Document:

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                                                                   EXHIBIT 10.49

                                 EXECUTION COPY

             DECEMBER 2001 AMENDMENT TO LOAN AND SECURITY AGREEMENT
             ------------------------------------------------------

This December 2001 Amendment to Loan and Security Agreement (the "AMENDMENT
AGREEMENT") is made as of December 26, 2001 by and among ARIAD PHARMACEUTICALS,
INC., a Delaware corporation (the "BORROWER"), ARIAD CORPORATION, a Delaware
corporation and a wholly-owned subsidiary of the Borrower (the "LESSEE
Subsidiary"), ARIAD GENE THERAPEUTICS, INC., a Delaware corporation which is
controlled by the Borrower ("AGT" and, together with the Lessee Subsidiary, the
"SUBSIDIARIES", the Borrower and the Subsidiaries being referred to collectively
herein as the "COMPANIES"); and FLEET NATIONAL BANK (f/k/a BankBoston, N.A.), a
national banking association with an office at 100 Federal Street, Boston,
Massachusetts (the "BANK").

                                    RECITALS

A.   The Companies and the Bank are parties to a Loan and Security Agreement
     dated as of September 23, 1992, as amended (as so amended and as hereafter
     amended, replaced, restated, supplemented, renewed or otherwise modified
     from time to time, the "LOAN AGREEMENT"). Capitalized terms used herein
     without definition have the meanings assigned to them in the Loan
     Agreement.

B.   The Borrower has requested (i) that the Bank increase the New Term Loan by
     $1,500,000 and re-advance $2,300,000 of the New Term Loan, and (ii) that
     the Bank amend certain other provisions of the Loan Agreement as
     hereinafter set forth.

C.   Subject to certain terms and conditions, the Bank is willing to provide
     such financing and amendments, as hereinafter set forth.

NOW THEREFORE, for good and valuable consideration paid, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby agree as to the
following:

I.   LOAN AGREEMENT AND NEW TERM LOAN

     (a)  The Bank has previously made the New Term Loan to the Borrower which,
          as of the date hereof, has an outstanding principal balance of
          $3,700,000. The Borrower has requested, and the Bank has agreed,
          subject to the terms and conditions of this Amendment Agreement, that
          the Bank will re-advance to the Borrower $2,300,000 of principal of
          the New Term Loan which the Borrower has previously repaid to the
          Bank. The Borrower has also requested and the Bank has agreed, subject
          to the terms and conditions of this Amendment Agreement, that the Bank
          will make a $1,500,000 increase to the aggregate principal amount of
          the New Term Loan. The New Term Loan (after giving effect to this
          Amendment Agreement, including the aforementioned re-advance and
          increase) shall be in the principal amount of $7,500,000 and is
          evidenced by the Second Amended and Restated Secured Term Note (the
          "NOTE"), executed as of the date hereof and a copy of which is
          attached hereto as EXHIBIT A. The Maturity and amortization of the New
          Term Loan shall be as set forth in Section 3.4 of the Loan Agreement,
          as amended hereby. The New Term Loan shall continue to bear interest
          at the rate provided in Section 3.8, shall be jointly and severally
          payable by the Borrower and the Subsidiaries, and shall otherwise be
          governed by all of the terms and conditions and covenants of the Loan
          Agreement applicable to Advances.

     (b)  The definition of "Note" in Section 1.24 of the Loan Agreement is
          hereby amended to read as follows:

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          "1.24 `Note' means the Second Amended and Restated Secured Term Note
          in the principal amount of Seven Million Five Hundred Thousand Dollars
          ($7,500,000) jointly and severally executed by the Companies and
          delivered to the Bank pursuant to Section 3.1A of this Agreement, as
          amended and restated from time to time, together with any and all
          substitutions therefor."

     (c)  Article 2, Section (a) of the Loan Agreement is hereby amended in its
          entirety to read as follows:

          "(a) Accounts and Accounts Receivable, including without limitation,
          electronic chattel paper and commercial tort claims;"

     (d)  Article 2, Section (c) of the Loan Agreement is hereby amended in its
          entirety to read as follows:

          "(c) General Intangibles, including without limitation, payment
          intangibles."

     (e)  Article 2, Section (i) of the Loan Agreement is hereby amended in its
          entirety to read as follows:

          "(i) Instruments, Investment Property, Documents of Title, rights to
          proceeds of letters of credit, letter of credit rights, supporting
          obligations of every kind and description, policies and certificates
          of insurance, Securities, security entitlements, deposits, deposit
          accounts, money, cash, or other property."

     (f)  Article 2 of the Loan Agreement is hereby amended so that immediately
          following the phrase "together with all products and proceeds of the
          foregoing (the "COLLATERAL"), the following provision is added:

          "If any of the Companies shall at any time acquire a commercial tort
          claim, as defined in Revised Article 9 of the Uniform Commercial Code,
          such Company shall immediately notify the Bank in writing signed of
          the brief details thereof and shall grant to the Bank in writing a
          security interest therein and in the proceeds thereof, all on the
          terms of this Agreement, and in writing in form and substance
          satisfactory to the Bank.

          Each of the Companies hereby authorizes the Bank, at any time and from
          time to time, without such Company's further signature or
          authorization, to file financing statements, continuation statements
          and amendments thereto that describe or indicate the Collateral and
          which contain any other information required by Part 5 of Article 9 of
          the Uniform Commercial Code for the sufficiency or filing office
          acceptance of any financing statement, continuation statement or
          amendment, including whether such Company is an organization, the type
          of organization and any organization identification number issued to
          such Company. The Companies agree to furnish any such information to
          the Bank promptly upon request.

