Document:

<PAGE>
                                                                    EXHIBIT 10.3

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                   SALES, MARKETING AND DISTRIBUTION AGREEMENT

      This Agreement is made 25th March 2002 (the "Effective Date") by and
between THE MEDICINES COMPANY, INC., a Delaware corporation having offices at 5
Sylvan Way, Parsippany, New Jersey 07054 ("TMC") and NYCOMED DANMARK A/S, P.O.
Box 88, Langebjerg 1 DK-4000 Roskilde, Denmark, a company duly organized and
existing under the laws of the Kingdom of Denmark ("Nycomed").

      The parties hereunder shall be referred to individually as a "Party" and
collectively as the "Parties".

      WITNESSETH

      Whereas, TMC is in the business of developing, manufacturing and marketing
pharmaceutical products.

      Whereas, TMC desires to appoint Nycomed as the exclusive distributor in
the territory outlined in Exhibit A (the "Territory") for the Product and its
Improvements manufactured by TMC described herein and as amended from time to
time (the "Product"), and to sell the Product to Nycomed on the terms and
subject to the conditions described in this Agreement.

      Whereas, Nycomed is engaged in the marketing of pharmaceutical products
and has represented to TMC that it has the facilities, personnel, and technical
expertise to promote, market and distribute the Product in all countries of the
Territory. Nycomed desires to accept such appointment as the exclusive
distributor and to promote, market and distribute the Product in the Territory,
and to purchase the Product from TMC on the terms and subject to the conditions
described in this Agreement.

1. DEFINITIONS

      All capitalized terms used in this Agreement not otherwise defined shall
have the meanings and definitions ascribed to them as listed below.

1.1 "ADVERSE EVENT" means any unintended, unfavorable clinical sign or symptom,
any new illness or disease or deterioration of existing illness or disease or
any clinically relevant

                                      -1-
<PAGE>
deterioration in laboratory variables (e.g., hematological, biochemical,
hormonal) or other clinical tests (e.g., ECG, X-ray), whether or not considered
treatment-related.

1.2 "AFFILIATE" means any corporation, company, joint venture, partnership or
other entity which, directly or indirectly, controls, is controlled by, or is
under common control with a Party to this Agreement. "Control" means the
ownership of at least 50% of the issued share capital or business assets of
another entity, the power to exercise at least 50% of the voting rights of
another entity, or the power to appoint more than 50% of the Board of Directors
of another entity. Notwithstanding this definition of control, Oy Leiras Finland
Ab shall be deemed an Affiliate of Nycomed .

1.3 "ANGIOMAX" means Angiomax(TM) or any other Trademark selected by TMC for the
Product in the Territory.

1.4 "APPROVALS" means and includes all filings, approvals, registrations,
permits, licenses and authorizations related to the Product which are necessary
or which, in the reasonable opinion of TMC, are desirable, to be made with or
obtained from any Governmental Authority for the importation, sale, marketing
and promotion of the Products in the Territory or any part thereof, including
primarily, but without limitation, authorizations of medicinal products for
human use and approval of related labels and packaging, as well as pricing and
social health system reimbursement approvals.

1.5 "AVERAGE NET UNIT SELLING PRICE" means the sum of Nycomed's calendar quarter
Net Sales pursuant to this Agreement divided by such calendar quarter's number
of units sold by Nycomed pursuant to this Agreement (but in respect of such
units sold, excluding units which have been returned, rejected or reimbursed
because of defects).

1.6 "CHEMILOG" means bivalirudin drug substance manufactured according to UCB
Bioproducts SA process SF220, as defined in UCB bioproducts quality documents.

1.7 "COMBINATION PRODUCT" means a product containing one or more active
ingredients or components in addition to the Product.

1.8 "DISTRIBUTOR" means a person or entity in a country who (i) purchases
Product from Nycomed or one of its Affiliates, and (ii) assumes responsibility
for a portion of the promotion, marketing, sales and customer service effort
related to Product in that country, and (iii) under an implied or express
sublicense, sells Product in that country.

1.9 "EEA" means any current member countries of the European Union and Norway,
Iceland, and Liechtenstein.

1.10 "EMEA" means the European Agency for the Evaluation of Medicinal Products.

                                      -2-
<PAGE>
1.11 "FIRM ORDERS" means orders received from Nycomed and accepted by TMC in
writing for the purchase of Product.

1.12 "FIRST APPROVAL DATE" means the first date on which the Product is eligible
for sale in one or more countries of the Territory based on receipt of all
necessary Approvals from Government Authorities of one or more countries of the
Territory.

1.13 "FIRST LAUNCH DATE" means the date of Launch of the Initial Indication(s)
in any country of the Territory.

1.14 "GOVERNMENTAL AUTHORITY" means and includes all governmental and regulatory
bodies, agencies, departments or entities, whether or not located in the
Territory, which regulate, direct or control commerce in or with the Territory,
including Approvals.

1.15 "GROSS SALES" means gross invoices on sales of the Product by Nycomed and
its Affiliates and Distributors to third parties.

1.16 "IMPROVEMENTS" means authorized, updated or modified manufacturing
processes for the Product or its component substances, additional dosage unit
sizes or other similar authorized modifications to the production and delivery
of Product as part of an Approval for the Product.

1.17 "INDICATION" means a particular use for the Product which has received
Approval from a Governmental Authority in one or more countries of the
Territory.

1.18 "INITIAL INDICATION" means the Product's first Indication receiving
Approval in one or more countries of the Territory.

1.19 "LAUNCH" means the date of announcement to prescribers of pharmaceuticals,
of the availability of Product upon prescription to treat an Initial Indication
or a subsequent Indication in any country in Territory.

1.20 "MINIMUM TRANSFER PRICE", means the minimum price for purchase of the
Product by Nycomed, calculated in accordance with Exhibit B hereto.

1.21 "NET SALES" shall mean the gross amount invoiced (not dependent on whether
such invoices have been actually paid) on sales of the Product by Nycomed and
its Affiliates and Distributors to third parties, less the following items, as
determined from the books and records of Nycomed or its Affiliates or
Distributors, provided that such items do not exceed reasonable and customary
amounts in the respective country(s) of the Territory in which such sale or
other disposition occurred: (i) [**]; (ii) [**]; (iii) [**]; (iv) [**]; (v)
[**],

                                      -3-
<PAGE>
; and (vi) [**] pursuant to government regulations. A sale of the Product by
Nycomed to an Affiliate or Distributor for resale of the Product by such
Affiliate or Distributor shall not be considered a sale for the purposes of this
provision, but the resale of such Product by the Affiliate or Distributor to a
third party who is not an Affiliate or Distributor of Nycomed shall be a sale
for the purposes of this Agreement.

      For the purposes of this Agreement, "sale" shall mean any transfer or
other distribution or disposition, but shall not include transfers or other
distributions or dispositions of Product, at no charge, for pre-clinical,
clinical or regulatory purposes or to physicians or hospitals for promotional
purposes, provided such transfer, distribution or disposition is not made in
exchange for lower prices on other Nycomed products or for other non-cash
consideration. In the event that consideration in addition to or in lieu of
money is received for the sale of Product in an arms-length transaction, the
fair market value of such consideration shall be included in the determination
of Net Sales. To the extent that the Product is sold in other than an
arms-length transaction, Net Sales for such sale shall be the average sales
price of the Product if sold in an arms-length transaction during the applicable
reporting calendar quarter in the country of the Territory in which the
non-arms-length transaction occurred.

      In the event that the Product is sold in the form of a Combination
Product, Net Sales for the Combination Product shall be determined by
multiplying actual Net Sales of the Combination Product (determined by reference
to the definition of Net Sales set forth above) during the calendar quarter
period by the fraction A/A+B where A is the average sale price of Product when
sold separately in finished form, and B is the average sale price of the other
active ingredients or components when sold separately in finished form in each
case during the applicable reporting calendar quarter in the country in which
the sale of the Combination Product was made, or if sales of both the Product
and the other active ingredients or components did not occur in such period,
then in the most recent calendar quarter in which sales of both occurred. In the
event that such average sale price cannot be determined for both Product and all
other active ingredients or components included in the Combination Product, Net
Sales for purposes of determining payments under this Agreement shall be
calculated by multiplying the Net Sales of the Combination Product by the
fraction C/C+D where C is the standard fully-absorbed cost of the Product
portion of the Combination and D is the sum of the standard fully-absorbed costs
of all other active components or ingredients included in the Combination
Product, in each case as determined by TMC using its standard accounting
procedures consistently applied. In no event shall Net Sales of a Product
included in a Combination Product be reduced to less than fifty percent (50%) of
actual Net Sales of such Combination Product (determined by reference to the
definition of Net Sales set forth above) by reason of any adjustment provision
set forth in this paragraph.

1.22 "NON-REQUIRED TRIALS" means Product trials other than those trials required
to secure Approval for an Indication.

                                      -4-
<PAGE>
1.23 "PATENTS" means patents and applications in any and all countries for
patents (including provisional applications) and all reissues, divisions,
renewals, extensions, continuations and continuations-in-part thereof and patent
extensions with respect to the Product in the Territory, as further identified
in Exhibit F hereto.

1.24 "PCI" means percutaneous coronary intervention.

1.25 "PRODUCT" means Bivalirudin, being a highly specific and reversible direct
thrombin inhibitor, which operates by specific binding to both the catalytic
site and to the anion-binding exosite of circulating and clot-bound thrombin.
The active substance is a synthetic, twenty (20)-amino acid peptide, whose
chemical name is D-phenylalanyl-Lprolyl-Larginyl-L-prolyl-glycyl-glycyl-glycyl-
glycyl-L-asparagyl-glycyl-L-aspartly-L-phenylalanyl-L-glutamyl-L-glutamyl-
isoleucyl-L-prolyl-L-glutamyl-L-glutamyl-L-tyrosyl-L-leucine-trifluoracetate
(salt) hydrate. Its molecular weight is 218.19 daltons (anhydrous free base
peptide).

1.26 "PRODUCT CONFIGURATION" means and includes any modifications to the package
insert, labeling, or packaging of the Product required by Government
Authority(s) of one or more countries of the Territory.

1.27 "PRODUCTION VOLUME DISCOUNT" shall have the meaning ascribed to it in
Exhibit B attached hereto.

1.28 "PTCA" means percutaneous coronary transluminal angioplasty.

1.29 "SERIOUS ADVERSE EVENT" means (i) an Adverse Event that at any dose,
results in death or is life-threatening, as well any Adverse Event that results
in persistent or significant disability/incapacity or requires in-patient
hospitalization or prolongs hospitalization, or (ii) any medically significant
event that, based upon appropriate medical judgment, may jeopardize the patient
and may require medical or surgical intervention.

1.30 "THROMBIN INHIBITOR" means any pharmaceutical with a mechanism of action
involving the partial or complete inhibition of thrombin in the clotting
cascade. Thrombin inhibitors shall include direct acting compounds including but
not limited to lepirudin, desirudin and other members of the hirudin family as
well as melagatran and small molecule direct thrombin inhibitors such as
argatroban. Thrombin inhibitors shall also include indirect acting thrombin
inhibitors which inhibit thrombin in conjunction with a co-factor such as
AT-III. Such indirect thrombin inhibitors shall include but not be limited to
unfractionated heparins and low molecular weight heparins such as enoxaparin
sodium, dalteparin sodium, fondaparinux and reviparin sodium but shall exclude
Warfarin.

1.31 "TMC-UK" means The Medicines Company of the United Kingdom, a limited
liability corporation located at Buxton Court 3 West Way, Botley, Oxford, United
Kingdom OX2 OSZ or such other EU incorporated entity of TMC which TMC may
designate.

                                      -5-
<PAGE>
1.32 "TRADEMARKS" means trademarks, trade names, service marks, and other
proprietary symbols owned or controlled by TMC and as designated by TMC in
Exhibit C hereto.

1.33 "UNIT", for the purpose of calculating the Average Net Unit Selling Price,
the Transfer Price and the Minimum Transfer Price, shall mean the metric
milligram (mg.).

1.34 "WAC" shall mean the U.S. Wholesale Acquisition Cost, as listed in the US
Red Book for hospital injectables.

                             STATEMENT OF AGREEMENT

      In consideration of the mutual agreements set forth herein, TMC and
Nycomed hereby agree as follows:

2. APPOINTMENT OF NYCOMED

2.1 Appointment, General Diligence.

      TMC hereby appoints Nycomed as the exclusive distributor of the Product
and any Improvements in the Territory for any and all Indications (whether or
not currently existing or planned) during the term of this Agreement and Nycomed
hereby accepts such appointment subject to the terms and conditions described in
this Agreement. In addition to the specific requirements of Articles 6 and 11
below, Nycomed shall promote and market the Product with no less effort than it
customarily applies in promoting and marketing other products in the Territory.
Nycomed shall have the right to appoint its Affiliates and other third parties
as subdistributors of the Product in the Territory.

2.2 Distribution Boundaries.

      Subject to the applicable regulations in the Territory and to the extent
permitted by law Nycomed shall not (i) establish or maintain any distribution
facility for the Product outside the Territory, or (ii) advertise or promote the
Product to potential buyers located outside the Territory, or in any language,
other than an official language of the Territory.

      Particularly, Nycomed is cognizant of and recognizes the exclusive
distribution rights granted by TMC to Grupo Ferrer Internacional S.A. for Spain,
Portugal and Greece and for certain countries within Central and South America.

      If Nycomed receives an order for, or inquiry concerning the Product from a
potential customer located outside the Territory and outside the EEA, and unless
such customer intends to resell the products within the EEA, Nycomed shall
immediately refer such order or inquiry to TMC.

                                      -6-
<PAGE>
2.3 Non-Competition.

      During the term of this Agreement, or any renewals, none of Nycomed, its
Affiliates or its Distributors shall manufacture, distribute or sell any
Thrombin Inhibitor in the Territory; provided, however, that with respect to
countries in the Territory which are included in the EEA, this sentence shall
only apply from the First Launch Date until the date which is five (5) years
after the First Launch Date. During the term of this Agreement, or any renewals,
Nycomed shall notify TMC regarding new pharmaceutical products (excluding line
extensions and new formulations) Nycomed or its Affiliates intend to directly or
indirectly sell, market or promote in the Territory. Notwithstanding the above,
Nycomed shall be entitled to distribute any product for the same Indications as
approved for the Product, other than abciximab, eptifibatide, or enoxaparin
sodium, that may be used with the Product and/or which may be used in
circumstances where the Product is not currently indicated or is
contraindicated. Notwithstanding anything contained herein to the contrary,
Nycomed shall not be deemed to be in breach of this Section 2.3 if any of the
customers of Nycomed, its Affiliates or its Distributors outside the Territory
resell any Thrombin Inhibitor in the Territory which they purchased from
Nycomed, its Affiliates or its Distributors.

3. MILESTONES

3.1. Distributor Fee

      Upon execution of this Agreement, Nycomed shall (a) pay to TMC a non
refundable, non creditable distributor fee of One Million Five Hundred Thousand
United States Dollars (US$1,500,000); and (b) purchase from TMC for an aggregate
purchase price of US$1,000,000 a number of shares of common stock of TMC
determined by dividing US$1,000,000 by the average closing sales price of TMC's
common stock as reported on the Nasdaq National Market for the ten trading days
ending on the date five trading days prior to the Effective Date. In connection
with such purchase of shares, Nycomed will execute an investment representation
letter in the form attached as Exhibit D.

3.2. Approval Milestones

      (a)   Nycomed shall pay an additional non refundable, non creditable fee
            to TMC in the amount of Two Million Five Hundred Thousand United
            States Dollars (US$2,500,000) upon approval of the PCI indication by
            any European Regulatory Agency. In the case of a centralized
            application in respect of the Product, approval shall include the
            receipt of a positive opinion from the Committee for Proprietary
            Medicinal Products ("CPMP').

      (b)   If the fee described in Section 3.2 (a) above has not yet become
            payable to TMC, then upon approval of the PTCA indication by any
            European Regulatory Agency,

                                      -7-
<PAGE>
            Nycomed shall pay an additional non refundable, non creditable fee
            (beyond the milestone described in Section 3.2(a) above) to TMC in
            the amount of One Million Five Hundred Thousand United States
            Dollars (US$1,500,000). In the case of a centralised application in
            respect of the Product, approval shall include the receipt of a
            positive opinion from the CPMP. For the sake of clarification,
            Nycomed shall be required to pay one fee, as described in Sections
            3.2(a) or (b) hereof, but shall not in any event be required to pay
            both of those fees.

      (c)   If either of the Approvals described in Sections 3.2(a) or (b) above
            is delayed beyond June 30, 2004, the amount payable to TMC upon the
            occurrence of such Approval shall be reduced by [**] percent (
            [**]%) for each six month (6) period which elapses between June 30,
            2004 and such Approval. A reduction shall also be given, on a
            pro-rated basis, for periods of less than six months which elapse
            between June 30, 2004 and such Approval. By way of example, if the
            Approval for the PCI Indication by a European Regulatory Agency is
            delayed until March 31, 2005 (nine months after June 30, 2004), then
            the fee described in Section 3.2(a) above shall be reduced by $
            [**], calculated as follows: [**]% for the first six months and
            [**]% for the remaining portion of the delay (which is one-half of a
            second six (6) month period).

4. PRODUCT OPTIMIZATION COMMITTEE

4.1 Role of Product Optimization Committee Generally.

      The Parties shall establish a Product Optimization Committee ("POC") no
later than sixty (60) days following the Effective Date. The POC shall consist
of four (4) voting members, comprising two (2) representatives of TMC and two
(2) representatives of Nycomed. The POC shall have two co-chairs, one from each
Party. TMC's appointees to the POC shall be determined by TMC. Nycomed's
appointees to the POC shall be determined by Nycomed and shall include
appropriate representation from its commercial organization. The POC shall meet
at least three (3) months prior to the beginning of each calendar year at such
time and place as mutually agreed upon by the Parties, and at such other dates
as may be agreed upon by the Parties. Should the Parties mutually agree to do
so, additional, non-voting members may be appointed to the POC and operating
subcommittees and project teams may be appointed by and report to the POC.

      The primary responsibility of the POC is to provide unified strategic and
operating direction to the operating teams within TMC and Nycomed in a way that
optimizes the value of the Product and maintains brand consistency for the
Product in the Territory that is not in conflict with TMC's global
commercialization strategy for the Product in accordance with Section 12. The
POC shall also serve as a consensus-based decision-making unit of first resort
with regard to the commercialization of the Product in the Territory. The POC
shall be responsible for, among other things:

                                      -8-
<PAGE>
      a)    Working with TMC to determine the optimal clinical strategy for the
            Product within the Territory, and where appropriate, how these
            efforts will be initiated and funded within the Territory

      b)    Determining Product plans and establishing strategies for obtaining
            Approvals as well as marketing and selling the Product for new and
            approved Indications in Territory

      c)    Managing and directing operating subcommittees and project teams
            appointed by the POC

      d)    Working with TMC and Nycomed to ensure that TMC can take full
            advantage of and leverage the expertise and contacts that Nycomed
            has in the EEA and other European countries, in order to facilitate
            and expedite obtaining Approvals of the Product in the EEA and those
            other countries

      e)    Monitoring TMC's compliance with rules, regulations and laws
            applicable to the manufacture of the Product, based on periodic
            information provided by TMC

      In the event that a consensus decision cannot be reached by the POC, TMC
shall have final authority for decisions with respect to the development of the
Product for new Indications, Product trials, manufacturing and supply of the
Product and Approvals, and Nycomed shall have final authority for decisions with
respect to marketing and selling of the Product within the Territory, provided
Nycomed's decisions (other than in respect of pricing, which shall be at
Nycomed's entire discretion) are not in conflict with TMC's global
commercialization strategy for the Product. For the sake of clarification,
forecasts shall be provided by Nycomed, and shall not require any decision by
the POC.

