUPPLY AGREEMENT

THIS AGREEMENT is made this 1st day of January, 2000 by and between

DIOSYNTH B.V., having its registered office at Kloosterstraat 6, 5349 AB Oss,
the Netherlands (hereinafter referred to as "Diosynth"),

and

PHARMACEUTICAL DISCOVERY CORPORATION, having its offices at 33 West Main Street,
Elmsford, NY 10523, USA, hereinafter referred to as "PDC").

WHEREAS

-     Diosynth is engaged in the development, manufacture and sale of, amongst
      other, recombinant human Insulin;

-     PDC is engaged in the development of its proprietary formulation of
      insulin and upon successful development wishes to commercialize or have
      commercialized such formulation;

-     PDC wishes to purchase from Diosynth recombinant human insulin to be used
      in its formulation and Diosynth is willing to sell and supply the
      recombinant human insulin to PDC on the terms and conditions as set forth
      herein.

NOW THEREFORE, parties hereto agree as follows:

ARTICLE 1.SUPPLY

1.1   Diosynth agrees to supply PDC and PDC herewith agrees to purchase from
      Diosynth recombinant human insulin as further specified in Appendix A
      attached to this Agreement (hereinafter referred to as "Product").

1.2   During the development of the insulin formulation by PDC, Diosynth will
      supply PDC with the Product in such quantities as PDC shall order
      estimated not to exceed the following:

      [...***...]
      [...***...]
      [...***...]
      [...***...]
      [...***...]
      [...***...]
      [...***...]

1.3   In case the insulin formulation is developed successfully and in the event
      PDC wishes to sell its insulin formulation on a commercial basis, Diosynth
      will supply PDC with the Product in such quantities as PDC shall order.

      It is foreseen that PDC will indicate the following quantities as its
      estimated commercial needs for the Product.

      [...***...]
      [...***...]
      [...***...]
      [...***...]

                                              * CONFIDENTIAL TREATMENT REQUESTED
                                       1
<PAGE>
ARTICLE 2. ORDERS AND DELIVERY

2.1   Within fifteen (15) days from the beginning of each calendar quarter, PDC
      shall furnish to Diosynth a rolling forecast of its requirements of the
      Product, together with the delivery dates, during the next four (4)
      calendar quarters whereby the required quantities for the first quarter
      shall be a firm purchase order for the supply of the Product and shall not
      deviate more than twenty (20) percent from the preceding forecast provided
      to Diosynth.

2.2   Diosynth will deliver the Product to PDC within the date stipulated in the
      firm purchase order. Diosynth will use its best commercial efforts to
      deliver as soon as possible any quantities in excess of the purchase order
      as determined in Article 2.1.

2.3   Delivery of each batch of Product shall be effectuated FOB PDC's
      manufacturing facility (INCOTERMS 2000).

2.4   Each shipment of the Product shall be accompanied by relevant certificates
      of analysis and an invoice.

ARTICLE 3. PRODUCT QUALITY

3.1   Diosynth warrants that the Product delivered under this Agreement to PDC
      shall conform to the specifications set forth In Appendix A and shall be
      manufactured according to applicable regulations of Good Manufacturing
      Practices.

3.2   Within at most thirty (30) days of delivery of batches of the Product, PDC
      shall inform Diosynth of any nonconformity of the delivered batches with
      the specifications as set forth in Appendix A hereto. If Diosynth agrees
      with PDC's opinion, PDC shall dispose of the defective delivery as
      Dlosynth shall direct and at Diosynth's expense and Diosynth shall replace
      such delivery free of charge as soon as practical thereafter. If PDC falls
      to notify Diosynth of its faulty manufacture within thirty (30) days from
      the date of delivery of any quantity of Product, this delivery shall be
      deemed to conform to the specifications for the purpose of this Article 4.

      If the parties fail to agree on whether a delivery is defective or on the
      responsibility therefor, the matter shall be finally determined by an
      independent expert to be nominated by agreement between the parties. The
      expert's opinion shall be binding upon the parties and his fees and
      expenses shall be borne by the party against which the expert's opinion is
      given. If the expert's opinion is not wholly in favor of one party, the
      parties shall share the costs equally.