          Each of the Companies shall at any time and from time to time take
          such steps as the Bank may reasonably request for the Bank (i) to
          obtain an acknowledgement, in form and substance satisfactory to the
          Bank, of any bailee having possession of any of the Collateral that
          the bailee holds such Collateral for the Bank, (ii) to obtain
          "control" of any investment property, deposit accounts,
          letter-of-credit rights or electronic chattel paper (as such terms are
          defined in Article 9 of the Uniform Commercial Code) with any
          agreements establishing control to be in form and substance
          satisfactory in the Bank, and (iii) otherwise to insure the continued
          perfection and priority of the Bank's security interest in the
          Collateral and of the preservation of its rights therein."

     (g)  Section 3.4 of the Loan Agreement is hereby amended to read in its
          entirety as follows:

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          "3.4 TERM LOAN REPAYMENT. New Term Loan shall be repaid, without
          set-off, deduction or counterclaim, in thirty-seven (37) monthly
          installments of $100,000, beginning January 1, 2002 and ending January
          1, 2005, on which date the outstanding principal balance under the
          Note, together with all accrued and unpaid interest and other charges
          under the Note and this Agreement, shall be due and payable in full."

     (h)  The following provision is hereby added to the end of Section 7.2 of
          the Loan Agreement:

          "No Company shall change its corporate name, identity, structure or
          state of incorporation without the Bank's prior written consent."

     (i)  The following subsection (f) is hereby added to Section 7.19 of the
          Loan Agreement:

          "(f) Notwithstanding the aforementioned exceptions, the Bank consents
          to the indebtedness incurred pursuant to the Companies' $1,2000,000
          equipment loan with General Electric Capital Corporation (the "GE
          LOAN") evidenced by those certain [Agreements] dated as of December
          27, 2001 between General Electric Capital Corporation and the
          Borrower. The Bank agrees to release all liens on equipment to be
          financed by the GE Loan."

     (j)  Section 7.21(c)(ii) of the Loan Agreement is hereby amended and
          restated to read in its entirety as follows:

          "(e) MAINTENANCE OF LIQUID ASSETS.

               (i)  The Borrower shall not permit its unrestricted cash and
                    marketable securities to decrease to an amount below the sum
                    of twelve (12) months of its projected cash requirements (as
                    reflected in its projections and forecasts delivered to the
                    Bank) plus the principal amount of the Loan then
                    outstanding, plus the outstanding balance of the GE Loan,
                    unless the Borrower invests, utilizing the services of the
                    Bank's Money Desk or Trust Department, an amount of cash
                    and/or marketable securities equal to the outstanding
                    principal amount of the Loan, until such time as the
                    Borrower either (A) shall have restored its unrestricted
                    cash and marketable securities to such sum of projected
                    12-month cash requirements plus the principal amount of the
                    Loan outstanding, including, without limitation, by raising
                    cash through sale of equity securities (`equity securities'
                    meaning common and preferred stock not having provisions for
                    required payments or distributions by the Borrower during
                    the period ending thirty (30) days after the Termination
                    Date), or (B) shall have pledged to the Bank Portfolio
                    securities under the Pledge Agreement in an amount
                    sufficient (as determined by the Bank's credit policy
                    generally in effect from time to time) to secure the entire
                    principal amount of the Loan outstanding.

               (ii) The Borrower shall not permit its unrestricted cash and
                    marketable securities to decrease to an amount below the
                    greater of the sum of six (6) months of its projected cash
                    requirements (as reflected in its projections and forecasts
                    delivered to the Bank) plus the then outstanding principal
                    amount of the Loan, plus the outstanding balance of the GE
                    Loan, or $15,000,000, unless the Borrower pledges to the
                    Bank Portfolio Securities under the Pledge Agreement in an
                    amount sufficient (as determined by the Bank's credit policy
                    generally in effect from time to time) to secure the entire
                    principal amount of the Loan outstanding."

II.  NO FURTHER AMENDMENTS. Except as specifically amended hereby, the Loan
     Agreement, the Pledge Agreement, the Patent Mortgage and the Leasehold
     Mortgage shall

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     remain unmodified and in full force and effect and are hereby ratified and
     affirmed in all respects, and the indebtedness of the Companies to the Bank
     evidenced thereby and by the Note is hereby reaffirmed in all respects.

III. CONFIRMATION OF SECURITY. Each of the Borrower, the Lessee Subsidiary and
     AGT hereby confirms that (1) the terms "Liability" and "Liabilities", as
     defined in the Loan Agreement and the Pledge Agreement and the term
     "Obligations", as defined in the Patent Mortgage, include the obligations
     of the Companies under the Note, as amended and restated herewith, and (2)
     the term "Note", as used in each of the Loan Documents, including the
     Leasehold Mortgage and the Patent Mortgage, includes the Note, as amended
     and restated herewith.

IV.  CERTAIN REPRESENTATIONS. As a material inducement to the Bank to enter into
     this Amendment Agreement, each of the Borrower, the Lessee Subsidiary and
     AGT hereby represents and warrants to the Bank (which representations and
     warranties shall survive the delivery hereof), after giving effect hereto,
     as follows:

     A.   The execution and delivery of this Amendment Agreement and the
          amendment and restatement of the Note have been duly authorized by all
          requisite corporate action on the part of each of the Companies.