4.2 Advisory Boards.

      For the purpose of maximizing the medical community's knowledge and
awareness of the Product, if TMC maintains a European advisory board for the
Product, the members and meetings of such board shall be accessible to Nycomed's
personnel, and if Nycomed develops national or regional advisory boards for the
Product, the members and meetings of such boards shall be accessible to TMC's
personnel. Each Party's participation in any such boards shall be subject to the
confidentiality procedures imposed on other members of such boards.

4.3 Clinical Development.

      (a) The POC shall create a joint clinical plan for the Product in the
Territory. For all Product trials included in that plan, the Parties shall share
the cost of conducting such trials based on where each trial is conducted (e.g.,
Nycomed paying in full for trials conducted in the Territory and TMC paying in
full for trials conducted outside the Territory); provided, however,

                                      -9-
<PAGE>
that (i) Nycomed shall not be required to pay for trials which are conducted
without a consensus decision of the POC; and (ii) if any such trial for which
Nycomed does not pay results in Approval of a new Indication, then within ninety
(90) days after receiving notice of such Approval, Nycomed shall pay TMC an
amount equal to (x) the amount which Nycomed would have paid for such trial if
the POC had reached a consensus, multiplied by (y) 1.125.

      (b) Trials currently under consideration are ACS, CABG off pump and
HITS/CABG.

      (c) Notwithstanding Section 4.3(a) above, TMC shall be fully responsible
for funding the costs of conducting the current REPLACE II trial and any
follow-up commitments which TMC undertakes as a condition to obtaining Approval
from CPMP for the Initial Indication of the Product. Data generated from such
trial may be used by Nycomed without charge in connection with obtaining
Approvals for countries in the Territory which are not members of the EEA.

4.4 Non-Required Trials.

      Nycomed may from time to time propose Non-Required Trials to be conducted
in the Territory. The POC shall discuss the structure of Non-Required Trials to
be conducted in the Territory to expand approved Indications of the Product or
to provide data supporting usage of the Product in the market. Prior to
conducting any clinical evaluation of the Product, Nycomed shall furnish to all
members of the POC the protocols for such evaluation written in the English
language. TMC shall have final approval for Non-Required Trials. If approved by
the POC, Non-Required Trials will be conducted at Nycomed's expense. Results
from any such clinical evaluation shall not be publicly disclosed without TMC's
prior written approval, such approval not to be unreasonably withheld.

5. REGULATORY AUTHORIZATIONS AND REGULATORY COMPLIANCE

5.1. Approvals within the EEA

      To the extent allowable by law, TMC-UK or its designated agent, at its own
expense, will have primary responsibility for obtaining and maintaining all
Approvals of the Product within the EEA. TMC-UK shall register the Product under
TMC-UK's name or when required by law, the names of Nycomed, its agents and/or
Distributors.

      TMC-UK shall prepare applications, make submissions in the EEA, and
conduct negotiations with Governmental Authority(s) regarding Approvals.

      TMC-UK may require Nycomed to provide assistance to TMC-UK in the Approval
process for one or more countries of the Territory within the EEA.

                                      -10-
<PAGE>
      TMC-UK will determine whether a centralized filing through the EMEA or
filings through the principle of mutual recognition of national authorizations
is optimal for the Product.

5.2. Approvals outside the EEA.

      Nycomed, at its own expense, will be responsible for obtaining and
maintaining all Approvals of the Product within the Territory, but outside of
the EEA.

      The Parties will jointly determine, through the POC, the appropriate legal
and regulatory approval plan to gain Approvals of the Product in such countries.

5..3 Compliance with Governmental Regulations.

      TMC and Nycomed shall each comply with all laws, rules and regulations of
every Governmental Authority having jurisdiction over its respective activities,
as contemplated by this Agreement.

6. MINIMUM ANNUAL PURCHASES

6.1 The required minimum purchases Nycomed must make from TMC (the "Minimum
Purchases") shall be defined as follows:

<TABLE>
<CAPTION>
By Specified Anniversary of First Approval Date       Minimum Purchases
-----------------------------------------------       -----------------
<S>                                                   <C>
         First                                              US$ [**]
         Second                                             US$ [**]
         Third                                              US$ [**]
</TABLE>

In the event that Nycomed from time to time exercises its option under Section
12 or 20.2(b) below to terminate this Agreement with respect to any of Germany,
France, Italy or the United Kingdom, then the Minimum Purchases stated above
shall be decreased by the following percentages, depending on which country or
countries have been terminated: (a) Germany [**]%; (b) France [**]%; (c) Italy
[**]%; and (d) the United Kingdom [**]%.

      All purchases by Nycomed from TMC shall be counted towards these Minimum
Purchase targets, regardless of the country in the Territory for which Nycomed
makes those purchases.

      For each year subsequent to the third anniversary of the First Approval
Date, the POC shall set a new Minimum Purchase target. Such target shall be set
no later than sixty (60) days prior to the beginning of each such year. If the
POC does not set such target for any year (measured from the First Approval
Date) by such date, then (i) the Minimum Purchase target shall be US$ [**] for
the fourth (4th) year; (ii) the Minimum Purchase target shall be US$ [**]

                                      -11-
<PAGE>
for the fifth (5th) year; and (iii) thereafter, the Minimum Purchase target
shall be equal to the greater of: (A) US$ [**]; or (B) [**] percent ( [**]%) of
the actual purchases of the Product by Nycomed from TMC during the immediately
preceding year.

6.2. If Nycomed does not achieve the required Minimum Purchases for any one year
period, then:

      (a)   in the first instance, Nycomed shall, at its election, within sixty
            (60) days after the end of such year, either purchase or make a cash
            payment for a sufficient amount of Product at the then-current
            Minimum Transfer Price so as to satisfy such requirement. If Nycomed
            does not make such purchases or cash payment by the end of such
            sixty (60) day period, TMC shall have the option to terminate this
            Agreement with written notice to Nycomed, effective immediately;

      (b)   in the second instance, Nycomed shall, at its election, within sixty
            (60) days after the end of such year, either purchase or make a cash
            payment for a sufficient amount of Product at the then-current
            Minimum Transfer Price so as to satisfy such requirement. If Nycomed
            does not make such purchases or cash payment by the end of such
            sixty (60) day period, TMC shall have the option to terminate this
            Agreement with written notice to Nycomed, effective immediately; and

      (c)   in the third instance, Nycomed shall within sixty (60) days after
            the end of such year, purchase a sufficient amount of Product at the
            then-current Minimum Transfer Price so as to satisfy such
            requirement. If Nycomed does not make such purchases by the end of
            such sixty (60) day period, TMC shall have the option to terminate
            this Agreement with written notice to Nycomed, effective
            immediately. If Nycomed make such purchases by the end of such sixty
            (60) day period, TMC shall have the option to convert Nycomed's
            rights hereunder from exclusive to non-exclusive rights.

6.3 If after Nycomed's rights hereunder have been converted from exclusive to
non-exclusive rights in accordance with Section 6.2(c) above, Nycomed does not
achieve the required Minimum Purchases for any subsequent one year period, then
TMC shall have the option to terminate this Agreement with written notice to
Nycomed, effective immediately.

6.4. For the sake of clarification, Nycomed shall not be deemed to have failed
to achieve the required Minimum Purchases for any one-year period, for the
purposes of Section 6.2 above, if Firm Orders (as per Articles 7 and 8
hereunder) are sufficient for Nycomed to achieve the required Minimum Purchases
but the required Minimum Purchases are not achieved as a result of Product
supply limitations (including both non-delivery of ordered Product as well as
delivery of non-conforming Product which must be replaced). In the event that
TMC delivers less than [**]% of the volumes of the Product covered by Firm
Orders forecasted by Nycomed, then the one-year period in question shall be
measured from the date on which those Product supply limitations are resolved
and the required Minimum Purchases for such one-year period shall be

                                      -12-
<PAGE>
deemed to be reduced by a percentage of what the required Minimum Purchases
would have been for such one-year period pursuant to Section 6.1 above and each
subsequent one-year period pursuant to Section 6.1 above until Nycomed
reestablishes the weighted (that is -- Germany [**]%; France [**]%; Italy [**]%;
and the United Kingdom [**]%.) average of the market shares of the Product in
Germany, France, Italy and the United Kingdom for the full calendar quarter
immediately preceding the commencement of any such supply limitation. Such
percentage reduction shall be equal to the weighted (that is -- Germany [**]%;
France [**]%; Italy [**]%; and the United Kingdom [**]%.) average reduction in
market share of the Product in Germany, France, Italy and the United Kingdom, if
any. For purposes of determining market share, IMS data (or equivalent data
where IMS data is not available) of the full calendar quarter immediately
preceding the commencement of any such supply limitation shall be compared with
IMS data (or equivalent data where IMS data is not available) for the first full
calendar quarter immediately following the resolution of such supply limitation.
By way of example, if the market share of the Product in Germany is reduced from
[**]% to [**]% for the relevant quarters, it shall be deemed to be a [**]%
reduction in market share, for the purposes of computing the German portion of
the above weighted average. Once Nycomed re-establishes the weighted average of
the market shares of the Product in Germany, France, Italy and the United
Kingdom. as described above, the POC (or failing agreement, the Presidents of
the Parties) shall meet and agree on revised required Minimum Purchases for
subsequent years. Until the POC or the Parties reach such an agreement, the
immediately preceding one-year period's Minimum Purchases (as adjusted pursuant
to this Section 6.4) shall continue to apply.

7. FORECASTS

      Nycomed shall provide TMC with a twenty four (24) month Product forecast
no later than six (6) months prior to the anticipated First Launch Date and
shall thereafter update such forecast on a rolling quarterly basis. The rolling
forecasts are to be broken down to single months. Nycomed shall use its
reasonable commercial efforts to provide accurate forecasts to TMC.

      The first six (6) months of each forecast (months 1 through 6) are Firm
Orders and cannot be changed, by subsequent forecasts or otherwise.

      The forecast for the remaining months (months 7 through 24) is not
binding.

8. PLACING ORDERS AND SUPPLY

8.1 Increases in Firm Orders.

      TMC shall use commercially reasonable efforts to deliver Product covered
by Firm Orders. TMC shall make every reasonable effort to comply with unplanned
increases in Firm Orders, but shall not be held liable for its inability to do
so. In each Firm Order for any month,

                                      -13-
<PAGE>
Nycomed shall state, after consultation with TMC, a reasonable delivery schedule
for Product to be delivered in that month.

8.2 Quantities.

      Product shall be provided to Nycomed by TMC and shall be ordered by
Nycomed in 250 mg naked (unlabelled) vials. Naked vials shall be shipped to an
agreed location in the European Union or Norway. TMC shall be responsible for
the cost of filling the naked vials at Ben Venue Laboratories. Additionally, TMC
may designate another qualified company in Europe or elsewhere that shall be
responsible for filling the naked vials, and TMC shall provide all required
technical know-how to the designated company for such purposes. TMC shall be
responsible for the cost of filling, both at Ben Venue and at any such
additional site. As marketing authorization holder, TMC shall be responsible for
designating an authorized manufacturer and/or site of European batch release for
the Product. Subsequent to further negotiations and approval, TMC may designate
Nycomed to act in this capacity; provided, however, that TMC also reserves the
right to designate other third parties as appropriate.

      Nycomed shall be responsible for: (a) the shipping and insurance costs
incurred in connection with transporting the Product from TMC's fill point to
the agreed location in the European Union or Norway; and (b) the labeling and
packaging costs of vials of Product, which shall be prepared by Nycomed in a
manner consistent with the provisions of this Agreement, and applicable
Territory laws and regulations.

8.3 Product Packaging, Product Configuration and Destination Instructions

      The Product will be supplied as a sterile lyophilized formulation in 10 ml
glass vials containing material that, when reconstituted, will deliver 250mg of
bivalirudin per 5ml. Each 250mg vial constitutes a single unit of Product.
Nycomed will be responsible for the Product Configuration. TMC shall approve all
labeling and package insert proofs prior to their use.

      TMC shall not be obligated to fulfill any Product Configuration request
for less than [**] vials.

8.4 Cancellations, Cutbacks, No Liability.

      The terms and conditions set forth in this Agreement shall apply to all
purchases of Product by Nycomed, and to the extent such terms and conditions
conflict with those set forth in any purchase order or invoice for Product, the
terms and conditions set forth in this Agreement shall govern. Nycomed shall not
change or cancel an order without the prior written consent of TMC.

      If the Products are in limited supply or otherwise unavailable in the
quantities requested by Nycomed, TMC will make its reasonable efforts to supply
Nycomed. Specifically, TMC

                                      -14-
<PAGE>
shall allocate the available supply of Product among TMC, Nycomed and other TMC
distributors in proportion to the relative shares of TMC's supply of Product
resold by TMC itself or purchased by Nycomed and those other distributors during
the immediately preceding twelve (12) month period. TMC shall not be liable to
Nycomed for any losses or damages arising from TMC's inability to fill or accept
any Firm Order as originally scheduled.

9. DELIVERY AND ACCEPTANCE

9.1 Delivery.

      Except as set forth below, all Firm Orders shall be delivered FCA
(INCOTERMS 2000) TMC's designated filling location(s). TMC shall only be
required to deliver Product to Nycomed once in each month, with a [**]unit
minimum delivery quantity. With respect to Firm Orders, lead time for the first
delivery of the Product shall be three (3) months, and lead time for subsequent
deliveries shall be one (1) month. TMC reserves the right to defer delivery of
Product to Nycomed until Nycomed's cumulative Firm Orders for such Product
Configuration exceed [**] units. Unless Nycomed requests otherwise, all Firm
Orders shall be packed for shipment and storage in accordance with TMC's
standard commercial practices. All Product delivered by TMC at the FCA
(INCOTERMS 2000) point shall have a minimum expiry of [**] percent ( [**]%) of
its approved shelf life in the EEA, as measured from the date of delivery. The
aforementioned term shall be proportionally increased from time to time in
accordance with improved stability data. It is Nycomed 's obligation to notify
TMC of any special packaging requirements (which shall be at Nycomed 's
expense). TMC shall provide Certificates of Analysis for each lot of Product
delivered to Nycomed to demonstrate that such lot was tested and released prior
to delivery. Full batch documentation, including batch production records and
manufacturing and analytical records, shall be available for review by Nycomed.
TMC shall deliver Product into the possession of a common carrier designated by
Nycomed, on the relevant Firm Order for such Product. If Nycomed does not
designate a common carrier before the delivery date indicated on a Firm Order,
then TMC may designate a common carrier on behalf of Nycomed. Title, risk of
loss and damage to a Product shall pass to Nycomed upon such Product's removal
from TMC's designated filling location.

      The Parties shall enter into a separate technical agreement within thirty
(30) days after the Effective Date.

      TMC shall be entitled to withhold delivery of any unpaid Firm Order if
either (i) payment is overdue for any Firm Order, or (ii) TMC has objective
reasons for fearing that Nycomed might not be able to pay for the Products
delivered or to be delivered.

9.2 Acceptance.

      Nycomed shall have thirty (30) days from receipt at the designated
location in the European Union to examine such Product. Nycomed shall promptly
notify TMC of short

                                      -15-
<PAGE>
shipments or any visually defective Product and shall return to or otherwise
dispose of any defective shipments in accordance with TMC's instructions, at
TMC's cost and expense. TMC shall provide for replacement delivery within one
(1) month from existing production stock, if available, and if not available,
within three (3) months therefrom. Such replacement shall be Nycomed 's sole and
exclusive remedy with respect to short shipments and visually defective Product
delivered by TMC hereunder. Such limitations will not apply in case of latent
defects.

10. FEES AND PAYMENT AMOUNTS

10.1 Transfer Price.

      a)    For each quantity of Product sold by Nycomed, Nycomed shall pay TMC
            the transfer price for such quantity as calculated according to
            Exhibit B attached hereto.

      b)    The Average Net Unit Selling Price and Net Sales for each calendar
            quarter shall be calculated by Nycomed at the end of such quarter
            and shall be reported by Nycomed to TMC within five (5) working days
            after the end of each such calendar quarter. If any Net Sales are
            stated in a currency other than United States Dollars during such
            quarter, then, for the purpose of calculating the Average Net Unit
            Selling Price for such quarter such Net Sales shall be converted
            into United States Dollars at the exchange rate between those two
            currencies most recently quoted in the European Central Bank in
            Frankfurt as of the last business day (that is - a day on which
            banks are open in Frankfurt) of such calendar quarter. If no such
            exchange rate has been quoted in the European Central Bank in
            Frankfurt at any time during the twelve (12) month period preceding
            the last business day of such quarter, such Net Sales shall be
            deemed to be equal to the Net Sales for the Product most recently
            charged by Nycomed in United States Dollars.

      c)    Notwithstanding anything in this Agreement to the contrary, TMC's
            Transfer Price from the First Launch Date until the end of the
            then-current calendar quarter shall be at US$ [**] per unit.

      d)    Within forty-five (45) days after the end of each calendar year, TMC
            and Nycomed shall compute any Production Volume Discounts earned by
            Nycomed during such calendar year, in accordance with Exhibit B
            attached hereto. TMC will within forty-five (45) days after the end
            of such calendar year make a payment to Nycomed to reflect the
            amount of the Production Volume Discount earned by Nycomed during
            such calendar year.

                                      -16-
<PAGE>
10.2 Payment Form.

      All payments between the Parties shall be in US Dollars. Taxes now or
hereafter imposed with respect to the transactions contemplated hereunder (with
the exception of income taxes or other taxes imposed upon TMC and measured by
the gross or net income of TMC) shall be the responsibility of Nycomed, and if
paid or required to be paid by TMC, the amount thereof shall be added to and
become a part of the amounts payable by Nycomed hereunder. Notwithstanding the
foregoing, if Nycomed is required to withhold taxes from any amount payable by
Nycomed to TMC, then Nycomed shall pay to TMC an additional amount as may be
necessary so that TMC will receive, after deduction of such withholding tax, the
amount which TMC would have received in the absence of such withholding tax. TMC
will credit to Nycomed any withholding tax TMC recovers through a foreign tax
credit that TMC actually uses to reduce its US tax liabilities, up to the
additional amount as described above, that Nycomed has paid to TMC with respect
to that recovered tax. TMC shall provide Nycomed with a certificate of residence
and other documents which Nycomed may reasonably request in order to demonstrate
that TMC is a tax resident of the United States.

