Document:

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                                                                 Exhibit 10(jjj)

Dated as of May 1, 2001

Baxter Healthcare Corporation
One Baxter Parkway
Deerfield, IL  60015

Re: DEFERRED STOCK PURCHASE AGREEMENT

Ladies and Gentlemen:

         The purpose of this letter (the "Modification Letter") is to serve as
an amendment and modification of the Deferred Stock Purchase Agreement dated May
19, 2000 (the "Agreement") between Alliance Pharmaceutical Corp. (the "Company")
and Baxter Healthcare Corporation ("Baxter").

         In addition to the authorization of stock set forth in Section 1.1 of
the Agreement, the Company has authorized the issuance and sale of up to 875,000
shares of its Series F Preferred Stock, $0.01 par value ("F Stock").

         Alliance hereby waives (the "Waiver") the May 1, 2001 deadline for the
purchase by Baxter of certain shares of the Company's Series G Preferred Stock,
$.01 par value ("G Stock") pursuant to the Agreement in order to provide the
parties thereto time to finalize modifications to such Agreement.

         The parties hereby agree that the obligations of the parties set forth
in Section 1.2(a) of the Agreement shall be modified as follows:

         Baxter will purchase and the Company will sell (a) 100,000 shares of F
Stock at a purchase price of $40 per share or an aggregate purchase price of
$4,000,000 on May 2, 2001 and (b) $3,000,000 of OXYGENT(TM) manufacturing
equipment on or before May 29, 2001. Baxter will lease the equipment to the
Company on reasonable terms, and the Company shall have the option to repurchase
such equipment at the Company's election. Additionally, on or before July 1,
2001, Baxter will purchase and the Company will sell, at Baxter's option, either
(i) 200,000 shares of F Stock at a purchase price of $40 per share, for an
aggregate purchase price of $8,000,000 or (ii) 7,273 shares of Series G
Preferred Stock, $0.01 par value, at a purchase price of $1,100 per share, for
an aggregate price of $8,000,300, provided that, Baxter may elect to postpone
the purchase until no later than August 1, 2001.

         If all of the foregoing purchases of stock and equipment are not made,
the Waiver by the Company in favor of Baxter will be withdrawn and terminated.
Upon completion of all of the foregoing purchases, the parties will have no
further obligation under Section 1.2(a) of the Agreement.

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Dated as of May 1, 2001
Page 2

         All representation, warranties and covenants of the Company under
Sections 2 and 6 of the Agreement and all representation, warranties and
covenants of Baxter under Section 3 of the Agreement shall remain in full force
and effect as of the date hereof, and shall apply with the same force and effect
to the transactions set forth in this Modification Letter including the issuance
of the F Stock. Further, the obligations set forth in Section 1.2(b) of the
Agreement remain in full force and effect.

         Section 2.3 of the Agreement shall reflect that 875,000 shares of the
Company's Preferred Stock have been designated Series F Preferred Stock, 600,000
of which shall be issued and outstanding as of May 2, 2001 hereof, and that the
Company has authorized and reserved for issuance, upon conversion of the F
Shares, shares of its Common Stock in an amount as may be necessary to be issued
upon such conversion (the "F Conversion Shares"). The registration requirements
and the definition of Registrable Stock set forth in Section 7 of the Agreement
shall apply to the F Conversion Shares.

         If the foregoing is in accordance with your understanding, please sign
and return to us and upon the acceptance hereof by you, this letter and such
acceptance hereof shall constitute a binding agreement between Baxter and the
Company amending and modifying the Agreement.

Very truly yours,

ALLIANCE PHARMACEUTICAL CORP.

By:
    ---------------------------------------------
Name:       Theodore D. Roth
Title:      President and Chief Operating Officer

                                     Agreed and Accepted as of the date hereof:

                                     BAXTER HEALTHCARE CORPORATION

                                     By:
                                         ------------------------------------

                                     Name:
                                           ----------------------------------

                                     Title:
                                            ---------------------------------<Page>
                                                               Exhibit 10(kkk)

                                   TERM SHEET

RE:  MODIFICATIONS  TO THE DEFERRED  STOCK  PURCHASE  AGREEMENT  DATED MAY
19, 2000 BY AND BETWEEN  ALLIANCE  PHARMACEUTICAL  CORP.  ("ALLIANCE")  AND
BAXTER HEALTHCARE CORPORATION  ("BAXTER"),  AS AMENDED BY THAT CERTAIN LETTER
BETWEEN THE PARTIES DATED AS OF MAY 1, 2001 (THE "AGREEMENT")

                                 AUGUST 1, 2001

      Set forth below are certain agreements between Alliance and Baxter with
respect to certain modifications to be made to the Agreement.