     B.   The representations and warranties contained in Article 6 of the Loan
          Agreement and in the other Loan Documents are true and correct in all
          material respects on and as of the date of this Amendment Agreement as
          though made at and as of such date. No material adverse change has
          occurred in the assets, liabilities, financial condition, business or
          prospects of any Company from that disclosed in the financial
          statements most recently furnished to the Bank. No Event of Default
          has occurred and is continuing.

     C.   None of the Companies is required to obtain any consent, approval or
          authorization from, or to file any declaration or statement with, any
          governmental instrumentality or other agency or any other person or
          entity in connection with or as a condition to the execution, delivery
          or performance of this Amendment Agreement or the Note.

     D.   Each of this Amendment Agreement and the Note, as amended and restated
          herewith, constitutes the legal, valid and binding obligation of the
          Companies, enforceable against each of them in accordance with their
          respective terms, subject to bankruptcy, insolvency, reorganization,
          moratorium and similar laws affecting the rights and remedies of
          creditors generally or the application of principles of equity,
          whether in any action at law or proceeding in equity, and subject to
          the availability of the remedy of specific performance or of any other
          equitable remedy or relief to enforce any right thereunder.

V.   CONDITIONS. The willingness of the Bank to agree to the foregoing is
     subject to the satisfaction of the following conditions precedent and
     subsequent:

     A.   On or before the date hereof, the Companies shall have executed and
          delivered to the Bank (or shall have caused to be executed and
          delivered to the Bank by the appropriate persons) the following:

          1.   The Amendment Agreement;

          2.   The Second Amended and Restated Secured Term Note;

          3.   True and complete copies of any required stockholders' and
               directors' consents and/or resolutions, authorizing the execution
               and delivery of such documents, certified by the Secretary of the
               appropriate company;

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          4.   The letter executed as of the date hereof by Forest City
               Cambridge, Inc. with respect to the lessor's consent signed in
               connection with the Mortgage.

     B.   On or before the date of this Amendment, the Borrower shall have paid
          the Bank a non-refundable fee in the mount of $30,000.

VI.  MISCELLANEOUS.

     A.   As provided in Section 10.8 of the Loan Agreement, the Borrower and
          the Subsidiaries agree to reimburse the Bank upon demand for all
          reasonable fees and disbursements of counsel to the Bank incurred in
          connection with the preparation hereof and the Note.

     B.   This Amendment Agreement shall be governed by and construed in
          accordance with the laws of the Commonwealth of Massachusetts.

     C.   This Amendment Agreement may be executed by the parties hereto in
          several counterparts hereof and by the different parties hereto on
          separate counterparts hereof, all of which counterparts shall together
          constitute one and the same agreement.

     D.   The obligations of the Borrower and the Subsidiaries under this
          Amendment Agreement and the Note shall be joint and several in nature.

Executed as a sealed instrument as of the date first set forth above.

                                                ("Borrower")
                                        ARIAD PHARMACEUTICALS, INC.

                                        By: /s/ Harvey Berger
                                            ------------------------------------
                                            Name: Harvey Berger
                                            Title: Chairman & CEO

                                        ARIAD CORPORATION

                                        By: /s/ Harvey Berger
                                            ------------------------------------
                                            Name: Harvey Berger
                                            Title: CEO & President

                                        ARIAD GENE THERAPEUTICS, INC.

                                        By: /s/ Harvey Berger
                                            ------------------------------------
                                            Name: Harvey Berger
                                            Title: Chairman & CEO

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("Bank")
FLEET NATIONAL BANK

By: /s/ Karen M. Kinsella
    ---------------------------------
    Name: Karen M. Kinsella
    Title: Vice President

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EXHIBIT A

SECOND AMENDED AND RESTATED SECURED TERM NOTE

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                  SECOND AMENDED AND RESTATED SECURED TERM NOTE

$7,500,000.00                                              Boston, Massachusetts
                                                               December 26, 2001

     FOR VALUE RECEIVED, the undersigned, ARIAD PHARMACEUTICALS, INC., a
Delaware corporation (the "Pharmaceuticals"), ARIAD CORPORATION, a Delaware
corporation (the "Lessee Subsidiary") and ARIAD GENE THERAPEUTICS, INC., a
Delaware corporation ("AGT" and , collectively with Pharmaceuticals and the
Lessee Subsidiary, the "Makers"), hereby jointly and severally promise to pay to
the order of FLEET NATIONAL BANK (f/k/a BankBoston, N.A.), having an address at
100 Federal Street, Boston, Massachusetts 02110 (the "Bank"), the principal sum
of Seven Million Five Hundred Thousand and 00/100 Dollars ($7,500,00.00) or, if
less, the aggregate unpaid principal amount of advances made hereunder by the
Bank to Pharmaceuticals or any other Maker pursuant to that certain Loan and
Security Agreement dated as of September 23, 1992, as amended (as so amended and
as hereafter amended, replaced, restated, supplemented, renewed or otherwise
modified from time to time, the "Loan Agreement"), between the Makers and the
Bank, together with interest on any and all principal remaining unpaid hereunder
from the date hereof until payment in full, payable on the dates and at the
interest rate or rates specified in the Loan Agreement. Capitalized terms used
in this Note without definition have the meanings assigned to them in the Loan
Agreement.

     The aggregate principal amount outstanding hereunder shall be payable as
provided in the Loan Agreement. This Note may be prepaid in accordance with the
terms and provisions of the Loan Agreement without penalty or premium (other
than certain makewhole payments under Section 3.6 of the Loan Agreement).