10.3 Payment Dates; Interest on Overdue Amounts.

      Nycomed shall pay TMC's invoices for the Product as follows: (a) within
sixty (60) days after receiving such invoice, the Minimum Transfer Price; and
(b) within twenty (20) working days after the end of each calendar quarter, the
amount, if any, by which the Transfer Price described in Exhibit B attached
hereto exceeds such Minimum Transfer Price; provided, however, that with respect
to the twelve (12) month period immediately following the First Launch Date, (i)
US$ [**] per unit shall be due within forty-five (45) days after Nycomed
receives TMC's invoice; and (ii) the balance of the Transfer Price per unit
(including without limitation the amount, if any, by which the Transfer Price
described in Exhibit B attached hereto exceeds such Minimum Transfer Price)
shall be due within ninety (90) days after Nycomed receives TMC's invoice.
Additionally, all payments due under this Article 10 but not paid when due shall
bear interest which is the lesser of: (i) the rate of Citibank N.A.'s prime rate
plus 2% per annum or (ii) the maximum lawful interest rate permitted under
applicable law. Such interest shall accrue on the balance of unpaid amounts from
time to time outstanding from the date on which portions of such amounts become
due and owing until payment thereof in full.

10.4. Responsibilities for Expenses.

      (a) TMC shall be responsible for: (i) the cost of bulk material; (ii) all
license fees and royalties payable to third parties in connection with the
manufacture, use or sale of the Product, in accordance with agreements between
TMC and third parties; (iii) fill costs (excluding labeling and packaging
costs); (iv) regulatory filing and maintenance costs within the EEA, including
release testing required pursuant to the Approvals for the EEA (excluding
country-specific local testing); and (v) its own incidental costs in assisting
Nycomed in obtaining Approval outside the EEA.

                                      -17-
<PAGE>
      (b) Nycomed shall be responsible for: (i) any third party payment
obligations (including without limitation fees associated with obtaining
Approval in countries in the Territory which are not members of the EEA, customs
clearance and, if necessary, local release testing for Product) incurred by
Nycomed in connection with distributing and marketing the Product in any country
in the Territory; (ii) sales, marketing, labeling and packaging costs; (iii) its
own incidental costs in assisting TMC in obtaining Approvals for countries which
are members of the EEA; and (iv) regulatory filing and maintenance costs for
countries in the Territory which are not members of the EEA.

11. MARKETING/PROMOTION RIGHTS AND RESPONSIBILITIES/REPORTING

11.1 Pre-Launch.

      Nycomed shall assume all pre-launch marketing responsibility and
expenditures with regard to the Product in the Territory. On or before an
Approval is obtained from the EMEA for the Product with respect to any
Indication, Nycomed shall have in place either an Affiliate or Distributor in
Norway and in each member country of the European Union which is included in the
Territory.

11.2 Cooperation

      Each Party shall cause its product manager for the Product to cooperate
and share information (including without limitation Product-related market
research) with the other Party during the development of Product-level planning,
positioning and marketing strategies.

11.3. Promotional Materials

      (a)   Nycomed shall be responsible for creating all promotional materials
            for the Product, including, but not limited to sales materials. All
            such materials shall be in keeping with local laws and regulations
            and the Approval requirements regarding Product documentation and
            subject to TMC's prior written approval and shall be submitted to
            TMC in English and in the intended language for its review at least
            twenty (30) days prior to the proposed first use of such materials.
            Materials shall be deemed approved if no objection is received
            within ten (10) days after its submission by Nycomed to TMC.

      (b)   TMC shall make its U.S. marketing materials available to Nycomed.
            Nycomed shall not use any adaptation of such marketing materials
            without TMC's prior written approval of such adaptations.

                                      -18-
<PAGE>
11.4. Press Releases.

      Any press release regarding the Product which Nycomed desires to release
shall be submitted to TMC for review prior to the proposed release date. The
release of such information is subject to the prior written consent of TMC,
which consent shall not be unreasonably withheld. Press releases will be deemed
approved if no objection is received within five (5) days after its submission
by Nycomed to TMC.

11.5 INTENTIONALLY OMITTED.

11.6 INTENTIONALLY OMITTED

11.7. Business Reporting by Nycomed.

      Nycomed agrees to submit a written report to TMC for each calendar
quarter, within thirty (30) days after the end of such quarter (except that
information on Net Sales and Average Net Unit Selling Price shall be provided on
or before the fifth working day after the end of such quarter). Such quarterly
reports shall begin no later than ninety (90) days from the First Launch Date.

      Such reports shall include information, on a country-by-country basis,
with respect to the units of the Product sold and Gross Sales, Net Sales and
Average Net Unit Selling Price (and the calculation thereof) for such units, and
in addition:

      (a)   Market shares of the Product for the Territory, when and where
            available;

      (b)   Nycomed developed and/or commissioned market research on the
            Product, if any, information on any markets Nycomed currently
            operates in or is considering operating in and plans concerning all
            publication and medical education activities; and

      (c)   A breakdown of marketing and sales resources and costs expended by
            Nycomed for Germany, France, Italy, the United Kingdom and other
            countries designated by the POC vs. Nycomed's marketing plan as
            outlined in Article 12.

11.8. TMC Reporting Obligations.

      TMC agrees to update Nycomed within thirty (30) days after the end of each
calendar quarter with regard to:

      (a)   Changes to planned publication activities;

      (b)   Manufacturing ordering status for the Product, and any anticipated
            supply problems or delays;

                                      -19-
<PAGE>
      (c)   Clinical trials' status;

      (d)   Study reports;

      (e)   Regulatory status in the EEA;

      (f)   Product stability; and

      (g)   Preclinical reports.

12. NYCOMED'S COMMERCIAL CAMPAIGN

      Subject to TMC's timely delivery of Product, Nycomed shall use its
commercially reasonable efforts consistent with standard practices of an
international pharmaceutical company to advertise, actively promote the sale of
and sell the Product in each country in the Territory. Should Nycomed not Launch
the Product in any member of the EEA within [**] years after the First Launch
Date for any reason (including without limitation lack of required Approvals in
such country) or should Nycomed not file for Approval in any country in the
Territory which is outside the EEA within [**] after the First Launch Date or,
after obtaining such an Approval in a country, not Launch the Product in such
country within [**] after receiving such Approval, then TMC shall have the
option to terminate this Agreement, effective immediately, with all rights
granted to Nycomed hereunder for such country reverting to TMC; provided,
however, if a centralized application in respect of the Product is not filed
with the EMEA, then the Parties shall in good faith agree upon an appropriate
extension to the [**] year period discussed above. Notwithstanding anything
else in this Article 12 to the contrary, Nycomed shall not be obligated to
continue to market or distribute the Product in any country of the Territory
(and Nycomed shall have the option to terminate this Agreement with respect to
such country, effective immediately, with all rights granted to Nycomed
hereunder for such country reverting to TMC) in which Nycomed's actual realized
gross profit from such marketing and distribution efforts is equal to or less
than: (a) [**] percent ( [**]%), based on Net Sales in such country; or (b) US$
[**] vial. Nycomed, through the POC, shall furnish TMC with a detailed
marketing plan with respect to the Product, six (6) months before the First
Launch Date and three (3) months prior to the beginning of each calendar year
thereafter.

      TMC shall have the right to audit the books and records of Nycomed, its
Distributors and its Affiliates that market the product, in order to confirm
that Nycomed has made these required efforts.

13. COLLECTION OF INFORMATION ON ADVERSE AND SERIOUS ADVERSE EVENTS/REPORTING ON
MEDICAL SAFETY/ RECALLS.

13.1 Nycomed's Obligations regarding Regulatory Reporting ("Pharmacovigilance").

                                      -20-
<PAGE>
      To the extent permitted by Law, Nycomed shall have sole responsibility for
Pharmacovigilance and for submitting Adverse Event/medical safety reports in the
Territory, as may be required by the Government Authorities or regulations.

      Nycomed shall not submit Adverse Event or safety reports to Government
Authorities without first consulting TMC's designated drug surveillance and
information contact.

      The Parties shall enter into a separate Pharmacovigilance agreement within
thirty (30) days after the Effective Date.

13.2. Cooperation/Procedures.

      TMC shall also be responsible for maintaining a central Adverse
Event/medical safety database for the Product. The Parties shall cooperate
towards establishing and maintaining such database. Reports based on this
database will be made available to Nycomed during the term of the Agreement, as
necessary, to meet the requirements of Government Authorities in the Territory.
Without limiting the generality of the foregoing, Nycomed and TMC shall work
together to develop standard operating procedures for exchange of information
concerning Adverse Events and Product safety information derived from Product
use in the Territory and each Party shall at all times comply with the
procedures developed.

13.3. Recalls.

      In the event that either Party determines that an event, incident or
circumstance has occurred which may result in the need for a recall or other
removal of the Product, or any lot or lots thereof, from the market, such Party
shall advise the other and the Parties shall consult with respect thereto in
accordance with the technical agreement between the Parties. TMC shall have
authority to decide whether a recall or other removal of such Product shall be
made. The cost of recall and removing and destroying the Products recalled shall
be borne by TMC. TMC shall, at Nycomed's discretion, reimburse or credit the
Products recalled to Nycomed at the Transfer Price paid by Nycomed for such
Products.

14. TRADEMARKS

14.1 Right to Use

      Nycomed shall use the Trademarks on an exclusive basis with respect to
Exhibit C part a) and on a non-exclusive basis with respect to Exhibit C part b)
during the term of this Agreement in the Territory solely for display,
advertising, labeling and packaging purposes in connection with marketing,
selling and distributing the Product in accordance with this Agreement. Nycomed
shall not at any time do or permit any act to be done which may in any way
impair the rights of TMC in the Trademarks. TMC shall at all times retain sole
and exclusive ownership of the Trademarks. TMC agrees that, if required by the
laws of any country

                                      -21-
<PAGE>
of the Territory, recordal of Nycomed's license with respect to the Trademarks
or other recording of Nycomed's rights as a user of the Trademarks shall be
permitted. Nycomed shall promptly inform TMC of any infringement or challenge of
the Trademarks in the Territory. TMC shall have the sole and exclusive right to
bring all actions or proceedings relating to the Trademarks, and Nycomed shall
not take any legal action against a third party based on infringement of the
Trademarks, unless so authorized by TMC. Furthermore, Nycomed shall provide all
reasonable assistance to TMC towards defending the Trademarks from infringement
or challenge by or against third parties. TMC shall be responsible for all
application and registration procedures for the Trademarks in the Territory.
Should such procedures be unsuccessful, TMC's obligation towards Nycomed shall
only be limited to registering a new Trademark for the Product.

14.2 Quality Control.

      In order to comply with TMC's quality control standards, Nycomed shall:
(i) use the Trademarks in compliance with all relevant laws and regulations;
(ii) obtain TMC's prior written approval of each such use (and TMC hereby
approves Nycomed's use of the Trademarks in correspondence with health care
providers in its ordinary course of business pursuant to this Agreement); (iii)
provide, at TMC's request, reasonable quantities of samples of advertisements
and other promotional materials on which the Trademarks are affixed, in order to
allow TMC to confirm that Nycomed's use of such Trademarks is in compliance with
TMC's applicable standards and guidelines which are then in effect, and (iv) not
modify any of the Trademarks in any way and not use any of the Trademarks on or
in connection with any goods or services other than the Product.

14.3 Promotion on Internet.

      Nycomed shall not engage in active sales of the Product outside the
Territory via the Internet and TMC shall not engage in active sales of the
Product in the Territory. All Internet sales activities shall be in accordance
with local laws and guidelines.

      The Parties agree that at least the following behavior shall constitute
breach of this Section 14.3:

      (a)   the use on the Internet of a language other than any official
            language of the Territory;
      (b)   the use on the Internet of banners or links specifically available
            to customers other than customers in the Territory;
      (c)   the use on the Internet of any other symbol or denomination of any
            currency than those for the currencies of the Territory;
      (d)   the use on the Internet of any other trademarks for the Product
            other than the Trademarks;

                                      -22-
<PAGE>
      (e)   the use on the Internet of any other package of the Product than the
            packages of the Product for the Territory.

14.4 Domain Names, Marks, Corporate Names and Meta-Tags.

      In no event shall Nycomed: (i) establish, operate, sponsor, or contribute
content to any site on the Internet which incorporates the word "Angiomax" or
"The Medicines Company", any of TMC's trademarks, service marks or trade names
identified in Exhibit E hereto (the "Marks") or any variation of such Marks as
its URL address or any part of such address; (ii) register any domain name which
incorporates any of the words "Angiomax" or "The Medicines Company" or the Marks
(and Nycomed hereby agrees to transfer such domain name to TMC if it breaches
this provision); (iii) register any of TMC's Marks or any Marks that are
confusingly similar to any of the words "Angiomax" or "The Medicines Company" or
TMC's Marks; (iv) form (or change the name of) any corporation or other entity
under or to a name which incorporates any of the words "Angiomax" or "The
Medicines Company" or any of TMC's Marks; or (v) at any time during or after the
term of this Agreement, in order to attract visitors to any site on the
Internet, (A) use "Angiomax" or "The Medicines Company", any of TMC's Marks or
any variation thereof as a meta-tag or invisible text or on any unused frame or
bridge page, (B) purchase "Angiomax" or "The Medicines Company", any of TMC's
Marks or any variation thereof as a search term from any search engine; or (C)
engage in any other practice designed to direct web browsers using search
engines to different web pages or versions of web pages than the pages
corresponding to search terms entered by the user (including without limitation
"bridge pages", "cloaking" or "pagejacking").

14.5 Equitable Relief.

      Nycomed acknowledges and agrees that due to the unique nature of domain
names, there can be no adequate remedy at law for any breach of its obligations
under this Article 14, and that any breach may allow Nycomed or third parties to
unfairly compete with TMC, and therefore, that upon any breach by Nycomed or
threat thereof, TMC shall be entitled to appropriate equitable relief in
addition to whatever remedies it might have at law. Nycomed shall notify TMC in
writing immediately upon the occurrence of any such breach or any threat thereof
of which it is aware.

15. PATENTS

      TMC will defend and maintain at its cost the Patents in the Territory on
the Product. At TMC's cost, TMC shall file patent extension applications and
prosecute and maintain all such extensions for those countries in the Territory
and in Spain, Portugal and Greece identified by Nycomed at least forty-five (45)
days prior to the date that such extensions must be filed. If TMC does not take
appropriate actions against any infringement or threatened infringement by a
third party of the Patents, within ninety (90) days of Nycomed's request to do
so, Nycomed will have the right to institute such proceedings at its own cost
and expense. All damages, including

                                      -23-
<PAGE>
interest, profits and other recoveries awarded to the prosecuting party shall be
retained by such party.

16. NO RIGHTS BY IMPLICATION

      No rights or licenses with respect to the Product or the Trademarks are
granted or deemed granted hereunder or in connection herewith, other than those
rights expressly granted in this Agreement.

17. CONFIDENTIAL INFORMATION

17.1 Obligations to Keep Confidential and Not Use.

      In connection with the ongoing business relationship between TMC and
Nycomed, each Party (the "receiving Party") may gain access to proprietary
information of the other Party (the "disclosing Party"), which may be considered
confidential by the disclosing Party ("Confidential Information"). The receiving
Party shall: (a) disclose Confidential Information of the disclosing Party only
to the agents and employees of the Receiving Party, its Affiliates and its
Distributors who have a reasonable need to know such information in order to
perform their duties hereunder, and (b) shall not use such Confidential
Information except in connection with performing its duties and exercising its
rights hereunder. Such obligations of confidentiality and non-use shall
terminate five (5) years after the term of this Agreement.

17.2 Exceptions.

      Such obligations of confidentiality and non-use pursuant to Section 17.1
above shall not pertain to Confidential Information of the disclosing Party
that:

      (a)   Was known to the receiving Party, as shown by written evidence, at
            the time of receipt from the disclosing Party,

      (b)   Was available to the public at the time of receipt from the
            disclosing Party,

      (c)   Subsequently becomes available to the public without the receiving
            Party breaching this Agreement,

      (d)   Is disclosed to the receiving Party by a third party who/which is
            under no confidentiality obligation to the disclosing Party,

      (e)   Is independently developed by the receiving Party, or

      (f)   Is disclosed pursuant to and only to the extent of court order or as
            otherwise compelled by law after giving the disclosing Party notice
            and reasonable

                                      -24-
<PAGE>
            assistance in opposing or limiting such disclosure; provided,
            however, that information disclosed pursuant to this Section 17.2(e)
            shall remain Confidential Information for the purposes of this
            Agreement.

17.3 The Terms of the Agreement.

      Either Party may provide to potential investors, lenders or acquirors who
have a need to know the Confidential Information in order to assess the status
of their investment in such Party or to determine whether to invest in such
Party, provided that (i) the information is of a type customarily disclosed to
investors, lenders or acquirors and (ii) the investors, lenders or acquirors to
whom the information is disclosed are bound by obligations of confidentiality
and non-use with respect to such information at least as stringent as those set
forth within Section 17.1 above.

18. WARRANTY AND INDEMNIFICATION

18.1 Product Warranty.

      TMC hereby warrants that the Product is and shall be manufactured and
delivered to Nycomed in conformity with (i) the specifications for the Product,
(ii) the U.S. Federal Food, Drug and Cosmetic Act, as amended, (iii) the
European Union Council Regulation No. 2309/93 of July 22, 1993 and any amendment
thereof, (iv) the European Market Authorization granted to the Product and any
extension thereof, and (v) any other regulations applicable to the Product in
the EEA. In addition, upon Nycomed notifying TMC of additional requirements
imposed by countries within the Territory but not members of the EEA which must
be complied with for the Product to be manufactured and delivered to Nycomed in
conformity with the regulations of such countries, (a) TMC shall use
commercially reasonable efforts to comply with those requirements, and (b)
Nycomed shall reimburse TMC for any additional costs which it may incur in
connection with such efforts.

18.2 Disclaimer.

      EXCEPT AS STATED IN SECTION 18.1 ABOVE, TMC DISCLAIMS ALL REPRESENTATIONS
AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, WITH RESPECT TO THE
PRODUCT, INCLUDING, WITHOUT LIMITATION, ALL IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE AND NON-INFRINGEMENT.

18.3 Indemnifications.

      (a)   Nycomed hereby agrees to indemnify, defend and hold harmless TMC,
            all Affiliates of TMC and all officers, directors, employees and
            agents thereof from all liabilities, claims, damages, losses, costs,
            expenses, demands, suits and actions

                                      -25-
<PAGE>
            (including without limitation attorneys' fees, expenses and
            settlement costs) (collectively, "Damages") arising out of: (i)
            Nycomed's breach of any of its obligations under this Agreement; or
            (ii) Nycomed's making representations or warranties which are not
            authorized by TMC hereunder.

      (b)   TMC hereby agrees to indemnify, defend and hold harmless Nycomed,
            Affiliates of Nycomed and all officers, directors, employees and
            agents thereof from all Damages arising out of: (i) TMC's breach of
            any of its obligations under this Agreement; (ii) the Product
            infringing on the intellectual property rights of third parties or
            misappropriating any trade secrets of third parties; or (iii)
            personal injuries or damages suffered by third parties due to the
            Product not conforming to the warranty set forth in Section 18.1
            above.

      (c)   In the event a claim is based partially on an indemnified claim
            described in Sections 18.3(a) and/or 18.3(b) above and partially on
            a non-indemnified claim, or is based partially on a claim described
            in Section 18.3(a) above and partially on a claim described in
            Section 18.3(b) above, any payments and reasonable attorney fees
            incurred in connection with such claims are to be apportioned
            between the Parties in accordance with the degree of cause
            attributable to each Party.