ARTICLE 4. USE

      PDC shall use the Product only in compliance with regulatory approvals
      and, in the absence of regulatory approvals, only in connection with
      research and the development of the insulin formulation.

ARTICLE 5. REGULATORY ISSUES

5.1   Diosynth agrees to file, at no costs to PDC and not later then December
      31, 2001, a US Drug Master File and any similar filing required in Canada
      and the European Union covering the manufacture of the Product.

5.2   Diosynth will cooperate with PDC and, without limitation, further support
      PDC with all other possible and reasonable regulatory information during
      the term of this agreement.

                                       2
<PAGE>

ARTICLE 6. INDEMNIFICATION

6.1   PDC shall indemnify and hold Diosynth harmless against all claims made
      and/or suits brought against Diosynth by third parties in respect of any
      personal loss, damage or injury arising or resulting result from the use
      of the Product or the formulation developed and sold by PDC, except in
      case that any such personal loss, damage or injury arises or results from
      the faulty manufacture by Diosynth.

6.2   Diosynth shall indemnify and hold PDC harmless against all claims made
      and/or suits brought against PDC by third parties in respect of any
      personal loss, damage or injury arising or resulting or alleged to
      directly arise or result from the appropriate use of the Product in so far
      as in any particular case such personal loss, damage or injury is
      attributable to faulty manufacture by Diosynth.

6.3   In no event shall either party be liable for any consequential damages,
      costs, and losses whatsoever endured by the other.

ARTICLE 7. PRICE AND PAYMENT

7.1   For the quantities to be supplied by Diosynth in 2000, PDC shall pay the
      purchase price of [...***...], whereas for supply of the quantities in
      2001 and 2002 the purchase price will be [...***...].

7.2   Diosynth is willing to accept a purchase price of [...***...] as the
      commercial market price in the year 2000. In this respect "commercial
      market price" is considered to be the price for quantities as described in
      Article 1.3. This commercial market price in the year 2000 will be used as
      a basis for the determination of the commercial market price in subsequent
      years. To that end, on or before September 30 of each calendar year,
      parties will in good faith determine the commercial market price for the
      product for the following calendar year. In any case the purchase price
      will not increase, on a year by year basis, with more than the increase of
      the labor cost index in the Netherlands, as published by the C.B.S.
      (Centraal Bureau voor de Statistiek"). In addition, the price to PDC will
      not be higher than to any other customer as long as the quality and the
      quantity of the Product to that other customer is substantially comparable
      with the quantity and quality of the Product supplied to PDC.

7.3   Payment of the Product delivered shall be made by PDC within thirty (30)
      days of the date of invoice or receipt of the Product, whichever shall
      last occur.

ARTICLE 8. INFORMATION, SECRECY AND NON-USE

8.1   Upon signature of this Agreement and during the term thereof, Diosynth
      shall provide PDC with all information and documentation about the Product
      necessary for the development of the insulin formulation.

8.2   Each party shall keep strictly confidential and not use, except for the
      purpose and during the course of this Agreement, nor disclose, except to
      governmental authorities for registration purposes, any information which
      it receives from the other and which is marked confidential. Each party
      shall impose such confidentiality obligation on its employees.

8.3   This confidentiality obligation does not apply to any part of the
      confidential information which

      -     at present is publicly known or thereafter becomes publicly known
            through no fault of the receiving party,
      -     is already known by the receiving party on the date of disclosure,
            provided such prior knowledge can be adequately substantiated by
            documentation;
      -     properly and lawfully becomes available to the receiving party from
            a third party.

8.4   For the purpose of the development of the formulation PDC shall be
      entitled to disclose information to third parties provided that these
      third parties shall be bound by substantially the same secrecy obligations
      as contained herein.

                                             *  CONFIDENTIAL TREATMENT REQUESTED

                                       3
<PAGE>

ARTICLE 9. TERM AND TERMINATION

9.1   This Agreement shall become effective as of January 1st, 2000 and shall
      continue to be in force until terminated as provided herein.