     All principal and interest hereunder are payable in lawful money of the
United States of America to the Bank at its address specified above in
immediately available funds as provided in the Loan Agreement on the date on
which such payment shall become due. Payments of principal and interest
hereunder which are not made by such date may be made by debiting any deposit
account(s), if any, in the name of the Makers, or any of them, with the Bank.
The Makers hereby irrevocably authorize the Bank to so debit such deposit
account(s).

     The Makers, for themselves and their legal representatives, successors and
assigns, to the extent they may lawfully do so, hereby expressly waive
presentment, demand, protest, notice of protest, presentment for the purpose of
accelerating maturity, diligence in collection, and the benefit of any exemption
or insolvency laws, and consent that the Bank may release or surrender, exchange
or substitute any personal property or other collateral security now held or
which may hereafter be held as security for the payment of this Note, and may
extend the time for payment or otherwise modify the terms of payment of any
party or the whole of the debt evidenced hereby to the extent provided in the
Loan Agreement without in any way affecting the liability of the Makers;
provided that such modifications do not increase the obligations hereunder.

     This Note is the "Note" referred to in and is entitled to the benefits of
the Loan Agreement (including Schedules thereto) and all other instruments and
agreements evidencing and/or securing the indebtedness hereunder, which Loan
Agreement and other instruments and agreements are hereby made part of this Note
and are deemed incorporated herein in full. The occurrence or existence of an
Event of Default shall constitute a default under this Note and shall, subject
to the provisions of the Loan Agreement, entitle the Bank to accelerate the
entire indebtedness hereunder and to take such other action as may be provided
for in the Loan Agreement or any other instrument or agreement evidencing and/or
securing this Note, all in accordance with the terms of the Loan Agreement.

     This Note (a) supersedes and replaces the Amended and Restated Secured Term
Notes, each dated April 6, 1998, made by the Makers and payable to the order of
the Lender and USTrust, respectively, in the principle amounts of $2,601,000 and
$2,499,000 under the Loan Agreement, as

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combined and amended by the First Amendment to Amended and Restated Secured Term
Note, dated as of December 28, 2000 (b) represents the Bank's Commitment and
outstanding Advances under the Loan Agreement as of the date hereof and (c)
represents a continuation (not a refinancing or reborrowing) of the outstanding
obligations of the Borrower with respect to the New Term Loan.

     All agreements between or among the Makers and the Bank are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of acceleration of maturity of the indebtedness or otherwise, shall the
amount paid or agreed to be paid for the use or forbearance of the indebtedness
evidenced hereby exceed the maximum amount which the Bank is permitted to
receive under applicable law. If, from any circumstances whatsoever, fulfillment
of any provision hereof or of the Loan Agreement, at the time performance of
such provision shall be due, shall involve exceeding such amount, then the
obligation to be fulfilled shall automatically be reduced to the limit of such
validity and if, from any circumstances, the Bank should ever receive as
interest an amount which would exceed such maximum amount, such amount which
would be excessive interest shall be applied to the reduction of the principal
balance evidenced hereby and not to the payment of interest. As used herein, the
term "applicable law" shall mean the law in effect as of the date hereof,
PROVIDED, HOWEVER, that in the event there is a change in the law which results
in a higher permissible rate of interest, then this Note shall be governed by
such new law as of its effective date. This provision shall control every other
provision of all agreements between or among the Makers, or any of them, and the
Bank.

     This Note and all transactions hereunder and/or evidenced herein shall be
governed by, and construed and enforced in accordance with, the laws of The
Commonwealth of Massachusetts.

     If this Note shall not be paid when due and shall be placed by the holder
hereof in the hands of any attorney for collection, through legal proceedings or
otherwise, the Makers will pay reasonable attorneys' fees to the holder hereof
together with reasonable costs and expenses of collection, including, without
limitation, any such attorneys' fees, costs and expenses relating to dissolution
or liquidation of any of the Makers or any party (other than the Bank) to any
instrument or agreement securing this Note.

     This Note shall be binding, jointly and severally, upon the Makers and upon
their heirs, successors, assigns and legal representatives and shall inure to
the benefit of the Bank and its successors, endorsees and assigns.

     IN WITNESS WHEREOF, the Makers have caused this Note to be executed under
seal by their duly authorized representative as of the date first above written.

                                        ARIAD PHARMACEUTICALS, INC.

                                        By: /s/ Harvey Berger
                                            ------------------------------------
                                            Name: Harvey Berger
                                            Title: Chairman & CEO

                                        ARIAD CORPORATION

                                        By: /s/ Harvey Berger
                                            ------------------------------------
                                            Name: Harvey Berger
                                            Title: President & CEO

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                                        ARIAD GENE THERAPEUTICS, INC.

                                        By: /s/ Harvey Berger
                                            ------------------------------------
                                            Name: Harvey Berger
                                            Title: Chairman & CEO

                                        3<PAGE>
                                                                   EXHIBIT 10.50

                            MASTER SECURITY AGREEMENT
                   dated as of December 27, 2001 ("Agreement")

THIS AGREEMENT is between General Electric Capital Corporation (together with
its successors and assigns, if any, "Secured Party") and Ariad Pharmaceuticals,
Inc. ("Debtor"). Secured Party has an office at 401 Merritt 7, Suite 23,
Norwalk, CT 06856. Debtor is a corporation organized and existing under the laws
of the state of Delaware. Debtor's mailing address and chief place of business
is 26 Landsdowne St., Cambridge, MA 02139.