      (d)   The indemnified Party under this Section 18.3 hereby agrees that (i)
            it will give written notice to the indemnifying Party of each claim
            for which it seeks indemnification hereunder and that the
            indemnifying Party shall have sole control and authority with
            respect to the defense and settlement of any such claim; and (ii)
            the indemnified Party shall cooperate fully with the indemnifying
            Party, at the indemnifying Party's sole cost and expense, in the
            defense of any such claim. The indemnifying Party shall not accept
            any settlement which imposes liability not covered by this
            indemnification or restrictions on the indemnified Party without the
            indemnified Party's prior written consent, which consent shall not
            be unreasonably withheld or delayed..

      (e)   In the event that the Product is held in a suit or proceeding to
            infringe any intellectual property rights or misappropriate any
            trade secrets of a third party and the use of such Product is
            enjoined, or TMC reasonably believes that it is likely to be found
            to infringe or constitute a misappropriation or likely to be
            enjoined, then TMC shall, at its sole cost and expense, either (i)
            procure for Nycomed the right to continue distributing the Product;
            or (ii) modify the Product so that it becomes non-infringing. If TMC
            determines, in its reasonable discretion, that neither (i) nor (ii)
            are commercially practicable, then TMC may terminate this Agreement
            upon giving Nycomed ninety (90) days prior written notice; provided,
            however, that before resuming the marketing and distribution of the
            Product in the Territory, (A) Nycomed shall have a ninety (90) days
            right of first refusal

                                      -26-
<PAGE>
            with respect to such rights, without the payment of any up-front or
            additional milestone payments; and (B) if Nycomed does not exercise
            such right of first refusal, then TMC shall not offer terms more
            favorable to a third party without first offering those more
            favorable terms to Nycomed in accordance with (A) above.

      (f)   TMC shall have no obligation for any claim of infringement or
            misappropriation arising from: (i) any combination by Nycomed of the
            Product with products not supplied or approved in writing by TMC,
            where such infringement would not have occurred but for such
            combination; (ii) the adaptation or modification of the Product not
            performed by TMC, where such infringement would not have occurred
            but for such adaptation or modification; (iii) the use of the
            Product for an Indication for which it was not approved, where such
            infringement would not have occurred but for such use; or (iv) a
            claim based on intellectual property rights owned by Nycomed or any
            of its Affiliates.

      (g)   This Section 18.3 states Nycomed's sole remedy and TMC's exclusive
            liability in the event that a Product infringes on the intellectual
            property rights of, or misappropriates the trade secrets of, any
            third party.

18.4 Insurance.

      Each Party shall: (a) maintain public liability insurance including but
not limited to premises/operations, contractual (for contracts made in the
ordinary course of business), personal injury, and independent contractor
liability coverages with a combined single limit of liability of at least US $
[**] per occurrence and an aggregate amount of US $ [**] and written on the
so-called "occurrence" form (except that Nycomed's insurance may be written on
the so-called "claims made" form) and products/completed operations liability
with a combined single limit of liability of at least US $ [**] per occurrence
and an aggregate amount of US $ [**] and written on the so-called " claims made"
form, such insurance to be provided by insurer(s) licensed and in good standing
in the Territory for Nycomed and in the United States for TMC; (b) provide the
other Party with a properly executed certificate of insurance evidencing this
coverage; and (c) notify the other Party in writing at least ten (10) days in
advance of any cancellation, non-renewal, modification of coverage or exhaustion
of limits of liability for the above required coverages.

19. LIMITATIONS ON LIABILITY

19.1 Limitation on Direct Damages.

      EXCEPT AS STATED IN SECTION 18.3 (b) (ii) and (iii),TMC'S LIABILITY FOR
DAMAGES TO NYCOMED FOR ANY CAUSE WHATSOEVER, REGARDLESS OF THE

                                      -27-
<PAGE>
      FORM OF ANY CLAIM OR ACTION, SHALL NOT EXCEED (a) PRIOR TO THE FIRST
      ANNIVERSARY OF THE FIRST LAUNCH DATE, US$1,000,000; AND (b) THEREAFTER,
      THE AGGREGATE PRICE PAID FOR PRODUCT UNDER THIS AGREEMENT DURING THE
      PRECEDING TWELVE (12) MONTHS.

19.2 No Indirect Damages.

      EXCEPT AS STATED IN SECTION 18.3 (b) (ii) and (iii),TMC SHALL IN NO EVENT
BE LIABLE FOR ANY LOSS OF PROFITS OR USE OF THE PRODUCT, OR FOR ANY SPECIAL,
INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, MULTIPLE OR OTHER INDIRECT DAMAGES ARISING
OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE PRODUCT OR
PERFORMANCE OR TERMINATION OF THIS AGREEMENT OR TMC'S FAILURE OR DELAY IN
SUPPLYING THE PRODUCT, EVEN IF TMC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES OR LOSSES.

19.3 FOR PERSONAL INJURIES RESULTING FROM THE PRODUCT NOT CONFORMING TO THE
SPECIFICATIONS FOR THE PRODUCT, SECTIONS 19.1 AND 19.2 SHALL NOT APPLY AND TMC'S
LIABILITY SHALL BE IN ACCORDANCE WITH APPLICABLE LAWS AND REGULATIONS.

20. TERM AND TERMINATION

20.1 Term.

      Without prejudice to TMC's termination rights under Article 6 above or
Sections 20.3 or 20.4 below or Nycomed's termination rights under Section 20.2,
20.3 or 20.4 below, this Agreement shall begin on the Effective Date and shall
continue on a country by country basis until the later of:

      a)    the expiration of the last to expire Patent (and any extensions
            thereof) covering the Product or processes relating to the Product,
            or

      b)    10 years after Launch of the Product in such country.

The term of this Agreement may be extended upon further mutual written agreement
of the Parties.

20.2 Nycomed's Additional Termination Rights.

      (a) Should Nycomed decide to terminate this Agreement, other than pursuant
to Section 20.3 or 20.4 below, Nycomed must provide TMC at least twelve (12)
months prior written notice, except as provided in Section 20.2(b) below.

                                      -28-
<PAGE>
      (b) Nycomed shall have the right to terminate this Agreement, for a
specific country in the Territory, without indemnifying TMC, with six (6) months
written notice if Approval for the Product in such country is not obtained in
such country within thirty-six (36) months following the filing of a complete
Approval application for the Product for such country.

      (c) Upon Nycomed's giving of notice pursuant to either Section 20.2(a) or
(b) above, all of Nycomed's rights under this Agreement shall immediately become
non-exclusive for the Territory for a termination under Section 20.2(a), or
non-exclusive for the terminated country for a termination under Section
20.2(b), as the case may be. Nycomed agrees to, during such notice period,
cooperate with TMC to transition all Product-related responsibilities in an
orderly fashion, to TMC or a third party designated by TMC. At the end of such
notice period, Nycomed shall be discharged from all further payment obligations
under this Agreement beyond those amounts owed to TMC in accordance with Section
20.5 below.

20.3 Termination for Breach.

      In the event of a breach of this Agreement by either Party and such
Party's failure to remedy such breach within thirty (30) days after receiving
notice thereof from the non-breaching Party which specifies the circumstances
that constitute the breach, then the non-breaching Party may terminate this
Agreement with immediate effect upon written notice to the breaching Party;
provided, however, that such thirty (30) day period shall be reduced to twenty
(20) days with respect to any failure by Nycomed to pay amounts due under this
Agreement on the date when such amounts become due.

20.4 Termination upon Bankruptcy.

      This Agreement may be terminated by either Party with immediate effect
upon the filing of a petition in bankruptcy, insolvency or reorganization
against or by the other Party, or such other Party becoming subject to a
composition for creditors, whether by law or agreement, or such other Party
going into receivership or otherwise becoming insolvent.

20.5 Payment Obligations Continue.

      Termination or expiration of this Agreement shall not result in the
reimbursement of non refundable, non creditable payments or affect the
obligation of either Party to pay the other all amounts owing or to become owing
as a result of the Product delivered by TMC on or before the date of such
termination or expiration or to pay reimbursements for expenses as required by
this Agreement, as well as interest thereon at the rate specified in Section
10.3 above to the extent any such amounts are paid after the date they became or
will become due pursuant to this Agreement. TMC will have the option but not the
obligation to repurchase, within thirty (30) days after such termination or
expiration, saleable inventory at the Transfer Price paid by Nycomed for such
inventory.

                                      -29-
<PAGE>
20.6 No Post-Termination Compensation for Loss of Good Will.

      In the event of a termination pursuant to any of these provisions or upon
expiration of this Agreement, TMC shall not have any obligation to Nycomed, or
to any employee, agent, representative or sub-distributor of Nycomed, for
compensation or for damages of any kind, whether on account of the loss by
Nycomed or such employee, agent, representative or sub-distributor of present or
prospective sales, investments, compensation or goodwill as a result of
termination or expiration in accordance with the terms of this Agreement.
Nycomed, for itself and on behalf of each of its employees, agents,
representatives or Distributors, hereby waives any rights that may be granted to
it or them under the laws and regulations of the Territory or otherwise which
are not granted to it or them by this Agreement. Nycomed hereby indemnifies and
holds TMC harmless from and against any and all claims, costs, damages and
liabilities whatsoever asserted by any employee, agent, representative or
Distributor of Nycomed under any applicable termination, labor, social security
or other laws or regulations other than those for which TMC is obligated to
indemnify Nycomed under Section 18.3(b) above.

20.7 Survival of Terms.

      Notwithstanding anything else in this Agreement to the contrary, the
Parties agree that Sections 5.3, 11.4, 14.3, 14.4, 14.5, 20.5, 20.6 and 20.7 and
Articles 13, 17, 18, 19, 21, 22, 23, 24, 25, 26, 27, 28 and 31 shall survive the
termination and expiration of this Agreement. In addition, ownership of any
filings and Approvals for the Product obtained by Nycomed in Nycomed or TMC's
name for a particular country or countries of the Territory shall be transferred
at no charge or expense to TMC upon this Agreement expiring or being terminated
with respect to such country or countries.

21. COMPLIANCE WITH LAWS

      Each of Nycomed and TMC covenants that all of its activities under or
pursuant to this Agreement shall comply with all applicable laws, rules and
regulations.

22. DISPUTE RESOLUTION

      Prior to submission to arbitration, the Parties shall negotiate in good
faith within the POC any disagreements or controversies arising out of or
relating to this Agreement. Should the POC be unable to resolve an issue, the
President of TMC and the President of Nycomed Holding A/S shall meet, either by
telephone or in person, to discuss and attempt resolution of the issue.

      If the representative of the Parties cannot, within ten (10) days of their
initial discussion, reach a resolution through informal channels of the issue in
dispute, then such dispute, controversy or claim arising out of or relating to
this Agreement, or the breach, termination or invalidity thereof, shall be
finally settled by binding arbitration conducted in the English

                                      -30-
<PAGE>
language in Cambridge, Massachusetts, U.S.A. under the commercial arbitration
rules of the United Nations Commission on International Trade Law. Each Party
shall appoint an arbitrator and the two arbitrators so appointed shall jointly
appoint a third arbitrator; provided, however, that if they cannot agree (or if
one Party refuses to appoint an arbitrator) within thirty (30) days after the
initiation of the arbitration, then this third arbitrator shall be appointed by
the Presiding Judge of the London Court of International Arbitration. Disputes
about arbitration procedure shall be resolved by the arbitrators or failing
agreement, by the Presiding Judge of the London Court of International
Arbitration in London, England. The arbitrators may proceed to an award
notwithstanding the failure of a Party to participate in the proceedings.
Discovery shall be limited to mutual exchange of documents relevant to the
dispute, controversy or claim; depositions shall not be permitted unless agreed
to by both Parties. The arbitrators shall be authorized to grant interim relief,
including to prevent the destruction of goods or documents involved in the
dispute, protect trade secrets and provide for security for a prospective
monetary award. In no event shall punitive or multiple damages be assessed
against either Party. The prevailing Party shall be entitled to an award of
reasonable attorney fees incurred in connection with the arbitration in such
amount as may be determined by the arbitrators. The award of the arbitrators
shall be the sole and exclusive remedy of the Parties and shall be enforceable
in any court of competent jurisdiction, subject only to revocation on grounds of
fraud or clear bias on the part of the arbitrators. Notwithstanding anything
contained in this Section 22 to the contrary, TMC shall have the right to
institute judicial proceedings against Nycomed or against or anyone acting by,
through or under Nycomed, in order to enforce TMC's rights hereunder through
specific performance, injunction or similar equitable relief.

23. AUDIT AND INSPECTION

      During the term of this Agreement, upon reasonable prior notice and during
normal business hours and no more frequently than once a year, TMC shall be
entitled to audit and inspect at its cost those relevant records and facilities
which are maintained by Nycomed in direct connection with its performance under
this Agreement.

      For a period of three (3) years next following each calendar year, Nycomed
shall keep, and shall cause each of its Affiliates involved with distribution of
the Product and each Distributor to keep, full, true, and accurate books and
records containing all particulars relevant to sales of the Product during such
year in sufficient detail to enable TMC to verify the amounts payable by Nycomed
to TMC hereunder. TMC and its licensors shall have the right, not more than once
during any calendar year, to have the books and records of Nycomed related to
the sales of Product audited by a qualified nationally-recognized, independent
accounting firm of TMC's choosing, during normal business hours upon reasonable
notice, for the sole purpose of verifying the accuracy of the amounts paid by
Nycomed to TMC hereunder. In the event that an audit shows that Nycomed has
underpaid TMC by five percent (5%) or more, then Nycomed shall pay for all costs
of such audit, otherwise the costs of such audit shall be borne by TMC. In all
cases, Nycomed shall pay to TMC any underpaid compensation promptly and with
interest annualized at the prime rate then in effect at Citibank N.A., plus two
percent (2%), and TMC

                                      -31-
<PAGE>
shall promptly pay to Nycomed any overpaid compensation. All information and
data reviewed in any audit conducted under this Article 23 shall be used only
for the purpose of verifying the amounts due to TMC under this Agreement and
shall be treated as Confidential Information of Nycomed subject to the terms of
this Agreement.

24. RELATIONSHIP OF THE PARTIES

      The relationship among the Parties is and shall be that of independent
contractors. This Agreement does not establish or create a partnership or joint
venture among the Parties, and neither Party shall hold itself out as an agent
or employee of the other Party. Neither Party shall have authority to make any
statements, representations, warranties or commitments of any kind, or to take
any action, which shall be binding on the other Party.

25. NOTICES

      Any notice or other communication required or desired to be given to any
Party under the Agreement shall be in writing and shall be directed to the
attention of the Chief Financial Officer if sent to TMC (with a copy to Ken
Slade of Hale and Dorr LLP, 60 State Street, Boston, MA 02109 via e-mail at
kenneth.slade@haledorr.com or via facsimile at +1-617-526-5000) or to the
attention of the President if sent to Nycomed (with a copy to the General
Counsel of Nycomed, Hagalokkvn. 13, NO-1372 Asker, Norway via e-mail at
thc@nycomed.com or via facsimile at +47 66 76 35 13). Such notice or
communication shall be deemed given (a) seven (7) days after it is mailed
registered, return receipt, first-class postage prepaid, and addressed to such
Party at the address for such Party set forth at the beginning of this
Agreement, (b) two (2) days after it is delivered to Federal Express, Airborne,
or any other similar express delivery service for delivery to such Party at such
address, or (c) on the day sent if sent via electronic mail to the electronic
mail address provided for such Party at the end of this Agreement, accompanied
by facsimile copy sent to the facsimile number provided for such Party at the
end of this Agreement. Any Party may change its address, electronic mail
address, facsimile number or contact person for notices and communications under
this Agreement by giving the other Party notice of such change.

26. GOVERNING LAW

      All questions concerning the validity or meaning of this Agreement or
relating to the rights and obligations of the Parties with respect to
performance under this Agreement shall be construed and resolved under, and any
arbitration or court action hereunder shall apply, the laws of the Commonwealth
of Massachusetts, excluding (i) its conflicts of law principles; and (ii) the
United Nations Convention on Contracts for the International Sale of Goods.

                                      -32-
<PAGE>
27. SEVERABILITY

      The intention of the Parties is to comply fully with all laws and public
policies, and this Agreement shall be construed consistently with all laws and
public policies to the extent possible. If and to the extent that any
arbitration panel or any court of competent jurisdiction determines that it is
impossible to construe any provision of this Agreement consistently with any law
or public policy and consequently holds that provision to be invalid,
inoperative, unenforceable, or to render other, material, provisions of this
agreement invalid, inoperative or unenforceable, such provision shall be set
aside, without, however, in any way affecting the validity of the other
provisions of this Agreement, which shall remain in full force and effect.

28. FORCE MAJEURE

      A Party shall be excused from performing its obligations under this
Agreement (other than payment obligations) if its performance is prevented by
any cause beyond its control, including but not limited to, Acts of God, fire,
explosion, weather, war, insurrection, riots, or government action. Performances
shall be excused only to the extent of and during the reasonable continuance of
such disability. All obligations of both Parties shall return to being in full
force and effect upon the termination of such cause.

29. COMPLETE AGREEMENT

      This Agreement contains the entire agreement between the Parties and
supersedes all prior or contemporaneous discussion, negotiations,
representations, warranties, or agreements relating to the subject matter of
this Agreement. No changes to this Agreement will be made or be binding on
either Party unless made in writing and signed by each Party.

30. ASSIGNMENT

      Nycomed shall not assign, transfer or otherwise dispose of this Agreement
in whole or in part to any third party without the prior written consent of TMC;
provided, however, that such consent shall not be required with respect to
assignments, transfers or other dispositions by Nycomed to (i) an Affiliate of
Nycomed; or (ii) an acquiror of all or substantially all of the capital stock or
assets of Nycomed related to the Product, through purchase, merger,
consolidation, or otherwise, unless such acquiror is a competitor of TMC, in
which case TMC's consent shall still be required. TMC shall not assign, transfer
or otherwise dispose of this Agreement in whole or in part to any third party
without the prior written consent of Nycomed; provided, however, that such
consent shall not be required with respect to assignments, transfers or other
dispositions by TMC to (i) an Affiliate of TMC; or (ii) an acquiror of all or
substantially all of the capital stock or assets of TMC related to the Product,
through purchase, merger, consolidation, or otherwise. This Agreement shall
inure to the benefit of the permitted successors and assigns of each Party.

                                      -33-
<PAGE>
31. MISCELLANEOUS

      (a) Waiver. None of the conditions or provisions of this Agreement shall
be held to have been waived by any act or knowledge on the part of either Party,
except by an instrument in writing signed by a duly authorized officer or
representative of such Party. Further, the waiver by either Party of any right
hereunder or the failure to enforce at any time any of the provisions of this
Agreement, or any rights with respect thereto, shall not be deemed to be a
waiver of any other rights hereunder or any breach or failure of performance of
the other Party.

      (b) Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

      (c) Headings. Headings and captions are included in this Agreement for
reference purposes only, and shall not be used in order to interpret or construe
this Agreement.

      IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
under seal by their respective duly authorized representative as of the date set
forth above.