                                      TERMS

1. On or before August 2, 2001, Baxter shall purchase from Alliance 100,000
shares of its $.01 par value Series F Preferred Stock ("F Stock") at a
purchase price of $40.00 per share for an aggregate purchase price of
$4,000,000.

2. All other obligations of Baxter under the Agreement with respect to the
purchase of F Stock, G stock (as defined in the Agreement) or H Stock (as
defined in the Agreement) shall terminate effective upon the performance by
Baxter of its obligations set forth in Section 1 and, in lieu thereof, Baxter
shall be obligated to purchase the amount of F Stock from Alliance as is set
forth below, each of which purchase obligations shall accrue only upon the
satisfaction by Alliance of the corresponding condition set forth below
together with all other applicable conditions precedent to Baxter's stock
purchase obligations as set forth in the Agreement (as modified in accordance
and conformity herewith). The price to be paid by Baxter for the F Stock to
be purchased under the terms of the Agreement as modified in accordance
herewith shall be $40.00 per share.

* Indicates confidential information which has been omitted and filed separately
with the Securities and Exchange Commission.

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                        SCHEDULE OF FUTURE STOCK PURCHASE
                          OBLIGATIONS AND CORRESPONDING
                                   CONDITIONS

<Table>
<Caption>

PURCHASE
OBLIGATION/
AGGREGATE
PURCHASE PRICE                           CONDITION PRECEDENT
-----------------  ----------------------------------------------------------------
<S>               <C>
* Shares           Receipt by Baxter of (i) a copy of the *
of F Stock         * regarding * to *
($*)               * in a * between *
                   and * and (ii) the
                   requisite * related thereto, together with *
                   * of the * of such
                   * to, and * FDA

* Shares           Receipt of * to * indicating * by
of F Stock         * of (i) * of the * set forth in the *
($*)               and/or * and (ii) * from the * for
                   * with * pertaining to *
                   *

* Shares           Receipt of * that *
of F Stock         * from each of the * in the
($*)               * and *
                   *
                   * executed, will *
                   *

* Shares           Receipt of * of *
of F Stock         * required to be *
($*)               * under those *
                   * by the *
                   * which constitutes *
                   * with respect thereto *
                   *

* Shares           Receipt of * in the
of F Stock         * constituting *
($*)               * of the *

* Shares           Receipt of * of *
of F Stock         * in the *
($*)               * constituting all of the *
                   *
</Table>

                                       2

* Indicates confidential information which has been omitted and filed
separately with the Securities and Exchange Commission.

<Page>

3. Subject to the applicable conditions precedent to Baxter's stock purchase
obligations as set forth above, Baxter shall be obligated to perform each of its
F Stock purchase obligations set forth above on or before 5:00 p.m. CST on the
second business day following the day all applicable conditions to such
obligation are met (each, a "Payment Deadline"); provided, that, prior to the
applicable Payment Deadline, PFC shall not have given written notice to Alliance
terminating the License Agreement (as defined in the Agreement), in which event,
Baxter shall have no further stock purchase obligations under the Agreement (as
modified in accordance herewith).

4. From and after the date hereof, Alliance agrees to give Baxter a
reasonable opportunity to participate in * * and representatives of Alliance
that * * , or any other matters relating thereto or arising therefrom.

5. The parties acknowledge that Alliance may receive verbal communications from
* respect to * certain of the conditions set forth in Section 2 above. With
respect to conditions for which such communications may be received, Alliance
agrees to use its best efforts to ensure that a Baxter representative * * * of
such condition(s). If a Baxter representative is not *, then Alliance agrees
that it shall * * confirming that * therefrom.

6. The parties agree that Alliance will receive an additional allowance in the
financial model referenced as Exhibit "A" in the Limited Liability Operating
Agreement of PFC Therapeutics, LLC dated May 17, 2000, for * *.

7. In the event the period of time between the satisfaction of * * set forth in
Section 2 above *, then Baxter and Alliance agree to negotiate in good faith
with respect to (i) * * or, alternatively, (ii) a * under the Agreement (as
modified in accordance herewith).

8. The parties agree to proceed promptly with preparing and executing written
agreements containing the terms set forth herein.

                                       3

* Indicates confidential information which has been omitted and filed
separately with the Securities and Exchange Commission.

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         Accepted and Approved as of the date first above written.

                                       ALLIANCE PHARMACEUTICAL CORP.

                                       By: /s/ Theodore D. Roth
                                          -------------------------------------
                                             Theodore D. Roth
                                             President  and  Chief   Operating
                                             Officer

                                       BAXTER HEALTHCARE CORPORATION

                                       By: /s/ Arthur G. Mollenhauer
                                          -------------------------------------
                                             Arthur G. Mollenhauer
                                             Vice President of Finance

                                       4

* Indicates confidential information which has been omitted and filed
separately with the Securities and Exchange Commission.

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