1.     CREATION OF SECURITY INTEREST.

       Debtor grants to Secured Party, its successors and assigns, a security
       interest in and against all property listed on any collateral schedule
       now or in the future annexed to or made a part of this Agreement
       ("Collateral Schedule"), and in and against all additions, attachments,
       accessories and accessions to such property, all substitutions,
       replacements or exchanges therefor, and all insurance and/or other
       proceeds thereof (all such property is individually and collectively
       called the "Collateral"). This security interest is given to secure the
       payment and performance of all debts, obligations and liabilities of any
       kind whatsoever of Debtor to Secured Party, now existing or arising in
       the future, including but not limited to the payment and performance of
       certain Promissory Notes from time to time identified on any Collateral
       Schedule (collectively "Notes" and each a "Note"), and any renewals,
       extensions and modifications of such debts, obligations and liabilities
       (such Notes, debts, obligations and liabilities are called the
       "Indebtedness"). Unless otherwise provided by applicable law,
       notwithstanding anything to the contrary contained in this Agreement, to
       the extent that Secured Party asserts a purchase money security interest
       in any items of Collateral ("PMSI Collateral"); (i) the PMSI Collateral
       shall secure only that portion of the Indebtedness which has been
       advanced by Secured Party to enable Debtor to purchase, or acquire rights
       in or the use of such PMSI Collateral (the "PMSI Indebtedness"), and (ii)
       no other Collateral shall secure the PMSI Indebtedness.

2.     REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR.

       Debtor represents, warrants and covenants as of the date of this
       Agreement and as of the date of each Collateral Schedule that:

       (a)    Debtor's exact legal name is as set forth in the preamble of this
              Agreement and Debtor is, and will remain, duly organized, existing
              and in good standing under the laws of the State set forth in the
              preamble of this Agreement, has its chief executive offices at the
              location specified in the preamble, and is, and will remain, duly
              qualified and licensed in every jurisdiction wherever necessary to
              carry on it business and operations;

       (b)    Debtor has adequate power and capacity to enter into, and to
              perform its obligations under this Agreement, each Note and any
              other documents evidencing, or given to connection with, any of
              the Indebtedness (all of the foregoing are called the "Debt
              Documents");

       (c)    This Agreement and the other Debt Documents have been duly
              authorized, executed and delivered by Debtor and constitute legal,
              valid and binding agreements enforceable in accordance with their
              terms, except to the extent that the enforcement of remedies may
              be limited under applicable bankruptcy and insolvency laws;

       (d)    No approval, consent or withholding of objections is required from
              any governmental authority or instrumentality with respect to the
              entry into, or performance by Debtor of any of the Debt Documents,
              except any already obtained;

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       (e)    The entry into and performance by, Debtor of the Debt Documents
              will not (i) violate any of the organizational documents of Debtor
              or any judgment order, law or regulation applicable to Debtor, or
              (ii) result in any breach of or constitute a default under any
              contract to which Debtor is a party, or result in the creation of
              any lien, claim or encumbrance on any of Debtor's property (except
              for liens in favor of Secured Party) pursuant to any indenture,
              mortgage, deed of trust, bank loan, credit agreement, or other
              agreement or instrument to which Debtor is a party;

       (f)    There are no suits or proceedings pending in court or before any
              commission, board or other administrative agency against or
              affecting Debtor which could, in the aggregate, have a material
              adverse effect on Debtor, its business or operations, or its
              ability to perform its obligations under the Debt Documents, nor
              does Debtor have reason to believe that any such suits or
              proceedings are threatened.

       (g)    All financial statements delivered to Secured Party in connection
              with the indebtedness have been prepaid in accordance with
              generally accepted accounting principles and since the date of the
              most recent financial statement, there has been no material
              adverse change in Debtor's financial condition;

       (h)    The Collateral is not, and will not be, used by Debtor for
              personal, family or household purposes;

       (i)    The Collateral is, and will remain, in good condition and repair
              and Debtor will not be negligent in its care and use;

       (j)    Debtor is, and will remain, the sole and lawful owner, and in
              possession of, the Collateral, and has the sole right and lawful
              authority to grant the security interest described in this
              Agreement; and

       (k)    The Collateral is, and will remain, free and clear of all liens,
              claims and encumbrances of any kind whatsoever, except for (i)
              liens in favor of Secured Party, (ii) liens for taxes not yet due
              or for taxes being contested in good faith and which do not
              involve, in the judgment of Secured Party, any risk of the sale,
              forfeiture or loss of any of the Collateral, and (iii) inchoate
              materialmen's, mechanic's, repairman's and similar liens arising
              by operation of law in the normal course of business for amounts
              which are not delinquent (all off such liens are called "Permitted
              Liens").

3.     COLLATERAL

       (a)    Until the declaration of any default, Debtor shall remain in
              possession of the Collateral; except that Secured Party shall have
              the right to possess (i) any chattel paper or instrument that
              constitutes a part of the Collateral, and (ii) any other
              Collateral in which Secured Party's security interest may be
              perfected only by possession. Secured Party may inspect any of the
              Collateral during normal business hours after giving Debtor
              reasonable prior notice. If Secured Party asks, Debtor will
              promptly notify Secured Party in writing of the location of any
              Collateral.

       (b)    Debtor shall (i) use the Collateral only in its trade or business,
              (ii) maintain all of the Collateral in good operating order and
              repair, normal wear and tear excepted, (iii) use and maintain the
              Collateral only in compliance with manufacturers recommendations
              and all applicable laws, and (iv) keep all of the Collateral free
              and clear of all liens, claims and encumbrances (except for
              Permitted Liens).