THE MEDICINES COMPANY, INC                   NYCOMED DANMARK A/S

By: Clive Meanwell                           By:  Bent Kjaersgaard
    --------------                                ----------------
    Clive Meanwell                                Bent Kjaersgaard
    Executive Chairman                            President

(Clive.Meanwell@themedco.com)               (bkj@nycomed.com)

1 (617) 225-9099                            (+ 45 46 75 69 68)

                                             NYCOMED HOLDING A/S

                                             By: Hakan Bjorklund
                                                 ---------------
                                                 Hakan Bjorklund
                                                 CEO

                                             (hbjo@nycomed.com)

                                             (+45 46 75 42 72)

                                      -34-
<PAGE>
                                    EXHIBIT A

                         COUNTRIES INCLUDED IN TERRITORY

-     The following countries of the European Union : Austria, Belgium, Denmark,
      Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, the
      United Kingdom and Sweden; but not Greece, Portugal and Spain.
-     Iceland.
-     Liechtenstein.
-     Malta.
-     Norway.
-     Poland.
-     The Russian Federation and all other former Soviet Republics (excluding
      the Baltic States)
-     Baltic States (i.e., Latvia, Lithuania and Estonia)
-     Switzerland.
-     Turkey
-     Hungary

<PAGE>
                                    EXHIBIT B

                                 TRANSFER PRICE

1. Upon Product delivery, Nycomed shall pay to TMC, pursuant to the terms and
conditions of the Agreement, the greater of:

      (a)   [**]% of the Average Net Unit Selling Price of the Product x the
            Number of Product units sold by Nycomed (in US dollars based on the
            applicable exchange rate(s)); and

      (b)   A Minimum Transfer Price of $ [**] per unit of Product until the
            third (3rd) anniversary of the First Launch Date, with the Minimum
            Transfer Price increased annually thereafter by the annual
            percentage increase in TMC's manufacturing costs (excluding
            royalties on sale payable to Biogen or its successor) for the
            Product, if any, after such third (3rd) anniversary date, such
            increase not to exceed [**]% per annum.

2. Nycomed (a) may be entitled to the following discount (a "Production Volume
Discount") in a particular calendar year:

<TABLE>
<CAPTION>
Annual Global Chemilog                               % discount off Average Net Unit
Production by TMC for all Purchasers                 Selling Price
------------------------------------                 -------------------------------
<S>                                                  <C>
[**] kilos                                           [**]%
More than  [**]kilos - [**] kilos                    [**]%
More than  [**] kilos - [**] kilos                   [**]%
More than  [**] kilos                                [**]%
</TABLE>

(b) so long as Nycomed 's total purchases of the Product (in kilos) from TMC
during such calendar year equals or exceeds the following minimum percentage of
TMC's total annual global Chemilog production (in kilos) of the Product during
such calendar year:

<TABLE>
<CAPTION>
         Calendar Year                               Minimum Percentage
         -------------                               ------------------
<S>                                                  <C>
         Calendar year during which First
         Launch Date occurs                          [**]%
         All calendar years thereafter               [**]%
</TABLE>

<PAGE>
For the sake of clarification, (i) if Nycomed does not equal or exceed such
minimum percentage in a calendar year, then Nycomed shall not be entitled to a
Production Volume Discount during such calendar year; and (ii) by way of
example, if TMC's annual global Chemilog Production for Nycomed and all of its
other purchasers is greater than [**] kilos during a calendar year (and assuming
that Nycomed has equaled or exceeded the minimum percentage for such year), then
for such year Nycomed shall have earned a [**]% discount off of the Average Net
Unit Selling Price for Product which Nycomed sells during such calendar year,
reducing the reference in Paragraph 1(a) above from [**]% of the Average Net
Unit Selling Price to [**]% of the Average Net Unit Selling Price for Product
sold by Nycomed during such year; provided, however, that notwithstanding any
Production Volume Discount earned hereunder, in no event shall Nycomed pay less
than the Minimum Transfer Price on any unit of Product.

3. For the purposes of computing the Production Volume Discount, the Annual
Global Chemilog Production levels under Paragraph 2(a) above and the minimum
percentage under Paragraph 2(b) above for the calendar year during which the
First Launch Date occurs shall be pro rated to reflect a partial year. By way of
example, if the First Launch Date occurs on July 1 of a calendar year, then for
the purposes of that calendar year only, (a) Annual Global Chemilog Production
levels in the chart above shall be adjusted to [**] and over [**] kilos to
determine which percentage discount shall apply; and (b) the minimum percentage
shall be reduced to [**]% to determine whether Nycomed is entitled to such
percentage discount.

4. For the purposes of computing the minimum percentage under Paragraph 2(b)
above for a calendar year, all units of Product delivered to Nycomed during such
calendar year will be counted towards Nycomed's total purchases of Product
during such calendar year.

<PAGE>
                                    EXHIBIT C

                                   TRADEMARKS

(a)   TMC trademarks subject to exclusive use by Nycomed in the Territory:

      Angiomax(R)or any other trademark selected by TMC for the Product in the
      Territory

(b)   TMC trademarks subject to non-exclusive use by Nycomed in the Territory:

      The Medicines Company(TM)(and its logo)

      REPLACE HEPARIN, IMPROVE OUTCOMES(TM)

<PAGE>
                                    EXHIBIT D

                        INVESTMENT REPRESENTATION LETTER

The Medicines Company

Dear Sirs:

      In order to induce The Medicines Company, a Delaware corporation (the
"Company"), to issue and sell to [Nycomed] the number of shares of Common Stock
of the Company set forth below (the "Shares"), pursuant to the ____________
Agreement dated as of ___________, [Nycomed] represents, warrants and covenants
as follows:

      (a) It is purchasing the Shares for its own account for investment only,
and not with a view to, or for sale in connection with, any distribution of the
Shares in violation of the Securities Act of 1933 (the "Securities Act"), or any
rule or regulation under the Securities Act.

      (b) It has had such opportunity as it has deemed adequate to obtain from
representatives of the Company such information as is necessary to permit it to
evaluate the merits and risks of its investment in the Company.

      (c) It has sufficient experience in business, financial and investment
matters to be able to evaluate the risks involved in the purchase of the Shares
and to make an informed investment decision with respect to such purchase.

      (d) It can afford a complete loss of the value of the Shares and is able
to bear the economic risk of holding such Shares for an indefinite period.

      (e) It understands that (i) the Shares have not been registered under the
Securities Act and are "restricted securities" within the meaning of Rule 144
under the Securities Act, (ii) the Shares cannot be sold, transferred or
otherwise disposed of unless they are subsequently registered under the
Securities Act or an exemption from registration is then available; (iii) in any
event, the exemption from registration under Rule 144 or otherwise may not be
available for at least one year and even then will not be available unless a
public market then exists for the Common Stock, adequate information concerning
the Company is then available to the public, and other terms and conditions of
Rule 144 are complied with; and (iv) there is now no registration statement on
file with the Securities and Exchange Commission with respect to any

<PAGE>
stock of the Company and the Company has no obligation or current intention to
register the Shares under the Securities Act.

      (f) A legend substantially in the following form will be placed on the
certificate representing the Shares:

            "The shares represented by this certificate have not been registered
            under the Securities Act of 1933, as amended, and may not be sold,
            transferred or otherwise disposed of in the absence of an effective
            registration statement under such Act or an opinion of counsel
            satisfactory to the corporation to the effect that such registration
            is not required."

                                                           Very truly yours,

                                             NYCOMED DANMARK A/S

Number of Shares:  ________                  ___________________________________
                                                         (Signature)
Date  _____________________                  ___________________________________
                                                       Bent Kjaersgaard

                                             ___________________________________
                                                          President

                                                NYCOMED HOLDING A/S

                                                By:_____________________________
                                                   Hakan Bjorklund
                                                   CEO

<PAGE>
                                    EXHIBIT E

                                    TMC MARKS

each of the Trademarks identified in Exhibit C

Hirulog

<PAGE>
                                    EXHIBIT F

                                     PATENTS

                 STATUS OF PATENTS RELATING TO HIRULOG(R) (B135)

                                "HIRUDIN ANALOGS"

<TABLE>
<CAPTION>
                                                                    STATUS
               COUNTRY                PATENT/APPLN. NO.       (EXPIRATION DATE)
               -------                -----------------       -----------------
<S>                              <C>                       <C>
      Austria                    90912754.0                Granted
                                 E137246                   (17-AUG-2010)

      Belgium                    90/912754                 Granted
                                 489070                    (17-AUG-2010)

      Denmark                    90912754.0                Granted
                                 489070                    (17-AUG-2010)

      EPO                        90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Finland                    920672                    Granted
                                 102183                    (17-AUG-2010)

      France                     90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Great Britain              90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Germany                    90912754.0                Granted
                                 69026715.0-08             (17-AUG-2010)

      Hungary                    P/P00684                  Granted
                                 211158                    (17-AUG-2010)

      Italy                      90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Luxembourg                 90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Netherlands                90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Norway                     19920616                  Granted
                                 310.294                   (17-AUG-2010)

      Sweden                     90912754.0                Granted
                                 489070                    (17-AUG-2010)

      Switzerland                90912754.0                Granted
                                 489070                    (17-AUG-2010)
</TABLE>

<PAGE>
        STATUS OF PATENTS RELATING TO IMPROVED THROMBIN INHIBITORS (B159)

<TABLE>
<CAPTION>
                         APPL. NO./       PAT. NO./
COUNTRY                  DATE             DATE             EXP. DATE
-------                  ----             ----             ---------
<S>                      <C>              <C>              <C>
EPO*                                      529031           2/3/2012
                                          5/28/2000
Finland                    924503
Hungary                  P9203500         218 831          2/3/2012
</TABLE>

* EPO application is designating the countries: Austria, Belgium, Denmark,
France, Germany, Great Britain, Italy, Luxembourg, Netherlands, Sweden and
Switzerland.<PAGE>
                                                                    EXHIBIT 10.4

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

--------------------------------------------------------------------------------
                              THE MEDICINES COMPANY

                           LOAN AND SECURITY AGREEMENT
--------------------------------------------------------------------------------
<PAGE>
      This LOAN AND SECURITY AGREEMENT is entered into as of March 26, 2002, by
and between COMERICA BANK - CALIFORNIA ("Bank") and THE MEDICINES COMPANY
("Borrower").

                                    RECITALS

      Borrower wishes to obtain credit from time to time from Bank, and Bank
desires to extend credit to Borrower. This Agreement sets forth the terms on
which Bank will advance credit to Borrower, and Borrower will repay the amounts
owing to Bank.

                                    AGREEMENT

      The parties agree as follows:

      1. DEFINITIONS AND CONSTRUCTION.

            1.1 Definitions. As used in this Agreement, the following terms
shall have the following definitions:

                  "Accounts" means all presently existing and hereafter arising
accounts, contract rights, and all other forms of obligations owing to Borrower
arising out of the sale or lease of goods (including, without limitation, the
licensing of software and other technology) or the rendering of services by
Borrower, whether or not earned by performance, and any and all credit
insurance, guaranties, and other security therefor, as well as all merchandise
returned to or reclaimed by Borrower and Borrower's Books relating to any of the
foregoing.

                  "Advance" or "Advances" means a cash advance or cash advances
under the Revolving Facility.

                  "Affiliate" means, with respect to any Person, any Person that
owns or controls directly or indirectly such Person, any Person that controls or
is controlled by or is under common control with such Person.

                  "Bank Expenses" means all: reasonable costs or expenses
(including reasonable attorneys' fees and expenses) incurred in connection with
the preparation, negotiation, administration, and enforcement of the Loan
Documents; reasonable Collateral audit fees (subject to Section 4.3); and Bank's
reasonable attorneys' fees and expenses incurred in amending, enforcing or
defending the Loan Documents (including fees and expenses of appeal), incurred
before, during and after an Insolvency Proceeding, whether or not suit is
brought.

                  "Borrower's Books" means all of Borrower's books and records
including: ledgers; records concerning Borrower's assets or liabilities, the
Collateral, business operations or financial condition; and all computer
programs, or tape files, and the equipment, containing such information.

                  "Business Day" means any day that is not a Saturday, Sunday,
or other day on which banks in the State of California or the Commonwealth of
Massachusetts are authorized or required to close.

                  "Change in Control" shall mean a transaction in which any
"person" or "group" (within the meaning of Section 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934) becomes the "beneficial owner" (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly,
of a sufficient number of shares of all classes of stock then outstanding of
Borrower ordinarily entitled to vote in the election of directors, empowering
such "person" or "group" to elect a majority of the Board of Directors of
Borrower, who did not have such power before such transaction.

                  "Closing Date" means the date of this Agreement.

                  "Code" means the California Uniform Commercial Code.

                                       1
<PAGE>
                  "Collateral" means the property described on Exhibit A
attached hereto.

                  "Contingent Obligation" means, as applied to any Person, any
direct or indirect liability, contingent or otherwise, of that Person with
respect to (i) any indebtedness, lease, dividend, letter of credit or other
obligation of another, including, without limitation, any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with
recourse by that Person, or in respect of which that Person is otherwise
directly or indirectly liable; (ii) any obligations with respect to undrawn
letters of credit, corporate credit cards, or merchant services issued or
provided for the account of that Person; and (iii) all obligations arising under
any interest rate, currency or commodity swap agreement, interest rate cap
agreement, interest rate collar agreement, or other agreement or arrangement
designed to protect such Person against fluctuation in interest rates, currency
exchange rates or commodity prices; provided, however, that the term "Contingent
Obligation" shall not include endorsements for collection or deposit in the
ordinary course of business. The amount of any Contingent Obligation shall be
deemed to be an amount equal to the stated or determined amount of the primary
obligation in respect of which such Contingent Obligation is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith; provided, however, that such
amount shall not in any event exceed the maximum amount of the obligations under
the guarantee or other support arrangement.

                  "Credit Extension" means each Advance, Letter of Credit, or
any other extension of credit by Bank for the benefit of Borrower hereunder.

                  "Current Liabilities" means, as of any applicable date, all
amounts that should, in accordance with GAAP, be included as current liabilities
on the consolidated balance sheet of Borrower and its Subsidiaries, as at such
date, plus, to the extent not already included therein, all outstanding Credit
Extensions made under this Agreement, including all Indebtedness that is payable
upon demand or within one year from the date of determination thereof unless
such Indebtedness is renewable or extendible at the option of Borrower or any
Subsidiary to a date more than one year from the date of determination.

                  "Daily Balance" means the amount of the Obligations owed at
the end of a given day.

                  "Equipment" means all present and future machinery, equipment,
tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments
in which Borrower has any interest.

                  "ERISA" means the Employee Retirement Income Security Act of
1974, as amended, and the regulations thereunder.

                  "Event of Default" has the meaning assigned in Article 8.

                  "GAAP" means generally accepted accounting principles as in
effect from time to time.

                  "Indebtedness" means (a) all indebtedness for borrowed money
or the deferred purchase price of property or services (excluding trade
obligations incurred in the ordinary course of business), including without
limitation reimbursement and other obligations with respect to surety bonds and
letters of credit, (b) all obligations evidenced by notes, bonds, debentures or
similar instruments, (c) all capital lease obligations and (d) all Contingent
Obligations.

                  "Insolvency Proceeding" means any proceeding commenced by or
against any person or entity under any provision of the United States Bankruptcy
Code, as amended, or under any other bankruptcy or insolvency law, including
assignments for the benefit of creditors, formal or informal moratoria,
compositions, extension generally with its creditors, or proceedings seeking
reorganization, arrangement, or other relief.

                  "Inventory" means all present and future inventory in which
Borrower has any interest, including merchandise, raw materials, parts,
supplies, packing and shipping materials, work in process and finished products
intended for sale or lease or to be furnished under a contract of service, of
every kind and description now or at any time hereafter owned by or in the
custody or possession, actual or constructive, of Borrower, including such
inventory as is temporarily out of its custody or possession or in transit and
including any returns upon any

                                       2
<PAGE>
accounts or other proceeds, including insurance proceeds, resulting from the
sale or disposition of any of the foregoing and any documents of title
representing any of the above, and Borrower's Books relating to any of the
foregoing.

                  "Investment" means any beneficial ownership of (including
stock, partnership interest or other securities) any Person, or any loan,
advance or capital contribution to any Person.

                  "IRC" means the Internal Revenue Code of 1986, as amended, and
the regulations thereunder.

                  "Letter of Credit" means a letter of credit issued by Bank
pursuant to this Agreement.

                  "Lien" means any mortgage, lien, deed of trust, charge,
pledge, security interest or other encumbrance.

                  "Loan Documents" means, collectively, this Agreement, any note
or notes executed by Borrower, and any other agreement entered into between
Borrower and Bank in connection with this Agreement, all as amended or extended
from time to time.

                  "Material Adverse Effect" means a material adverse effect on
(i) the business operations, condition (financial or otherwise) or prospects of
Borrower and its Subsidiaries taken as a whole or (ii) the ability of Borrower
to repay the Obligations or otherwise perform its obligations under the Loan
Documents or (iii) the value or priority of Bank's security interest in the
Collateral.

                  "Negotiable Collateral" means all of Borrower's present and
future letters of credit of which it is a beneficiary, notes, drafts,
instruments, securities, documents of title, and chattel paper, and Borrower's
Books relating to any of the foregoing.

                  "Obligations" means all debt, principal, interest, Bank
Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement
or any other agreement, whether absolute or contingent, due or to become due,
now existing or hereafter arising, including any interest that accrues after the
commencement of an Insolvency Proceeding.

                  "Periodic Payments" means all installments or similar
recurring payments that Borrower may now or hereafter become obligated to pay to
Bank pursuant to the terms and provisions of any instrument, or agreement now or
hereafter in existence between Borrower and Bank.

                  "Permitted Indebtedness" means:

                  (a) Indebtedness of Borrower in favor of Bank arising under
this Agreement or any other Loan Document;

                  (b) Indebtedness existing on the Closing Date and disclosed in
the Schedule;

                  (c) Indebtedness secured by a lien described in clause (c) of
the defined term "Permitted Liens," provided such Indebtedness does not exceed
$500,000 in the aggregate at any given time; and

                  (d) Subordinated Debt.

                  "Permitted Investment" means:

                  (a) Investments existing on the Closing Date disclosed in the
Schedule; and

                  (b) (i) marketable direct obligations issued or
unconditionally guaranteed by the United States of America or any agency or any
State thereof maturing within one (1) year from the date of

                                       3
<PAGE>
acquisition thereof, (ii) commercial paper maturing no more than one (1) year
from the date of creation thereof and currently having rating of at least A-2 or
P-2 from either Standard & Poor's Corporation or Moody's Investors Service,
(iii) certificates of deposit maturing no more than one (1) year from the date
of investment therein issued by Bank and (iv) Bank's money market accounts.

                  (c) Investments made in accordance with Borrower's investment
policy approved from time to time by Borrower's board of directors and provided
to Bank.

                  "Permitted Liens" means the following:

                  (a) Any Liens existing on the Closing Date and disclosed in
the Schedule or arising under this Agreement or the other Loan Documents;

                  (b) Liens for taxes, fees, assessments or other governmental
charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings, provided the same are adequately reserved for in
accordance with GAAP;

                  (c) Liens (i) upon or in any equipment acquired or held by
Borrower or any of its Subsidiaries to secure the purchase price of such
equipment or indebtedness incurred solely for the purpose of financing the
acquisition of such equipment, or (ii) existing on such equipment at the time of
its acquisition, provided that the Lien is confined solely to the property so
acquired and improvements thereon, and the proceeds of such equipment;

                  (d) Banker's liens and rights of setoff, in each case arising
by operation of law;

                  (e) Liens arising in the ordinary course of Borrower's
business by operation of law or regulation, but only if payment in respect of
such Lien is not at the time past due and such Liens do not, in the aggregate,
materially detract from the value of Borrower's property or materially impair
the use thereof in the operation of Borrower's business; and

                  (f) Liens incurred in connection with the extension, renewal
or refinancing of the indebtedness secured by Liens of the type described in
clauses (a) through (c) above, provided that any extension, renewal or
replacement Lien shall be limited to the property encumbered by the existing
Lien and the principal amount of the indebtedness being extended, renewed or
refinanced does not increase.