9.2   Notwithstanding the preceding paragraph, this Agreement may be terminated
      forthwith by registered or certified mail:

      a)    By both parties for any reason or no reason with a two year written
            notice; or
      b)    by either party in the event the other party shall substantially
            breach any of its obligations under this Agreement and shall fail to
            remedy such breach within sixty (60) days from receipt of written
            notice or such breach by the party not in default; or
      c)    by either party in the event of the other party's liquidation,
            bankruptcy or state of insolvency; or
      d)    by PDC, with 30 days written notice if a controlling regulatory
            authority either fails to approve or withdraws approval of the
            insulin formulation. In the event that the product is withdrawn by
            regulatory decree in a portion, but not all of the market, then PDC
            shall have the right to reduce the minimum quantities with 30 days
            written notice.

9.3   [...***...]

ARTICLE 10. FORCE MAJEURE

Neither party shall be responsible for failure or delay in performance of any of
its obligations under the Agreement due to force majeure such as war,
insurrection, strikes, lockouts, acts of God, governmental action, or any other
contingency beyond its reasonable control.

ARTICLE 11. HARDSHIP

Should it appear that at any time during the lifetime of this Agreement and for
any reason, the terms of this Agreement are not workable from an economical
point of view, the parties to this Agreement at the request of the party
concerned shall meet within two (2) months from the date of that request and
expend their best efforts to re-establish the terms of this Agreement in a
mutually satisfactory way.

ARTICLE 12. MISCELLANEOUS

12.1  This Agreement shall be governed by and construed in accordance with the
      laws of England applicable to agreements executed and to be performed
      therein.

12.2  All disputes arising in connection with the present Agreement, which
      cannot be settled amicably, shall be finally settled by the competent
      court of London, England. The prevailing party shall be entitled to
      recover its legal fees and expenses.

12.3  No amendment and/or modification of this Agreement shall be valid unless
      it is laid down in writing and signed by both parties.

12.4  All appendices attached hereto shall form an integral part of this
      Agreement. Parties may from time to time update these Appendices if so
      required.

                                             *  CONFIDENTIAL TREATMENT REQUESTED

                                       4
<PAGE>
AS AGREED UPON and signed in duplicate

Oss,                                       Elmsford,

Diosynth B.V.                              Pharmaceutical Discovery Corporation

/s/  A. Sanders                            /s/  Solomon S. Steiner
-------------------------------------      -------------------------------------
A. Sanders                                 Solomon S. Steiner, PhD
Managing Director                          CEO and Chairman

/s/  P. van Straelen                       /s/  Per Fog
-------------------------------------      -------------------------------------
P. van Straelen                            Per B. Fog
Sales & Marketing Manager                  President & CFO

                                       5
<PAGE>
                                   APPENDIX A

                         Specifications of the Product

The product complies with the specifications as described in USP 24.

                                       6exv4w3

 

 EXHIBIT 4.3

 

		
	Rights Certificate No.:	Number of Rights:            

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING
ARE SET FORTH IN THE COMPANY’S PROSPECTUS
DATED                     ,
2004 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY
REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST
FROM GEORGESON SHAREHOLDER COMMUNICATIONS INC., THE INFORMATION
AGENT.

CRITICAL PATH, INC.

Incorporated under the laws of the State of
California

CUSIP
NO.:                     

SUBSCRIPTION RIGHTS CERTIFICATE

Evidencing Subscription Rights to
Purchase                     Shares
of

Series E Redeemable Convertible Preferred
Stock of Critical Path, Inc.

Subscription Price: $1.50 per share

The Subscription Rights Will Expire If Not
Exercised On or Before 5:00 P.M.,

New York City Time,
on                     ,
2004,

Unless Extended or the Rights Offering is
Terminated By the Company

REGISTERED OWNER:

     
THIS CERTIFIES THAT the registered owner whose
name is inscribed hereon is the owner of the number of
subscription rights (“Rights”) set forth above. Each
whole Right entitles the holder thereof, or its assigns, to
subscribe for and purchase, at the subscription price per share
of $1.50 (the “Subscription Price”), one share of the
Series E Convertible Preferred Stock, par value $0.001 per
share (“Series E Preferred Stock”) of Critical
Path, Inc., a California corporation (the “Company”)
(the “Basic Subscription Right”), pursuant to a rights
offering (the “Rights Offering”), on the terms and
subject to the conditions set forth in the Prospectus and the
“Instructions for Use of Critical Path Subscription Rights
Certificates” accompanying this Subscription Rights
Certificate.