<PAGE>
       (c)    Secured Party does not authorize and Debtor agrees it shall not
              (i) part with possession of any of the Collateral (except to
              Secured Party or for maintenance and repair), (ii) remove any of
              the Collateral from the continental United States, or (iii) sell,
              rent, lease, mortgage, license, grant a security interest in or
              otherwise transfer or encumber (except for Permitted Liens) any of
              the Collateral.

       (d)    Debtor shall promptly when due all taxes, license fees,
              assessments and public and private charges levied or assessed on
              any of the Collateral, on its use, or on this Agreement or any of
              the other Debt Documents. At its option, Secured Party may
              discharge taxes, liens, security interests or other encumbrances
              at any time levied or placed on the Collateral and may pay for the
              maintenance, insurance and preservation of the Collateral and
              effect compliance with the terms of this Agreement or any of the
              other Debt Documents. Debtor agrees to reimburse Secured Party, on
              demand, all costs and expenses incurred by Secured Party in
              connection with such payment or performance and agrees that such
              reimbursement obligation shall constitute Indebtedness.

       (e)    Debtor shall, at all times, keep accurate and complete records of
              the Collateral, and Secured Party shall have the right to inspect
              and make copies of all of Debtor's books and records relating to
              the Collateral during normal business hours, after giving Debtor
              reasonable prior notice.

       (f)    Debtor agrees and acknowledges that any third person who may at
              any time possess all or any portion of the Collateral shall be
              deemed to hold, and shall hold, the Collateral as the agent of,
              and as pledge holder for Security Party. Secured Party may at any
              time give notice to any third person described in the preceding
              sentence that such third person is holding the Collateral as the
              agent of, and as pledge holder for, the Secured Party.

4.     INSURANCE

       (a)    Debtor shall at all times bear the entire risk of any loss, theft,
              damage to, or destruction of, any of the Collateral from any cause
              whatsoever.

       (b)    Debtor agrees to keep the Collateral insured against loss or
              damage by fire and extended coverage perils, theft, burglary, and
              for any or all Collateral which are vehicles for risk of loss by
              collision, and if requested by Secured Party, against such other
              risks as Secured Party may reasonably require. The insurance
              coverage shall be in an amount no less than the full replacement
              value of the Collateral, and deductible amounts, insurers and
              policies shall be acceptable to Secured Party. Debtor shall
              deliver to Secured Party policies or certificates of insurance
              evidencing such coverage. Each policy shall name Secured Party as
              a loss payee, shall provide for coverage to Secured Party
              regardless of the breach by Debtor of any warranty or
              representation made therein, shall not be subject to co-insurance,
              and shall provide that coverage may not be canceled or altered by
              the insurer except upon thirty (30) days prior written notice to
              Secured Party. Debtor appoints Secured Party as its
              attorney-in-fact to make proof of loss, claim for insurance and
              adjustments with insurers, and to receive payment of and execute
              or endorse all documents, checks or drafts in connection with
              insurance payments. Secured Party shall not act as Debtor's
              attorney-in-fact unless Debtor is in default. Proceeds of
              insurance shall be applied, at the option of Debtor, to repair or
              replace the Collateral or to reduce any of the Indebtedness,
              except that in the event of a loss of all or substantially all of
              the collateral, the option will revert to the Secured Party.

5.     REPORTS

<PAGE>
       (a)    Debtor shall promptly notify Secured Party of (i) any change in
              the name of Debtor, (ii) any change in the state of its
              incorporation or registration, (iii) any relocation of its chief
              executive offices, (iv) any relocation of any of the Collateral,
              (v) any of the Collateral being lost, stolen, missing, destroyed,
              materially damaged or worn out, or (vi) any lien, claim or
              encumbrance other than Permitted Liens attaching to or being made
              against any of the Collateral.

       (b)    Debtor will deliver to Secured Party Debtor's complete financial
              statements, certified by a recognized firm of certified public
              accountants, within ninety (90) days of the close of each fiscal
              year of Debtor. Debtor will make available to Secured Party copies
              of Debtor's quarterly financial reports certified by Debtor's
              chief financial officer, within ninety (90) days after the close
              of each of Debtor's fiscal quarter. Debtor will make available to
              Secured Party copies of all Forms 10-K and 10-Q, if any, within 30
              days after the dates on which they are filled with the Securities
              and Exchange Commission. Availability will include Internet
              availability and will not require other by the Debtor.

6.     FURTHER ASSURANCES

       (a)    Debtor shall, upon request of Secured Party, furnish to Secured
              Party such further information, execute and deliver to Secured
              Party such documents and instruments (including, without
              limitation, Uniform Commercial Code financing statements) and
              shall do such other acts and things as Secured Party may at any
              time reasonably request relating to the perfection or protection
              of the security interest created by this Agreement or for the
              purpose of carrying out the intent of this Agreement. Without
              limiting the foregoing, Debtor shall cooperate and do all acts
              deemed necessary or advisable by Secured Party to continue in
              Secured Party a perfected first security interest in the
              Collateral, and shall obtain and furnish to Secured Party and
              subordinations, releases, landlord waivers, lessor waivers,
              mortgagee waivers, or control agreements, and similar documents as
              may be from time to time requested by, and in form and substance
              satisfactory to, Secured Party.