                  "Person" means any individual, sole proprietorship,
partnership, limited liability company, joint venture, trust, unincorporated
organization, association, corporation, institution, public benefit corporation,
firm, joint stock company, estate, entity or governmental agency.

                  "Prime Rate" means the variable rate of interest, per annum,
most recently announced by Bank, as its "prime rate," whether or not such
announced rate is the lowest rate available from Bank.

                  "Quick Assets" means, at any date as of which the amount
thereof shall be determined, the unrestricted cash and cash-equivalents,
accounts receivable and investments with maturities not to exceed 90 days, of
Borrower determined in accordance with GAAP.

                  "Responsible Officer" means each of the Executive Chairman,
Chief Executive Officer, the Chief Financial Officer and the Controller of
Borrower.

                  "Revolving Facility" means the facility under which Borrower
may request Bank to issue Advances, as specified in Section 2.1(a) hereof.

                  "Revolving Line" means a credit extension of up to Ten Million
Dollars ($10,000,000).

                                       4
<PAGE>
                  "Revolving Maturity Date" means the day before the first
anniversary of the Closing Date.

                  "Schedule" means the schedule of exceptions attached hereto,
if any.

                  "Subordinated Debt" means any debt incurred by Borrower that
is subordinated to the debt owing by Borrower to Bank on terms reasonably
acceptable to Bank (and identified as being such by Borrower and Bank).

                  "Subsidiary" means any corporation, company or partnership in
which (i) any general partnership interest or (ii) more than 50% of the stock or
other units of ownership which by the terms thereof has the ordinary voting
power to elect the Board of Directors, managers or trustees of the entity, at
the time as of which any determination is being made, is owned by Borrower,
either directly or through an Affiliate.

            1.2 Accounting Terms. All accounting terms not specifically defined
herein shall be construed in accordance with GAAP and all calculations made
hereunder shall be made in accordance with GAAP. When used herein, the terms
"financial statements" shall include the notes and schedules thereto.

      2. LOAN AND TERMS OF PAYMENT.

            2.1 Credit Extensions.

                  Subject to the terms set forth herein, Bank agrees to make
Credit Extensions up to $10,000,000, and Borrower promises to repay to the order
of Bank, in lawful money of the United States of America, the aggregate unpaid
principal amount of all Credit Extensions made by Bank to Borrower hereunder.
Borrower shall also pay interest on the unpaid principal amount of such Credit
Extensions at rates in accordance with the terms hereof.

                  (a) Revolving Advances.

                        (i) Subject to and upon the terms and conditions of this
Agreement, Borrower may request Advances in an aggregate outstanding amount not
to exceed the Revolving Line minus the aggregate face amount of all outstanding
Letters of Credit, including any drawn but unreimbursed amounts. Subject to the
terms and conditions of this Agreement, amounts borrowed pursuant to this
Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving
Maturity Date, at which time all Advances under this Section 2.1(a) shall be
immediately due and payable. Borrower may prepay any Advances without penalty or
premium.

                        (ii) Whenever Borrower desires an Advance, Borrower will
notify Bank by facsimile transmission or telephone no later than 3:30 p.m.
Eastern time, on the Business Day that the Advance is to be made. Each such
notification shall be promptly confirmed by a Payment/Advance Form in
substantially the form of Exhibit B hereto. Bank is authorized to make Advances
under this Agreement, based upon instructions received from a Responsible
Officer or a designee of a Responsible Officer, or without instructions if in
Bank's discretion such Advances are necessary to meet Obligations which have
become due and remain unpaid. Bank shall be entitled to rely on any telephonic
notice given by a person who Bank reasonably believes to be a Responsible
Officer or a designee thereof, and Borrower shall indemnify and hold Bank
harmless for any damages or loss suffered by Bank as a result of such reliance,
except for damages or loss arising from Bank's own willful misconduct or gross
negligence. Bank will credit the amount of Advances made under this Section
2.1(a) to Borrower's deposit account identified in the Payment/Advance form.

                  (b) Letters of Credit.

                        (i) Subject to the terms and conditions of this
Agreement, Bank agrees to issue or cause to be issued Letters of Credit for the
account of Borrower in an aggregate outstanding face amount (including any drawn
but unreimbursed amounts) not to exceed the Revolving Line minus the aggregate
amount of the outstanding Advances at any time. All Letters of Credit shall be,
in form and substance, reasonably acceptable

                                       5
<PAGE>
to Bank and shall be subject to the terms and conditions of Bank's form of
standard application and letter of credit agreement (the "Application"), which
Borrower hereby agrees to execute, including Bank's standard fee equal to two
percent (2.00%) per annum of the face amount of each Letter of Credit. In the
event of inconsistency between the Letter of Credit and this Agreement, this
Agreement shall govern. On any drawn but unreimbursed Letter of Credit, the
unreimbursed amount shall be deemed an Advance under Section 2.1(a). On the
Revolving Maturity Date, Borrower shall secure in cash all obligations under any
outstanding Letters of Credit on terms reasonably acceptable to Bank.

                        (ii) The obligation of Borrower to reimburse Bank for
drawings made under Letters of Credit shall be absolute, unconditional and
irrevocable, and shall be performed strictly in accordance with the terms of
this Agreement, the Application and such Letters of Credit, under all
circumstances whatsoever. Borrower shall indemnify, defend, protect, and hold
Bank harmless from any loss, cost, expense or liability, including, without
limitation, reasonable attorneys' fees, arising out of or in connection with any
Letters of Credit, except for expenses caused by Bank's gross negligence or
willful misconduct.

            2.2 Interest Rates, Payments, and Calculations.

                  (a) Interest Rate. Except as set forth in Section 2.2(b), the
Advances shall bear interest, on the outstanding Daily Balance thereof, at a
rate per annum equal to one percent (1.00%) above the Prime Rate.

                  (b) Late Fee; Default Rate. All Obligations shall bear
interest, from and after the occurrence and during the continuance of an Event
of Default, at a rate equal to five (5) percentage points above the interest
rate applicable immediately prior to the occurrence of the Event of Default.

                  (c) Payments. Interest hereunder shall be due and payable on
the first calendar day of each month during the term hereof. Bank shall, at its
option, charge such interest, and all Periodic Payments (and, after the
occurrence and during the continuance of an Event of Default, all Bank Expenses)
against any of Borrower's deposit accounts or against the Revolving Line, in
which case those amounts shall thereafter accrue interest at the rate then
applicable hereunder. Any interest not paid when due shall be compounded by
becoming a part of the Obligations, and such interest shall thereafter accrue
interest at the rate then applicable hereunder. All payments shall be free and
clear of any taxes, withholdings, duties, impositions or other charges, to the
end that Bank will receive the entire amount of any Obligations payable
hereunder, regardless of source of payment.

                  (d) Computation. In the event the Prime Rate is changed from
time to time hereafter, the applicable rate of interest hereunder shall be
increased or decreased, effective as of the day the Prime Rate is changed, by an
amount equal to such change in the Prime Rate. All interest chargeable under the
Loan Documents shall be computed on the basis of a three hundred sixty (360) day
year for the actual number of days elapsed.

            2.3 Crediting Payments. Prior to the occurrence of an Event of
Default, Bank shall credit a wire transfer of funds, check or other item of
payment to such deposit account or Obligation as Borrower specifies. After the
occurrence and during the continuance of an Event of Default, the receipt by
Bank of any wire transfer of funds, check, or other item of payment shall be
immediately applied to conditionally reduce Obligations, but shall not be
considered a payment on account unless such payment is of immediately available
federal funds or unless and until such check or other item of payment is honored
when presented for payment. Notwithstanding anything to the contrary contained
herein, any wire transfer or payment received by Bank after 3:30 p.m. Eastern
time shall be deemed to have been received by Bank as of the opening of business
on the immediately following Business Day. Whenever any payment to Bank under
the Loan Documents would otherwise be due (except by reason of acceleration) on
a date that is not a Business Day, such payment shall instead be due on the next
Business Day, and additional fees or interest, as the case may be, shall accrue
and be payable for the period of such extension.

                                       6
<PAGE>
            2.4 Fees. Borrower shall pay to Bank the following:

                  (a) Arrangement Fee. On the Closing Date, a facility fee equal
to One Hundred Thousand Dollars ($100,000), Ten Thousand Dollars ($10,000) of
which Bank hereby acknowledges receipt, and all of which shall be nonrefundable;
and

                  (b) Unused Facility Fee. A fee equal to one fourth of one
percent (0.25%) of the difference between the Revolving Line and the average
Daily Balance during each calendar quarter, which fee shall be paid within ten
(10) days of the last day of each such quarter and on the Revolving Maturity
Date.

                  (c) Bank Expenses. On the Closing Date, all Bank Expenses
incurred through the Closing Date, including reasonable attorneys' fees and
expenses and, after the Closing Date, all Bank Expenses, including reasonable
attorneys' fees and expenses, as and when they become due.

            2.5 Additional Costs. In case any law, regulation, treaty or
official directive or the interpretation or application thereof by any court or
any governmental authority charged with the administration thereof or the
compliance with any guideline or request of any central bank or other
governmental authority (whether or not having the force of law):

                  (a) subjects Bank to any tax with respect to payments of
principal or interest or any other amounts payable hereunder by Borrower or
otherwise with respect to the transactions contemplated hereby (except for taxes
on the overall net income of Bank imposed by the United States of America or any
political subdivision thereof);

                  (b) imposes, modifies or deems applicable any deposit
insurance, reserve, special deposit or similar requirement against assets held
by, or deposits in or for the account of, or loans by, Bank; or

                  (c) imposes upon Bank any other condition with respect to its
performance under this Agreement,

and the result of any of the foregoing is to increase the cost to Bank, reduce
the income receivable by Bank or impose any expense upon Bank with respect to
the Obligations and such increase, reduction or imposition is not included in
the Prime Rate, Bank shall notify Borrower thereof. Borrower agrees to pay to
Bank the amount of such increase in cost, reduction in income or additional
expense as and when such cost, reduction or expense is incurred or determined,
upon presentation by Bank of a statement of the amount and setting forth Bank's
calculation thereof, all in reasonable detail, which statement shall be deemed
prima facie true and correct. Bank agrees that it shall allocate any increased
costs among its customers similarly affected in good faith and in a manner
consistent with Bank's customary practice.

            2.6 Term. This Agreement shall become effective on the Closing Date
and, subject to Section 12.7, shall continue in full force and effect for so
long as any Obligations remain outstanding or Bank has any obligation to make
Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank
shall have the right to terminate its obligation to make Credit Extensions under
this Agreement immediately and without notice upon the occurrence and during the
continuance of an Event of Default. Notwithstanding termination, Bank's Lien on
the Collateral shall remain in effect for so long as any Obligations are
outstanding. Borrower may terminate this Agreement upon notice to Bank at any
time that any Obligations are not outstanding, in which case any commitment by
Bank to make Credit Extensions shall terminate, and Bank shall terminate any
security interest it may have in the Collateral.

      3. CONDITIONS OF LOANS.

            3.1 Conditions Precedent to Initial Credit Extension. The obligation
of Bank to make the initial Credit Extension is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to
Bank, the following:

                                       7
<PAGE>
                  (a) this Agreement;

                  (b) a certificate of the Secretary of Borrower with respect to
incumbency and resolutions authorizing the execution and delivery of this
Agreement;

                  (c) a UCC financing statement;

                  (d) guaranties from Borrower's Subsidiaries: The Medicines
Securities Corporation, The Medicines Company UK Limited, a corporation
incorporated under the laws of England and Wales, and The Medicines Company
Limited, a corporation incorporated under the laws of New Zealand;

                  (e) third party security agreements from Borrower's
Subsidiaries;

                  (f) an agreement to provide insurance;

                  (g) payment of the fees and Bank Expenses then due specified
in Section 2.4 hereof;

                  (h) an opinion of Borrower's counsel; and

                  (i) such other documents, and completion of such other
matters, as Bank may reasonably deem necessary or appropriate.

                  3.2 Conditions Precedent to all Credit Extensions. The
obligation of Bank to make each Credit Extension, including the initial Credit
Extension, is further subject to the following conditions:

                  (a) timely receipt by Bank of the Payment/Advance Form as
provided in Section 2.1;

                  (b) the representations and warranties contained in Section 5
shall be true and correct in all material respects on and as of the date of such
Payment/Advance Form and on the effective date of each Credit Extension as
though made at and as of each such date, and no Event of Default shall have
occurred and be continuing, or would exist after giving effect to such Credit
Extension (provided, however, that those representations and warranties
expressly referring to another date shall be true, correct and complete in all
material respects as of such date). The making of each Credit Extension shall be
deemed to be a representation and warranty by Borrower on the date of such
Credit Extension as to the material accuracy of the facts referred to in this
Section 3.2.

      4. CREATION OF SECURITY INTEREST.

            4.1 Grant of Security Interest. Borrower grants and pledges to Bank
a continuing security interest in all presently existing and hereafter acquired
or arising Collateral in order to secure prompt repayment of any and all
Obligations and in order to secure prompt performance by Borrower of each of its
covenants and duties under the Loan Documents. Except as set forth in the
Schedule or with respect to Permitted Liens, such security interest constitutes
a valid, first priority security interest in the presently existing Collateral,
and will constitute a valid, first priority security interest in Collateral
acquired after the date hereof.

            4.2 Delivery of Additional Documentation Required. Borrower shall
from time to time execute and deliver to Bank, at the request of Bank, all
Negotiable Collateral, all financing statements and other documents that Bank
may reasonably request, in form reasonably satisfactory to Bank, to perfect and
continue the perfection of Bank's security interests in the Collateral and in
order to fully consummate all of the transactions contemplated under the Loan
Documents.

            4.3 Right to Inspect. Bank (through any of its officers, employees,
or agents) shall have the right, upon reasonable prior notice, from time to time
during Borrower's usual business hours but no more than twice a year (unless an
Event of Default has occurred and is continuing), to inspect Borrower's Books
and to make

                                       8
<PAGE>
copies thereof and to check, test, and appraise the Collateral in order to
verify Borrower's financial condition or the amount, condition of, or any other
matter relating to, the Collateral.

            4.4 Securities Account Control Agreements. Within forty-five (45)
days of the Closing Date, Borrower shall deliver to Bank securities account
control agreements in form and substance reasonably satisfactory to Bank with
respect to any securities accounts maintained by Borrower.

      5. REPRESENTATIONS AND WARRANTIES.

            Borrower represents and warrants as follows:

            5.1 Due Organization and Qualification. Borrower and each Subsidiary
is a corporation duly existing under the laws of its state of incorporation and
qualified and licensed to do business in any state in which the conduct of its
business or its ownership of property requires that it be so qualified.

            5.2 Due Authorization; No Conflict. The execution, delivery, and
performance of the Loan Documents are within Borrower's powers, have been duly
authorized, and are not in conflict with nor constitute a breach of any
provision contained in Borrower's Certificate of Incorporation or Bylaws, nor
will they constitute an event of default under any material agreement to which
Borrower is a party or by which Borrower is bound. Borrower is not in default
under any material agreement to which it is a party or by which it is bound.

            5.3 No Prior Encumbrances. Borrower has good and marketable title
to, or valid, subsisting and enforceable leasehold interests in, or valid
licenses or right to use, all its property, free and clear of Liens, except for
Permitted Liens (provided that certain license agreements contain provisions
that restrict an encumbrance on, or assignment of, Borrower's rights as licensee
thereunder).

            5.4 Bona Fide Accounts. The Accounts are bona fide existing
obligations. The property and services giving rise to such Accounts has been
delivered or rendered to the account debtor or to the account debtor's agent for
immediate and unconditional acceptance by the account debtor.

            5.5 Merchantable Inventory. All Inventory is in all material
respects of good and marketable quality, free from all material defects, except
for Inventory for which adequate reserves have been made.

            5.6 Intellectual Property. Except as set forth in the Schedule,
Borrower is the sole owner of its patents, trademarks, copyrights, and other
intellectual property, except for non-exclusive licenses granted by Borrower in
the ordinary course of business. Each of Borrower's patents is valid and
enforceable, and no part of its intellectual property has been judged invalid or
unenforceable, in whole or in part, and no claim has been made that any part of
its intellectual property violates the rights of any third party.

            5.7 Name; Location of Chief Executive Office. Except as disclosed in
the Schedule, Borrower has not done business under any name other than that
specified on the signature page hereof. The chief executive office of Borrower
is located at 5 Sylvan Way, Suite 200, Parsippany, NJ 07054. Except as disclosed
in the Schedule, all Borrower's Inventory and Equipment is located only at the
location set forth in Section 10 hereof.

            5.8 Litigation. Except as set forth in the Schedule, there are no
actions or proceedings pending by or against Borrower or any Subsidiary before
any court or administrative agency in which an adverse decision could have a
Material Adverse Effect.

            5.9 No Material Adverse Change in Financial Statements. All
consolidated financial statements related to Borrower and any Subsidiary that
Bank has received from Borrower fairly present in all material respects
Borrower's consolidated financial condition as of the date thereof and
Borrower's consolidated results of operations for the period then ended. There
has not been a material adverse change in the consolidated financial condition
of Borrower since the date of the most recent of such financial statements
submitted to Bank.

                                       9
<PAGE>
            5.10 Solvency, Payment of Debts. Borrower is solvent and able to pay
its debts (including trade debts) as they mature.

            5.11 Regulatory Compliance. Borrower and each Subsidiary have met
the minimum funding requirements of ERISA with respect to any employee benefit
plans subject to ERISA, and no event has occurred resulting from Borrower's
failure to comply with ERISA that could result in Borrower's incurring any
material liability. Borrower is not an "investment company" or a company
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940. Borrower is not engaged principally, or as one of the
important activities, in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulations T and U
of the Board of Governors of the Federal Reserve System). Borrower has complied
with all the provisions of the Federal Fair Labor Standards Act. Borrower has
not violated any statutes, laws, ordinances or rules applicable to it, violation
of which could have a Material Adverse Effect.

            5.12 Environmental Condition. Except as disclosed in the Schedule,
none of Borrower's or any Subsidiary's properties or assets has ever been used
by Borrower or any Subsidiary or, to the best of Borrower's knowledge, by
previous owners or operators, in the disposal of, or to produce, store, handle,
treat, release, or transport, any hazardous waste or hazardous substance other
than in accordance with applicable law; to the best of Borrower's knowledge,
none of Borrower's properties or assets has ever been designated or identified
in any manner pursuant to any environmental protection statute as a hazardous
waste or hazardous substance disposal site, or a candidate for closure pursuant
to any environmental protection statute; no lien arising under any environmental
protection statute has attached to any revenues or to any real or personal
property owned by Borrower or any Subsidiary; and neither Borrower nor any
Subsidiary has received a summons, citation, notice, or directive from the
Environmental Protection Agency or any other federal, state or other
governmental agency concerning any action or omission by Borrower or any
Subsidiary resulting in the releasing, or otherwise disposing of hazardous waste
or hazardous substances into the environment.