     
If any shares of the Series E Preferred
Stock available for purchase in the Rights Offering are not
purchased by other holders of Rights pursuant to the exercise of
their Basic Subscription Right (the “Excess Shares”),
any Rights holder that exercises its Basic Subscription Rights
in full may subscribe for a number of Excess Shares pursuant to
the terms and conditions of the Rights Offering, subject to
proration, as described in the Prospectus (the
“Over-Subscription Right”). The Rights represented by
this Subscription Rights Certificate may be exercised by
completing Form-1 and any other appropriate forms on the reverse
side hereof and by returning the full payment of the
Subscription Price for each Right subscribed for in accordance
with the “Instructions for Use of Critical Path
Subscription Rights Certificates” that accompany this
Subscription Rights Certificate. Until the special meeting of
our shareholders, the rights and the common stock must be
transferred together. As a result, if you exercise your
subscription rights on or before June 11, 2004, the date of
our special meeting, you may not transfer your shares of common
stock until June 14, 2004. If our shareholders approve the
matters submitted for their vote at the special meeting
scheduled to be held on June 11, 2004, then on the first
trading day following the shareholder meeting the common stock
can be traded separately from the subscription rights you
exercised. If our shareholders do not approve the matters
submitted for their vote, then the rights offering will
terminate and your subscription payment will be refunded to you
as explained in more detail in the prospectus relating to the
rights offering. The Rights evidenced by this Subscription
Rights Certificate may also be transferred or sold as provided
in the prospectus by completing the appropriate forms on the
reverse side hereof in accordance with the “Instructions
for use of Critical Path Subscription Rights Certificates”
that accompany this Subscription Rights Certificate.

1

 

     
Transferable on the books of Critical Path, Inc.
in person or by duly authorized attorney upon surrender of this
Subscription Rights Certificate properly endorsed.

     
This Subscription Rights Certificate is not valid
unless countersigned by the transfer agent and registered by the
registrar.

     
IN WITNESS WHEREOF, the Company has caused this
Subscription Rights Certificate to be duly executed under its
corporate seal.

Dated:                     ,
2004

		
	 	
    CRITICAL PATH, INC.
    

			
	 	By: 	
    

		
	 	
    Name:
    
	 	
    Title:
    

			
	 	By: 	
    

		
	 	
    Name:
    
	 	
    Title:
    

COUNTERSIGNED AND REGISTERED BY:

COMPUTERSHARE TRUST

COMPANY (Golden, CO)

Transfer Agent And Registrar

	 	 	 
	
    By: 
Name:

    Title:
    	 	 

2

 

DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS
CERTIFICATE

For delivery by mail:

Computershare Trust Company

P.O. Box 1596

Denver, CO 80201-1596

By hand delivery or overnight
courier:

Computershare Trust Company

350 Indiana Street, Suite 800

Golden, Colorado 80401

Tel: (303) 262-0600 Ext. 4732

Delivery other than in the manner or to the
addresses listed above will

not constitute valid delivery.

PLEASE PRINT ALL INFORMATION CLEARLY AND
LEGIBLY.

FORM 1 — EXERCISE OF SUBSCRIPTION
RIGHTS

     
To subscribe for shares pursuant to your Basic
Subscription Right, please complete lines (a) and (c) and
sign under Form 4 below. To subscribe for shares pursuant
to your Over-subscription Right, please also complete
line (b) and sign under Form 4 below.