       (b)    Debtor authorizes Secured Party to file a financing statements and
              amendments thereto describing the Collateral and containing any
              other information required by the applicable Uniform Commercial
              Code. Debtor irrevocably grants to Secured Party the power to sign
              Debtor's name and generally to act on behalf of Debtor to execute
              and file applications for title, transfers of title, financing
              statements, notices of lien and other documents pertaining to any
              or all of the Collateral; this power is coupled with Secured
              Party's interest in the Collateral. Debtor shall, if any
              certificate of title be required or permitted by law for any of
              the Collateral, obtain and promptly deliver to Secured Party such
              certificate showing the lien of this Agreement with respect to the
              Collateral. Debtor ratifies its prior authorization for Secured
              Party to file financing statements and amendments thereto
              describing the Collateral and containing any other information
              required by the Uniform Commercial Code if filed prior to the date
              hereof.

       (c)    Debtor shall indemnify and defend the Secured Party, its
              successors and assigns, and their respective directors, officers
              and employees, from and against all claims, actions and suits
              (including, without limitation, related attorneys' fees) of any
              kind whatsoever arising, directly or indirectly, in connection
              with any of the Collateral.

7.     DEFAULT AND REMEDIES.

<PAGE>
       (a)    Debtor shall be in default under this Agreement and each of the
              other Debt Documents if:

              (i)    Debtor breaches its obligation to pay when due any
                     installment or other amount due or coming due under any of
                     the Debt Documents;

              (ii)   Debtor, without the prior written consent of Secured Party,
                     attempts to or does sell, rent, lease, license, mortgage,
                     grant a security interest in, or otherwise transfer or
                     encumber (except for Permitted Liens) any of the
                     Collateral;

              (iii)  Debtor breaches any of its insurance obligations under
                     Section 4;

              (iv)   Debtor breaches any of its other obligations under any of
                     the Debt Documents and fails to cure that breach within
                     thirty (30) days after written notice from Secured Party:

              (v)    Any warranty, representation or statement made by Debtor in
                     any of the Debt Documents or otherwise in connection with
                     any of the indebtedness shall be false or misleading in any
                     material respect;

              (vi)   Any of the Collateral is subjected to attachment,
                     execution, levy, seizure or confiscation in any legal
                     proceeding or otherwise, or if any legal or administrative
                     proceeding is commenced against Debtor or any of the
                     Collateral, which in the good faith judgment of Secured
                     Party subjects any of the Collateral to a material risk of
                     attachment, execution, levy, seizure or confiscation and no
                     bond is posted or protective order obtained to negate such
                     risk;

              (vii)  Debtor breaches or is in default under any other agreement
                     between Debtor and Secured Party;

              (viii) Debtor or any guarantor or other obligor for any of the
                     Indebtedness (collectively, "Guarantor") dissolves,
                     terminates its existence, becomes insolvent or ceases to do
                     business as a going concern;

              (ix)   If Debtor or any Guarantor is a natural person, Debtor or
                     any such Guarantor dies or becomes incompetent;

              (x)    A receiver is appointed for all or any part of the property
                     of Debtor or any Guarantor, or Debtor or any Guarantor
                     makes any assignment for the benefit of creditors;

              (xi)   Debtor or any Guarantor files a petition under any
                     bankruptcy, insolvency or similar law, or any such petition
                     is filed against Debtor or any Guarantor and is not
                     dismissed within forty-five (45) days; or

              (xii)  Debtor's improper filing of an amendment or termination
                     statement relating to a filed financing statement
                     describing the Collateral.

       (b)    If Debtor is in default, the Secured Party, at its option, may
              declare any or all of the Indebtedness to be immediately due and
              payable, without demand or notice to Debtor or any Guarantor. The
              accelerated obligations and liabilities shall bear interest (both
              before and after any judgment) until paid in full at the lower of
              eighteen percent (18%) per annum or the maximum rate not
              prohibited by applicable law.

<PAGE>
       (c)    After default, Secured Party shall have all of the rights and
              remedies of a Secured Party under the Uniform Commercial Code, and
              under any other applicable law. Without limiting the foregoing,
              Secured Party shall have the right to (i) notify any account
              debtor of Debtor or any obligor on any instrument which
              constitutes part of the Collateral to make payment to the Secured
              Party, (ii) with or without legal process, enter any premises
              where the Collateral may be and take possession of and remove the
              Collateral from the premises or store it on the premises, (iii)
              sell the Collateral at public or private sale, in whole or in
              part, and have the right to bid and purchase at said sale, or (iv)
              lease or otherwise dispose of all or part of the Collateral,
              applying proceeds from such disposition to the obligations then in
              default. If requested by Secured Party, Debtor shall promptly
              assemble the Collateral and make it available to Secured Party at
              a place to be designated by Secured Party which is reasonably
              convenient to both parties. Secured Party may also render any or
              all of the Collateral unusable at the Debtor's premises and may
              dispose of such Collateral on such premises without liability for
              rent or costs. Any notice that Secured Party is required to give
              to Debtor under the Uniform Commercial Code of the time and place
              of any public sale or the time after which any private sale or
              other intended disposition of the Collateral is to be made shall
              be deemed to constitute reasonable notice if such notice is given
              to the last known address of Debtor at least five (5) days prior
              to such action.

       (d)    Proceeds from any sale or lease or other disposition shall be
              applied: first, to all costs of repossession, storage, and
              disposition including without limitation attorneys', appraisers',
              and auctioneers' fees; second, to discharge the obligations then
              in default; third, to discharge any other Indebtedness of Debtor
              to Secured Party, whether as obligor, endorser, guarantor, surety
              or indemnitor; fourth, to expenses incurred in paying or settling
              liens and claims against the Collateral; and lastly, to Debtor, if
              there exists any surplus. Debtor shall remain fully liable for any
              deficiency.