            5.13 Taxes. Borrower and each Subsidiary have filed or caused to be
filed all tax returns required to be filed, and have paid, or have made adequate
provision for the payment of, all taxes reflected therein, except taxes (a)
being contested in good faith, or (b) to the extent failure to do so could not
reasonably be expected to have a Material Adverse Effect.

            5.14 Subsidiaries. Borrower does not own any stock, partnership
interest or other equity securities of any Person, except for Permitted
Investments.

            5.15 Government Consents. Borrower and each Subsidiary have obtained
all consents, approvals and authorizations of, made all declarations or filings
with, and given all notices to, all governmental authorities that are necessary
for the continued operation of Borrower's business as currently conducted, the
failure to obtain which could have a Material Adverse Effect.

            5.16 Investment Accounts. Except as disclosed in the Schedule or as
permitted by Section 6.7 hereof, none of Borrower's nor any Subsidiary's
property is maintained or invested with a Person other than Bank or an Affiliate
of Bank.

            5.17 Full Disclosure. No representation, warranty or other statement
made by Borrower in any certificate or written statement furnished to Bank
contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained in such certificates or
statements not misleading.

      6. AFFIRMATIVE COVENANTS.

            Borrower covenants and agrees that, until payment in full of all
outstanding Obligations, and for so long as Bank may have any commitment to make
a Credit Extension hereunder, Borrower shall do all of the following:

                                       10
<PAGE>
            6.1 Good Standing. Borrower shall maintain its and each of its
Subsidiaries' corporate existence and good standing in its jurisdiction of
incorporation and maintain qualification in each jurisdiction in which it is
required under applicable law. Borrower shall maintain, and shall cause each of
its Subsidiaries to maintain, in force all licenses, approvals and agreements,
the loss of which could have a Material Adverse Effect.

            6.2 Government Compliance. Borrower shall meet, and shall cause each
Subsidiary to meet, the minimum funding requirements of ERISA with respect to
any employee benefit plans subject to ERISA. Borrower shall comply, and shall
cause each Subsidiary to comply, with all statutes, laws, ordinances and
government rules and regulations to which it is subject, noncompliance with
which could have a Material Adverse Effect, or a material adverse effect on the
Collateral or the priority of Bank's Lien on the Collateral.

            6.3 Financial Statements, Reports, Certificates. Borrower shall
deliver the following to Bank in each case at both the San Jose and Boston
addresses referenced in Section 10: (a) as soon as available, but in any event
within thirty (30) days after the end of each calendar month, a company prepared
consolidated balance sheet, income and cash flow statement covering Borrower's
consolidated operations during such period, prepared in accordance with GAAP,
consistently applied, in a form reasonably acceptable to Bank and certified by a
Responsible Officer; (b) as soon as available, but in any event within ninety
(90) days after the end of Borrower's fiscal year, audited consolidated
financial statements of Borrower prepared in accordance with GAAP, consistently
applied, together with an unqualified opinion on such financial statements of an
independent certified public accounting firm reasonably acceptable to Bank,
including a Management Letter from such approved accounting firm, when and if
issued, and a budget for the fiscal year beginning following the period reviewed
by such financial statements; (c) if applicable, copies of all statements,
reports and notices sent or made available generally by Borrower to its security
holders or to any holders of Subordinated Debt and all reports on Forms 10-K and
10-Q filed with the Securities and Exchange Commission; (d) promptly upon
receipt of notice thereof, a report of any legal actions pending or threatened
in writing against Borrower or any Subsidiary that could reasonably be expected
to result in damages or costs to Borrower or any Subsidiary of Two Hundred
Thousand Dollars ($200,000) or more; and (e) such additional annual budgets,
operating plans or other financial information as Bank may reasonably request
which are from time to time generally prepared by Borrower in the ordinary
course of business.

      Borrower shall deliver to Bank with the monthly and annual financial
statements and other required documents described above a Compliance Certificate
signed by a Responsible Officer in substantially the form of Exhibit C hereto.

            6.4 Inventory; Returns. Borrower shall keep all Inventory in good
and marketable condition, free from all material defects except for Inventory
for which adequate reserves have been made. Returns and allowances, if any, as
between Borrower and its account debtors shall be on the same basis and in
accordance with the usual customary practices of Borrower, as they exist at the
time of the execution and delivery of this Agreement. Borrower shall promptly
notify Bank of all returns and recoveries and of all disputes and claims, where
the return, recovery, dispute or claim involves more than Fifty Thousand Dollars
($50,000).

            6.5 Taxes. Borrower shall make, and shall cause each Subsidiary to
make, due and timely payment or deposit of all material federal, state, and
local taxes, assessments, or contributions required of it by law, and will
execute and deliver to Bank, on demand, appropriate certificates attesting to
the payment or deposit thereof; and Borrower will make, and will cause each
Subsidiary to make, timely payment or deposit of all material tax payments and
withholding taxes required of it by applicable laws, including, but not limited
to, those laws concerning F.I.C.A., F.U.T.A., state disability, and local,
state, and federal income taxes, and will, upon request, furnish Bank with proof
satisfactory to Bank indicating that Borrower or a Subsidiary has made such
payments or deposits; provided that Borrower or a Subsidiary need not make any
payment if the amount or validity of such payment is contested in good faith by
appropriate proceedings and is reserved against (to the extent required by GAAP)
by Borrower.

            6.6 Insurance.

                  (a) Borrower, at its expense, shall keep the Collateral
insured against loss or damage by fire, theft, explosion, sprinklers, and all
other hazards and risks, and in such amounts, as ordinarily

                                       11
<PAGE>
insured against by other owners in similar businesses conducted in the locations
where Borrower's business is conducted on the date hereof. Borrower shall also
maintain insurance relating to Borrower's business and ownership and use of the
Collateral in amounts and of a type that are customary to businesses similar to
Borrower's.

                  (b) All such policies of insurance shall be in such form, with
such companies, and in such amounts as reasonably satisfactory to Bank. All such
policies of property insurance shall contain a lender's loss payable
endorsement, in a form satisfactory to Bank, showing Bank as an additional loss
payee thereof, and all liability insurance policies shall show the Bank as an
additional insured and shall specify that the insurer must give at least twenty
(20) days notice to Bank before canceling its policy for any reason, with the
exception of ten (10) days notice for non-payment of premium. Upon Bank's
request, Borrower shall deliver to Bank certified copies of such policies of
insurance and evidence of the payments of all premiums therefor. As long as an
Event of Default has not occurred and is continuing, Borrower may use all
proceeds payable under any such policy to the repair or replacement of property
that is lost or damaged, and Borrower shall pay any excess to Bank on account of
outstanding Obligations. After the occurrence and during the continuance of an
Event of Default, all such insurance proceeds shall, at the option of Bank, be
payable to Bank to be applied on account of the Obligations.

            6.7 Principal Depository. Within sixty (60) days of the Closing
Date, Borrower shall maintain and shall cause each of its Subsidiaries located
in the United States to maintain its primary depository (other than the lockbox
account maintained with J.P. Morgan Chase), operating and investment accounts
with Bank and/or Comerica Securities, Inc, except that Borrower may keep up to
$2,000,000 (and any amounts in excess of $40,000,000) in one or more accounts
with one or more financial institutions disclosed to Bank in writing.

            6.8 Liquidity. Borrower shall maintain at all times and shall report
to Bank monthly a balance of unrestricted cash and cash equivalents at Bank that
is at least equal to the greater of (i) $20,000,000 or (ii) the amount of
Borrower's preceding six (6) months Cash Burn (such Cash Burn to be calculated
based on the average trailing three (3) month Cash Burn). "Cash Burn" means the
change in Borrower's cash during the applicable period of measurement, net of
changes in financial debt, new issuances of stock, paid-in capital and minority
interests.

            6.9 Adjusted Quick Ratio. Borrower shall maintain, as of the last
day of each calendar month, a ratio of Quick Assets to Current Liabilities of
more than 1.15 to 1.00.

            6.10 Minimum Revenue. Borrower shall have revenue for each month
measured on a trailing three month basis that is at least equal to eighty
percent (80%) of the revenue projected for such period in the projections
attached hereto as Exhibit D.

            6.11 Further Assurances. At any time and from time to time Borrower
shall execute and deliver such further instruments and take such further action
as may reasonably be requested by Bank to effect the purposes of this Agreement.

      7. NEGATIVE COVENANTS.

            Borrower covenants and agrees that, so long as any credit hereunder
shall be available and until payment in full of the outstanding Obligations or
for so long as Bank may have any commitment to make any Credit Extensions,
Borrower will not do any of the following without Bank's prior written consent
(which, as to Sections 7.1, 7.2 and 7.8, shall not be unreasonably withheld):

            7.1 Dispositions. Convey, sell, lease, transfer or otherwise dispose
of (collectively, a "Transfer"), or permit any of its Subsidiaries to Transfer,
all or any part of its business or property without the Bank's prior written
consent, other than: (i) Transfers of Inventory in the ordinary course of
business; (ii) Transfers of non-exclusive licenses and similar arrangements for
the use of the property of Borrower or its Subsidiaries in the ordinary course
of business; (iii) Transfers of worn-out or obsolete Equipment which was not
financed by Bank; (iv) Transfers in the form of sublicenses of Borrower's
products in the ordinary course of business; and (v) Transfers made in
accordance with distribution agreements entered into in the ordinary course of
business.

                                       12
<PAGE>
            7.2 Change in Business; Change in Control or Executive Office.
Engage in any business, or permit any of its Subsidiaries to engage in any
business, other than the businesses currently engaged in by Borrower and any
business substantially similar or related thereto (or incidental thereto); or
cease to conduct business in the manner conducted by Borrower; or suffer or
permit a Change in Control; or relocate its chief executive office or state of
incorporation without thirty (30) days prior written notification to Bank.
Borrower will not change the date on which its fiscal year ends without Bank's
prior written consent.

            7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of
its Subsidiaries to merge or consolidate, with or into any other business
organization, or acquire, or permit any of its Subsidiaries to acquire, all or
substantially all of the capital stock or property of another Person.

            7.4 Indebtedness. Create, incur, assume or be or remain liable with
respect to any Indebtedness, or permit any Subsidiary so to do, other than
Permitted Indebtedness.

            7.5 Encumbrances. Create, incur, assume or suffer to exist any Lien
with respect to any of its property, or assign or otherwise convey any right to
receive income, including the sale of any Accounts, or permit any of its
Subsidiaries so to do, except for Permitted Liens (provided that Borrower may
enter into license agreements that contain provisions that restrict an
encumbrance on, or assignment of, Borrower's rights as licensee thereunder).

            7.6 Distributions. Pay any dividends or make any other distribution
or payment on account of or in redemption, retirement or purchase of any capital
stock, or permit any of its Subsidiaries to do so, except that Borrower may
repurchase the stock of former employees pursuant to stock repurchase agreements
as long as an Event of Default does not exist prior to such repurchase or would
not exist after giving effect to such repurchase, or suffer or permit any
Subsidiary to be a party to, or be bound by, an agreement that restricts such
Subsidiary from paying dividends or otherwise distributing property to Borrower.

            7.7 Investments. Directly or indirectly acquire or own, or make any
Investment in or to any Person, or permit any of its Subsidiaries so to do,
other than Permitted Investments; or maintain or except as permitted by Section
6.7 invest any of its property with a Person other than Bank or permit any of
its Subsidiaries to do so, unless such Person has entered into an account
control agreement with Bank, in form and substance satisfactory to Bank.

            7.8 Transactions with Affiliates. Directly or indirectly enter into
or permit to exist any material transaction with any Affiliate of Borrower
except for transactions that are in the ordinary course of Borrower's business,
upon fair and reasonable terms that are no less favorable to Borrower than would
be obtained in an arm's length transaction with a non-affiliated Person.

            7.9 Subordinated Debt. Make any payment in respect of any
Subordinated Debt, or permit any of its Subsidiaries to make any such payment,
except in compliance with the terms of such Subordinated Debt, or amend any
provision contained in any documentation relating to the Subordinated Debt
without Bank's prior written consent.

            7.10 Inventory and Equipment. At any time sixty (60) days after the
Closing Date, store Inventory or Equipment (other than portable computers and
related Equipment) with a value of more than $100,000 (i) at a location other
than the location set forth in Section 10 of this Agreement, or at Borrower's
principal place of business, or as disclosed in the Schedule or (ii) with a
bailee, warehouseman, or other third party (with the exception of landlords of
office space) unless the third party has been notified of Bank's security
interest and Bank (a) has received an acknowledgment from the third party that
it is holding or will hold the Inventory or Equipment for Bank's benefit or (b)
is in pledge possession of the warehouse receipt, where negotiable, covering
such Inventory or Equipment.

            7.11 Compliance. Become an "investment company" or be controlled by
an "investment company," within the meaning of the Investment Company Act of
1940, or become principally engaged in, or undertake as one of its important
activities, the business of extending credit for the purpose of purchasing or

                                       13
<PAGE>
carrying margin stock, or use the proceeds of any Credit Extension for such
purpose. Fail to meet the minimum funding requirements of ERISA, permit a
Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail
to comply with the Federal Fair Labor Standards Act or violate any law or
regulation, which violation could have a Material Adverse Effect, or a material
adverse effect on the Collateral or the priority of Bank's Lien on the
Collateral, or permit any of its Subsidiaries to do any of the foregoing.

            7.12 Negative Pledge Agreements. Permit the inclusion in any
contract to which it or a Subsidiary becomes a party of any provisions that
could restrict or invalidate the creation of a security interest in any of
Borrower's or such Subsidiary's property (provided that Borrower may enter into
license agreements that contain provisions that restrict an encumbrance on, or
assignment of, Borrower's rights as licensee thereunder).

      8. EVENTS OF DEFAULT.

            Any one or more of the following events shall constitute an Event of
Default by Borrower under this Agreement:

            8.1 Payment Default. If Borrower fails to pay, within two (2) days
of when due, any of the Obligations;

            8.2 Covenant Default. If Borrower fails to perform any obligation
under Article 6 or violates any of the covenants contained in Article 7 of this
Agreement, or fails or neglects to perform, keep, or observe any other material
term, provision, condition, covenant, or agreement contained in this Agreement,
in any of the Loan Documents, or in any other present or future agreement
between Borrower and Bank and as to any default under such other term,
provision, condition, covenant or agreement that can be cured, has failed to
cure such default within fifteen (15) days after Borrower receives notice
thereof or any officer of Borrower becomes aware thereof; provided, however,
that if the default cannot by its nature be cured within the fifteen (15) day
period or cannot after diligent attempts by Borrower be cured within such
fifteen (15) day period, and such default is likely to be cured within a
reasonable time, then Borrower shall have an additional reasonable period (which
shall not in any case exceed thirty (30) additional days) to attempt to cure
such default, and within such reasonable time period the failure to have cured
such default shall not be deemed an Event of Default (provided that no Credit
Extensions will be required to be made during such cure period);

            8.3 Material Adverse Effect. If there occurs any circumstance or
circumstances are reasonably likely to have a Material Adverse Effect;

            8.4 Attachment. If any material portion of Borrower's assets is
attached, seized, subjected to a writ or distress warrant, or is levied upon, or
comes into the possession of any trustee, receiver or person acting in a similar
capacity and such attachment, seizure, writ or distress warrant or levy has not
been removed, discharged or rescinded within twenty (20) days, or if Borrower is
enjoined, restrained, or in any way prevented by court order from continuing to
conduct all or any material part of its business affairs, or if a judgment or
other claim becomes a lien or encumbrance upon any material portion of
Borrower's assets, or if a notice of lien, levy, or assessment is filed of
record with respect to any of Borrower's assets by the United States Government,
or any department, agency, or instrumentality thereof, or by any state, county,
municipal, or governmental agency, and the same is not paid within twenty (20)
days after Borrower receives notice thereof, provided that none of the foregoing
shall constitute an Event of Default where such action or event is stayed or an
adequate bond has been posted pending a good faith contest by Borrower (provided
that no Credit Extensions will be required to be made during such cure period);

            8.5 Insolvency. If Borrower becomes insolvent, or if an Insolvency
Proceeding with respect to Borrower is commenced by Borrower, or if an
Insolvency Proceeding is commenced against Borrower and is not dismissed or
stayed within sixty (60) days (provided that no Credit Extensions will be made
prior to the dismissal of such Insolvency Proceeding);

            8.6 Other Agreements. If there is a default or other failure to
perform in any agreement to which Borrower is a party or by which it is bound
resulting in a right by a third party or parties, whether or not

                                       14
<PAGE>
exercised, to accelerate the maturity of any Indebtedness in an amount in excess
of Two Hundred Thousand Dollars ($200,000); or which could reasonably be
expected to have a Material Adverse Effect;

            8.7 Subordinated Debt. If Borrower makes any payment on account of
Subordinated Debt, except to the extent such payment is allowed under any
subordination agreement entered into with Bank;

            8.8 Judgments. If a judgment or judgments for the payment of money
in an amount, individually or in the aggregate, of at least Two Hundred Thousand
Dollars ($200,000) shall be rendered against Borrower and shall remain
unsatisfied and unstayed for a period of twenty (20) days (provided that no
Credit Extensions will be made prior to the satisfaction or stay of such
judgment); or

            8.9 Misrepresentations. If Borrower makes any material
misrepresentation or material misstatement now or hereafter in any warranty or
representation or in any certificate delivered to Bank by any Responsible
Officer pursuant to this Agreement or to induce Bank to enter into this
Agreement or any other Loan Document.

            8.10 Guaranty. If any guaranty of all or a portion of the
Obligations (a "Guaranty) ceases for any reason to be in full force and effect,
or any guarantor fails to perform any obligation under any Guaranty or a
security agreement securing any Guaranty (collectively, the "Guaranty
Documents"), or any event of default occurs under any Guaranty Document or any
guarantor revokes or purports to revoke a Guaranty, or any material
misrepresentation or material misstatement exists now or hereafter in any
warranty or representation set forth in any Guaranty Document or in any
certificate delivered to Bank in connection with any Guaranty Document, or if
any of the circumstances described in Sections 8.3 through 8.8 occur with
respect to any guarantor or any guarantor dies or becomes subject to any
criminal prosecution, or any circumstances arise causing Bank, in good faith, to
become insecure as to the satisfaction of any of any guarantor's obligations
under the Guaranty Documents

            8.11 Right to Cure. Notwithstanding the other provisions of this
Article 8, an Event of Default will not exist (and covenant non-compliance shall
be deemed not to exist) for Borrower's failure to comply with any of Sections
6.8, 6.9 or 6.10 as long as no Credit Extensions are then outstanding or if
Borrower pays Bank all amounts owing hereunder within five days of the date of
such noncompliance, provided no Credit Extensions may be requested until
Borrower is in compliance with such sections.

