Document:

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                                                                     Exhibit 4.7

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 Pharmaceuticals, Inc.

                              Common Stock Warrant

Warrant No. __________

     For Value Received, Exelixis Pharmaceuticals, Inc., a Delaware corporation
(the "Company"), with its principal office at 260 Littlefield Avenue,  South San
Francisco, CA 94080, hereby certifies that Bristow Investments, L.P., a
California limited partnership [state] (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
12,000 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,
<PAGE>

check or wire transfer, of an amount equal to the then applicable Purchase Price
multiplied by 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

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any national stock exchange, on the NASDAQ National Market System or on any
other over-the-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

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shares of Common Stock, the Purchase 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.

          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,

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     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."

          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

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selling this Warrant under Rule 144 and 144A even if the two-year minimum
holding period had been satisfied.

               (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

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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.

          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

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books of the Company or to the Company at the address indicated therefor on the
signature page of this Warrant.

          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.

                                       9
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          8.9   Acceptance.  Receipt of this Warrant by Holder hereof shall
constitute acceptance of and agreement to the foregoing terms and conditions.

          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 ______________,
1999.

                              Exelixis Pharmaceuticals, Inc.

                              By: /s/ George Scangos
                                 ----------------------------
                                  Name: George Scangos
                                  Title: Chief Executive 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 May ___,
          1999, 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 4.8

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 Pharmaceuticals, Inc.

                             Common Stock Warrant

Warrant No. __________

     For Value Received, Exelixis Pharmaceuticals, Inc., a Delaware corporation
(the "Company"), with its principal office at 260 Littlefield Avenue,  South San
Francisco, CA 94080, hereby certifies that Slough Estates USA, Inc. a Delaware
corporation (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 135,000 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 check,cash, check or
wire transfer, of an amount equal to the then applicable Purchase Price
multiplied by
<PAGE>

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-

                                       2
<PAGE>

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

                                       3
<PAGE>

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;

                                       4

<PAGE>

               (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

                                       5
<PAGE>

     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.

                                       6
<PAGE>

               (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.

                                       7
<PAGE>

          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.

                                       8
<PAGE>

          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.

                                       9
<PAGE>

          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 ________________, 1999.

                         Exelixis Pharmaceuticals, Inc.

                         By: /s/ George Scangos
                            ----------------------------------
                            Name:  George Scangos
                            Title: Chief Executive Officer

                                      10
<PAGE>

                                   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 May ___,
          1999, 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

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