       (e)    Debtor agrees to pay all reasonable attorneys' fees and other
              costs incurred by Secured Party in connection with the
              enforcement, assertion, defense or preservation of Secured Party's
              rights and remedies under this Agreement, or if prohibited by law,
              such lesser sum as may be permitted. Debtor further agrees that
              such fees and costs shall constitute Indebtedness.

       (f)    Secured Party's rights and remedies under this Agreement or
              otherwise arising are cumulative and may be exercised singularly
              or concurrently. Neither the failure nor any delay on the part of
              the Secured Party to exercise any right, power or privilege under
              this Agreement shall operate as a waiver, nor shall any single or
              partial exercise of any right, power or privilege preclude any
              other or further exercise of that or any other right, power or
              privilege. SECURED PARTY SHALL NOT BE DEEMED TO HAVE WAIVED ANY OF
              ITS RIGHTS UNDER THIS AGREEMENT OR UNDER ANY OTHER AGREEMENT,
              INSTRUMENT OR PAPER SIGNED BY DEBTOR UNLESS SUCH WAIVER IS
              EXPRESSED IN WRITING AND SIGNED BY SECURED PARTY. A waiver on any
              one occasion shall not be construed as a bar to or waiver of any
              right or remedy on any future occasion.

       (g)    DEBTOR AND SECURED PARTY UNCONDITIONALLY WAIVE THEIR RIGHTS TO A
              JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
              OUT OF THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE
              INDEBTEDNESS SECURED HEREBY, ANY DEALINGS BETWEEN DEBTOR AND
              SECURED PARTY RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION
              OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
              ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS
              WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
              THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS
              WAIVER

<PAGE>
              MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER ALSO
              SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
              MODIFICATIONS TO THIS AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO
              ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR
              ANY RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN
              CONSENT TO A TRIAL BY THE COURT.

8.     MISCELLANEOUS.

       (a)    This Agreement, any Note and/or any of the other Debt Documents
              may be assigned, in whole or in part, by Secured Party without
              notice to Debtor, and Debtor agrees not to assert against any such
              assignee, or assignee's assigns, any defense set-off, recoupment
              claim or counterclaim which Debtor has or may at any time have
              against Secured Party for any reason whatsoever. Debtor agrees
              that if Debtor receives written notice of an assignment from
              Secured Party, Debtor will pay all amounts payable under any
              assigned Debt Document to such assignee or as instructed by
              Secured Party. Debtor also agrees to confirm in writing receipt of
              the notice of assignment as may be reasonably requested by Secured
              Party or assignee.

       (b)    All notices to be given in connection with this Agreement shall be
              in writing, shall be addressed to the parties at their respective
              addresses set forth in this Agreement (unless and until a
              different address may be specified in a written notice to the
              other party), and shall be deemed given (i) on the date of receipt
              if delivered in hand or by facsimile transmission, (ii) on the
              next business day after being sent by express mail, and (iii) on
              the fourth business day after being sent by regular, registered or
              certified mail. As used herein, the term "business day" shall mean
              and include any day other than Saturdays, Sundays, or other days
              on which commercial banks in New York, New York are required or
              authorized to be closed.

       (c)    Secured Party may correct patent errors and fill in all blanks in
              this Agreement or in any Collateral Schedule consistent with the
              agreement of the parties.

       (d)    Time is of the essence of this Agreement. This Agreement shall be
              binding, jointly and severally, upon all parties described as the
              "Debtor" and their respective heirs, executors, representatives,
              successors and assigns, and shall inure to the benefit of Secured
              Party, its successors and assigns.

       (e)    This Agreement and its Collateral Schedules constitute the entire
              agreement between the parties with respect to the subject matter
              of this Agreement and supersede all prior understandings (whether
              written, verbal or implied) with respect to such subject matter.
              THIS AGREEMENT AND ITS COLLATERAL SCHEDULES SHALL NOT BE CHANGED
              OR TERMINATED ORALLY OR BY COURSE OF CONDUCT, BUT ONLY BY A
              WRITING SIGNED BY BOTH PARTIES. Section headings contained in this
              Agreement have been included for convenience only, and shall not
              affect the construction or interpretation of this Agreement.

       (f)    This Agreement shall continue in full force and effect until all
              of the Indebtedness has been indefeasibly paid in full to Secured
              Party or its assignee. The surrender, upon payment or otherwise,
              of any Note or any of the other documents evidencing any of the
              Indebtedness shall not affect the right of Secured Party to retain
              the Collateral for such other Indebtedness as may then exist or as
              it may be reasonably contemplated will exist in the future. This
              Agreement shall automatically be reinstated if Secured Party is
              ever required to return or

<PAGE>
              restore the payment of all or any portion of the Indebtedness (all
              as though such payment had never been made).

       (g)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
              HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN
              ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT
              (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE),
              INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
              REGARDLESS OF THE LOCATION OF THE EQUIPMENT.

IN WITNESS WHEREOF, Debtor and Secured Party, intending to be legally bound
hereby, have duly executed this Agreement in one or more counterparts, each of
which shall be deemed to be an original, as of the day and year first aforesaid.

SECURED PARTY:                         DEBTOR:

General Electric Capital Corporation   ARIAD Pharmaceuticals, Inc.

<Table>
<S>                                    <C>
By: /s/ John Edel                      By: /s/ Brian A. Lajoie
    -------------------------------        --------------------------------------
    Name: John Edel                        Name: Brian A. Lajoie
    Title: SVP                             Title: Interim Chief Financial Officer

</Table>

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