(a) I apply for
            Shares          ×          $1.50       =
$            

                                   (No.
of new
Shares)               (subscription
price)            (Payment)

     
If you have exercised your Basic Subscription
Right in full and wish to subscribe for additional shares
pursuant to your Over-Subscription Right:

(b) I apply for
            Shares          ×          $1.50       =
$            

                                   (No.
of new
Shares)               (subscription
price)            (Payment)

(c) Total Amount of Payment
Enclosed = $

METHOD OF PAYMENT (CHECK ONE):

		
	o	
    Check or bank draft drawn on a U.S. bank, or
    postal, telegraphic or express money order payable to
    “Computershare Trust Company, as Subscription Agent for
    Critical Path, Inc.” Funds paid by an uncertified check may
    take at least five business days to clear.
    
	 
	o	
    Wire transfer of immediately available funds
    directly to the account maintained by Computershare Trust
    Company, as Subscription Agent for Critical Path, Inc., for
    purposes of accepting subscriptions in this Rights Offering
    Keybank at ABA #307070267, Computershare Trust Company
    Escrow Account No. 85-02961.
    

3

 

FORM 2 — SALE OR TRANSFER TO
DESIGNATED TRANSFEREE OR THROUGH BANK OR BROKER

     
Through                     ,
2004, the date of the special meeting of our shareholders, you
may not transfer your subscription right unless you are selling
or transferring your shares of common stock, in which case your
subscription rights will automatically transfer together with
your shares of common stock and you will need to follow the
transfer procedures for Rights Certificates set forth herein. If
our shareholders approve the matters to be voted on at the
special meeting of our shareholders to be held
on                     ,
2004 (which approval is a condition to our consummation of the
rights offering), then beginning
on                     ,
2004, the subscription rights will be traded separately from
your shares of common stock. This means that after this date if
shareholder approval occurs you may retain and exercise or
transfer your subscription rights prior to the expiration of the
rights offering whether you have sold or continue to own your
shares of common stock.

     
To sell or transfer your subscription rights to
another person as provided herein, complete this Form and have
your signature guaranteed under Form 5. To sell your
subscription rights through your bank or broker, sign below
under this Form 2 and have your signature guaranteed under
Form 5, but leave the rest of this Form 2 blank.

     
For value received
                              
of the subscription rights represented by this Subscription
Rights Certificate are assigned to:

(Print Full Name of Assignee)

(Print Full Address)

Tax ID or Social Security No.

Signature(s)

IMPORTANT: The signature(s) must correspond with
the name(s) as printed on the reverse of this Subscription
Rights Certificate in every particular, without alteration or
enlargement, or any other change whatsoever.

FOR INSTRUCTIONS ON THE USE OF CRITICAL PATH,
INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT GEORGESON
SHAREHOLDER COMMUNICATIONS INC., THE INFORMATION AGENT.
SHAREHOLDERS PLEASE CALL TOLL-FREE (800) 843-1451. BANKS
AND BROKERAGE FIRMS PLEASE CALL (212) 440-9000.

FORM 3 — DELIVERY TO DIFFERENT
ADDRESS

     
If you wish for the Series E Preferred Stock
underlying your subscription rights to be delivered to an
address different from that shown on the face of this
Subscription Rights Certificate, please enter the alternate
address below, sign under Form 4 and have your signature
guaranteed under Form 5.

			
	 	
    
	 
	 
	 	
    
	 
	 
	 	
    
	 

4

 

FORM 4 — SIGNATURE

     
I acknowledge that I have received the Prospectus
for this Rights Offering and I hereby irrevocably subscribe for
the number of shares indicated above on the terms and conditions
specified in the Prospectus.

Signature(s)

IMPORTANT: The signature(s) must correspond with
the name(s) as printed on the reverse of this Subscription
Rights Certificate in every particular, without alteration or
enlargement, or any other change whatsoever.

FORM 5 — SIGNATURE
GUARANTEE

     
This form must be completed if you have completed
any portion of Forms 2 or 3.

Signature
Guaranteed: 

(Name of Bank or Firm)

By: 

(Signature of Officer)

IMPORTANT: The signature(s) should be guaranteed
by an eligible guarantor institution (bank, stock broker,
savings & loan association or credit union) with membership
in an approved signature guarantee medallion program pursuant to
Securities and Exchange Commission Rule 17Ad-15.

5

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