      9. BANK'S RIGHTS AND REMEDIES.

            9.1 Rights and Remedies. Upon the occurrence and during the
continuance of an Event of Default, Bank may, at its election, without notice of
its election and without demand, do any one or more of the following, all of
which are authorized by Borrower:

                  (a) Declare all Obligations, whether evidenced by this
Agreement, by any of the other Loan Documents, or otherwise, immediately due and
payable (provided that upon the occurrence of an Event of Default described in
Section 8.5, all Obligations shall become immediately due and payable without
any action by Bank);

                  (b) Cease advancing money or extending credit to or for the
benefit of Borrower under this Agreement or under any other agreement between
Borrower and Bank;

                  (c) Settle or adjust disputes and claims directly with account
debtors for amounts, upon terms and in whatever order that Bank reasonably
considers advisable;

                  (d) Make such payments and do such acts as Bank considers
necessary or reasonable to protect its security interest in the Collateral.
Borrower agrees to assemble the Collateral if Bank so requires, and to make the
Collateral available to Bank as Bank may designate. Borrower authorizes Bank to
enter the premises where the Collateral is located, to take and maintain
possession of the Collateral, or any part of it, and to pay, purchase, contest,
or compromise any encumbrance, charge, or lien which in Bank's determination
appears to be prior or superior to its security interest and to pay all expenses
incurred in connection therewith. With respect

                                       15
<PAGE>
to any of Borrower's owned premises, Borrower hereby grants Bank a license to
enter into possession of such premises and to occupy the same, without charge,
in order to exercise any of Bank's rights or remedies provided herein, at law,
in equity, or otherwise;

                  (e) Set off and apply to the Obligations any and all (i)
balances and deposits of Borrower held by Bank, or (ii) indebtedness at any time
owing to or for the credit or the account of Borrower held by Bank;

                  (f) Ship, reclaim, recover, store, finish, maintain, repair,
prepare for sale, advertise for sale, and sell (in the manner provided for
herein) the Collateral. Bank is hereby granted a non-exclusive license or other
right, solely pursuant to the provisions of this Section 9.1, to use, without
charge, Borrower's labels, patents, copyrights, rights of use of any name, trade
secrets, trade names, trademarks, service marks, and advertising matter, or any
property of a similar nature, as it pertains to the Collateral, in completing
production of, advertising for sale, and selling any Collateral and, in
connection with Bank's exercise of its rights under this Section 9.1, Borrower's
rights under all licenses and all franchise agreements shall inure to Bank's
benefit;

                  (g) Exercise its rights as a secured creditor under the
applicable Uniform Commercial Code to dispose of the Collateral by way of one or
more contracts or transactions, for cash or on terms, in such manner and at such
places (including Borrower's premises) as is commercially reasonable, and apply
any proceeds to the Obligations in whatever manner or order Bank deems
appropriate;

                  (h) Bank may credit bid and purchase at any public sale; and

                  (i) Any deficiency that exists after disposition of the
Collateral as provided above will be paid immediately by Borrower.

            9.2 Power of Attorney. Effective only upon the occurrence and during
the continuance of an Event of Default, Borrower hereby irrevocably appoints
Bank (and any of Bank's designated officers, or employees) as Borrower's true
and lawful attorney to: (a) send requests for verification of Accounts or notify
account debtors of Bank's security interest in the Accounts; (b) endorse
Borrower's name on any checks or other forms of payment or security that may
come into Bank's possession; (c) sign Borrower's name on any invoice or bill of
lading relating to any Account, drafts against account debtors, schedules and
assignments of Accounts, verifications of Accounts, and notices to account
debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims
under and decisions with respect to Borrower's policies of insurance; (f) settle
and adjust disputes and claims respecting the accounts directly with account
debtors, for amounts and upon terms which Bank determines to be reasonable; and
(g) to file, in its sole discretion, one or more financing or continuation
statements and amendments thereto, relative to any of the Collateral without the
signature of Borrower where permitted by law; provided Bank may exercise such
power of attorney to sign the name of Borrower on any of the documents described
in Section 4.2 regardless of whether an Event of Default has occurred. The
appointment of Bank as Borrower's attorney in fact, and each and every one of
Bank's rights and powers, being coupled with an interest, is irrevocable until
all of the Obligations have been fully repaid and performed and Bank's
obligation to provide Credit Extensions hereunder is terminated.

            9.3 Accounts Collection. After and during the continuation of an
Event of Default, Bank may notify any Person owing funds to Borrower of Bank's
security interest in such funds and verify the amount of such Account. Borrower
shall collect all amounts owing to Borrower for Bank, receive in trust all
payments as Bank's trustee, and immediately deliver such payments to Bank in
their original form as received from the account debtor, with proper
endorsements for deposit.

            9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish
any required proof of payment due to third persons or entities, as required
under the terms of this Agreement, then Bank may do any or all of the following
after reasonable notice to Borrower: (a) make payment of the same or any part
thereof; (b) set up such reserves under a loan facility in Section 2.1 as Bank
deems necessary to protect Bank from the exposure created by such failure; or
(c) obtain and maintain insurance policies of the type discussed in Section 6.6
of this Agreement, and take any action with respect to such policies as Bank
deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank
Expenses, shall be immediately due and payable, and shall bear interest at

                                       16
<PAGE>
the then applicable rate hereinabove provided, and shall be secured by the
Collateral. Any payments made by Bank shall not constitute an agreement by Bank
to make similar payments in the future or a waiver by Bank of any Event of
Default under this Agreement.

            9.5 Bank's Liability for Collateral. So long as Bank complies with
reasonable banking practices, Bank shall not in any way or manner be liable or
responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage
thereto occurring or arising in any manner or fashion from any cause; (c) any
diminution in the value thereof; or (d) any act or default of any carrier,
warehouseman, bailee, forwarding agency, or other person whomsoever. Subject to
the foregoing, all risk of loss, damage or destruction of the Collateral shall
be borne by Borrower.

            9.6 Remedies Cumulative. Bank's rights and remedies under this
Agreement, the Loan Documents, and all other agreements shall be cumulative.
Bank shall have all other rights and remedies not inconsistent herewith as
provided under the Code, by law, or in equity. No exercise by Bank of one right
or remedy shall be deemed an election, and no waiver by Bank of any Event of
Default on Borrower's part shall be deemed a continuing waiver. No delay by Bank
shall constitute a waiver, election, or acquiescence by it. No waiver by Bank
shall be effective unless made in a written document signed on behalf of Bank
and then shall be effective only in the specific instance and for the specific
purpose for which it was given.

            9.7 Demand; Protest. Borrower waives demand, protest, notice of
protest, notice of default or dishonor, notice of payment and nonpayment, notice
of any default, nonpayment at maturity, release, compromise, settlement,
extension, or renewal of accounts, documents, instruments, chattel paper, and
guarantees at any time held by Bank on which Borrower may in any way be liable.

      10. NOTICES.

            Unless otherwise provided in this Agreement, all notices or demands
by any party relating to this Agreement or any other agreement entered into in
connection herewith shall be in writing and (except for financial statements and
other informational documents which may be sent by first-class mail, postage
prepaid) shall be personally delivered or sent by a recognized overnight
delivery service, certified mail, postage prepaid, return receipt requested, or
by telefacsimile to Borrower or to Bank, as the case may be, at its addresses
set forth below:

      If to Borrower:            The Medicines Company
                                 One Cambridge Center
                                 Cambridge, MA  02142
                                 Attn: Peyton Marshall,
                                 Chief Financial Officer
                                 FAX: (617) 526-6397

      with a copy to:            Hale and Dorr LLP
                                 60 State Street
                                 Boston, MA  02109
                                 Attn: Stuart Falber, Esq.
                                 FAX: (617) 526-5000

      If to Bank:                Comerica Bank-California
                                 333 W. Santa Clara St.
                                 San Jose, CA  95113
                                 Attn: Corporate Banking Center

                                       17
<PAGE>
      with a copy to:            Comerica Bank-California
                                 100 Federal Street
                                 28th Floor
                                 Boston, MA 02110
                                 Attn: Ronald W. Homa,
                                 Vice President-Life Sciences Practice
                                 FAX: (617) 956-0557

      The parties hereto may change the address at which they are to receive
notices hereunder, by notice in writing in the foregoing manner given to the
other. Failure to deliver a copy of a notice or demand to any Person who is not
a party to this Agreement shall not invalidate a notice or demand otherwise
delivered to a party in accordance with this Agreement.

      11. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

            This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of California, without regard to principles
of conflicts of law. Each of Borrower and Bank hereby submits to the exclusive
jurisdiction of the state and Federal courts located in the County of Santa
Clara, State of California. BORROWER AND BANK EACH HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE
FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS
AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

      12. GENERAL PROVISIONS.

            12.1 Successors and Assigns. This Agreement shall bind and inure to
the benefit of the respective successors and permitted assigns of each of the
parties; provided, however, that neither this Agreement nor any rights hereunder
may be assigned by Borrower without Bank's prior written consent, which consent
may be granted or withheld in Bank's sole discretion. Bank shall have the right
without the consent of or notice to Borrower to sell, transfer, negotiate, or
grant participation in all or any part of, or any interest in, Bank's
obligations, rights and benefits hereunder but not to competitors of Borrower.

            12.2 Indemnification. Borrower shall defend, indemnify and hold
harmless Bank and its officers, employees, and agents against: (a) all
obligations, demands, claims, and liabilities claimed or asserted by any other
party in connection with the transactions contemplated by this Agreement; and
(b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank
as a result of or in any way arising out of, following, or consequential to
transactions between Bank and Borrower whether under this Agreement, or
otherwise (including without limitation reasonable attorneys' fees and
expenses), except for losses caused by Bank's gross negligence or willful
misconduct.

            12.3 Time of Essence. Time is of the essence for the performance of
all obligations set forth in this Agreement.

            12.4 Severability of Provisions. Each provision of this Agreement
shall be severable from every other provision of this Agreement for the purpose
of determining the legal enforceability of any specific provision.

            12.5 Amendments in Writing, Integration. Neither this Agreement nor
the Loan Documents can be amended or terminated orally. All prior agreements,
understandings, representations, warranties, and

                                       18
<PAGE>
negotiations between the parties hereto with respect to the subject matter of
this Agreement and the Loan Documents, if any, are merged into this Agreement
and the Loan Documents.

            12.6 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, shall be deemed to be an original, and all of
which, when taken together, shall constitute but one and the same Agreement.

            12.7 Survival. All covenants, representations and warranties made in
this Agreement shall continue in full force and effect so long as any
Obligations remain outstanding or Bank has any obligation to make Credit
Extensions to Borrower. The obligations of Borrower to indemnify Bank with
respect to the expenses, damages, losses, costs and liabilities described in
Section 12.2 shall survive until all applicable statute of limitations periods
with respect to actions that may be brought against Bank have run.

            12.8 Confidentiality. In handling any confidential information Bank
and all employees and agents of Bank, including but not limited to accountants,
shall exercise the same degree of care that it exercises with respect to its own
proprietary information of the same types to maintain the confidentiality of any
non-public information thereby received or received pursuant to this Agreement
except that disclosure of such information may be made (i) to the subsidiaries
or affiliates of Bank in connection with their present or prospective business
relations with Borrower, provided that they have entered into a comparable
confidentiality agreement in favor of Borrower, (ii) to prospective transferees
or purchasers of any interest in the Loans, provided that they have entered into
a comparable confidentiality agreement in favor of Borrower, (iii) as required
by law, regulations, rule or order, subpoena, judicial order or similar order,
(iv) as may be required in connection with the examination, audit or similar
investigation of Bank and (v) as Bank may determine in connection with the
enforcement of any remedies hereunder. Confidential information hereunder shall
not include information that either: (a) is in the public domain or in the
knowledge or possession of Bank when disclosed to Bank, or becomes part of the
public domain after disclosure to Bank through no fault of Bank; or (b) is
disclosed to Bank by a third party, provided Bank does not have actual knowledge
that such third party is prohibited from disclosing such information.

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

                            THE MEDICINES COMPANY

                            By: /s/ Peyton J. Marshall
                                -------------------------------------

                            Title: Peyton J. Marshall, Chief Financial Officer

                            COMERICA BANK - CALIFORNIA

                            By: /s/ Ron Homa
                                -------------------------------------
                            Title: Vice President

                                       19
<PAGE>
DEBTOR              THE MEDICINES COMPANY

SECURED PARTY:      COMERICA BANK - CALIFORNIA

                                    EXHIBIT A

                        COLLATERAL DESCRIPTION ATTACHMENT
                         TO LOAN AND SECURITY AGREEMENT

            All personal property of Borrower (herein referred to as "Borrower"
or "Debtor") whether presently existing or hereafter created or acquired, and
wherever located, including, but not limited to:

            (a) all accounts (including health-care-insurance receivables),
chattel paper (including tangible and electronic chattel paper), deposit
accounts, documents (including negotiable documents), equipment (including all
accessions and additions thereto), general intangibles, goods (including
fixtures), instruments (including promissory notes), inventory (including all
goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), financial assets, investment property
(including securities and securities entitlements), letter of credit rights,
money, and all of Debtor's books and records with respect to any of the
foregoing, and the computers and equipment containing said books and records;
and

            (b) any and all cash proceeds and/or noncash proceeds of any of the
foregoing, including, without limitation, insurance proceeds, and all supporting
obligations and the security therefor or for any right to payment. All terms
above have the meanings given to them in the California Uniform Commercial Code,
as amended or supplemented from time to time, including revised Division 9 of
the Uniform Commercial Code-Secured Transactions, added by Stats. 1999, c.991
(S.B. 45), Section 35, operative July 1, 2001.

<PAGE>
                                    EXHIBIT B

                   LOAN PAYMENT/ADVANCE TELEPHONE REQUEST FORM

           DEADLINE FOR SAME DAY PROCESSING IS 3:30 P.M., EASTERN TIME

TO: TECHNOLOGY AND LIFE SCIENCES DIVISION                   DATE:  _____________

FAX #: 650-846-6840  Attn:  Compliance                      TIME:  _____________

FROM: THE MEDICINES COMPANY
     ---------------------------------------------------------------------------
                             CLIENT NAME (BORROWER)
REQUESTED BY:
             -------------------------------------------------------------------
                            AUTHORIZED SIGNER'S NAME

AUTHORIZED SIGNATURE:
                     -----------------------------------------------------------

PHONE NUMBER:
             -------------------------------------------------------------------

FROM ACCOUNT #                            TO ACCOUNT #
              -----------------------                 --------------------------

<TABLE>
<CAPTION>
REQUESTED TRANSACTION TYPE                 REQUEST DOLLAR AMOUNT
--------------------------                 ---------------------
<S>                                        <C>
                                           $____________________________________
PRINCIPAL INCREASE (ADVANCE)               $____________________________________
PRINCIPAL PAYMENT (ONLY)                   $____________________________________
INTEREST PAYMENT (ONLY)                    $____________________________________
PRINCIPAL AND INTEREST (PAYMENT)           $____________________________________
</TABLE>

OTHER INSTRUCTIONS:
                   -------------------------------------------------------------

--------------------------------------------------------------------------------

      All representations and warranties of Borrower stated in the Loan and
Security Agreement are true, correct and complete in all material respects as of
the date of the telephone request for an Advance confirmed by this
Payment/Advance form; provided, however, that those representations and
warranties expressly referring to another date shall be true, correct and
complete in all material respects as of such date.

                                  BANK USE ONLY

TELEPHONE REQUEST:

The following person is authorized to request the loan payment transfer/loan
advance on the advance designated account and is known to me.

---------------------------------------------------      -----------------------
            Authorized Requester                                  Phone #

---------------------------------------------------      -----------------------
             Received By (Bank)                                    Phone #

                  ---------------------------------------------
                           Authorized Signature (Bank)

<PAGE>
                                    EXHIBIT C

                             COMPLIANCE CERTIFICATE

TO:      COMERICA BANK - CALIFORNIA

FROM:    THE MEDICINES COMPANY

      The undersigned authorized officer of THE MEDICINES COMPANY hereby
certifies that in accordance with the terms and conditions of the Loan and
Security Agreement between Borrower and Bank (the "Agreement"), (i) Borrower is
in complete compliance for the period ending _______________ with all required
covenants except as noted below and (ii) all representations and warranties of
Borrower stated in the Agreement are true and correct as of the date hereof.
Attached herewith are the required documents supporting the above certification.
The Officer further certifies that these are prepared in accordance with
Generally Accepted Accounting Principles (GAAP) and are consistently applied
from one period to the next except as explained in an accompanying letter or
footnotes.

 PLEASE INDICATE COMPLIANCE STATUS BY CIRCLING YES/NO UNDER "COMPLIES" COLUMN.

<TABLE>
<CAPTION>
        REPORTING COVENANT                               REQUIRED                                     COMPLIES
        ------------------                               --------                                     --------
<S>                                                      <C>                                       <C>        <C>
        Monthly financial statements                     Monthly within 30 days                    Yes        No
        Annual (CPA Audited)                             FYE within 90 days                        Yes        No
        Management Letter from Borrower's CPA firm       FYE within 90 days                        Yes        No
        Annual Budget                                    FYE within 90 days                        Yes        No
        10K and 10Q                                      (as applicable)                           Yes        No
</TABLE>

<TABLE>
<CAPTION>
        FINANCIAL COVENANT                               REQUIRED                 ACTUAL             COMPLIES
        ------------------                               --------                 ------             --------
<S>                                                      <C>                      <C>              <C>        <C>
            Liquidity (Continuous)                       *                                         Yes        No
            Adjusted Quick Ratio (Monthly)               1.15 : 1.00              ____ : 1.00      Yes        No

            Revenue (Trailing 3 month period)            **                                        Yes        No
</TABLE>

            * Unrestricted cash equal to greater of (i) $20,000,000 or 6 months
            Cash Burn.

            ** Revenue for each three month period (measured monthly on trailing
            3 month basis) at least equal to 80% of revenue projected for such
            period.

COMMENTS REGARDING EXCEPTIONS: See Attached.

Sincerely,

________________________________________________________________________________
SIGNATURE

________________________________________________________________________________
TITLE

________________________________________________________________________________
DATE

BANK USE ONLY

Received by:____________________________________________________________________
                                AUTHORIZED SIGNER

Date:___________________________________________________________________________

Verified:_______________________________________________________________________
                                AUTHORIZED SIGNER

Date:___________________________________________________________________________

Compliance Status                            Yes          No

<PAGE>
                                    EXHIBIT D

                          BORROWER'S PROJECTED REVENUES

<TABLE>
<CAPTION>
                             Dec-01     Jan-02     Feb-02     Mar-02     Apr-02      May-02      June-02
                             ------     ------     ------     ------     ------      ------      -------
<S>                          <C>        <C>        <C>        <C>        <C>         <C>         <C>
Projected Monthly            [**]       [**]       [**]       [**]       [**]        [**]        [**]
Revenues
</TABLE>

<TABLE>
<CAPTION>
                             Jul-02     Aug-02     Sep-02     Oct-02     Nov-02      Dec-02
                             ------     ------     ------     ------     ------      ------
<S>                          <C>        <C>        <C>        <C>        <C>         <C>
Projected Monthly            [**]       [**]       [**]       [**]       [**]        [**]
Revenues
</TABLE>

<PAGE>

                                    AMENDMENT
                                       TO
                           LOAN AND SECURITY AGREEMENT

     This Amendment to Loan and Security Agreement is entered into as of May 1,
2002 (the "Amendment"), by and between COMERICA BANK-CALIFORNIA ("Bank") and THE
MEDICINES COMPANY ("Borrower").

                                    RECITALS

     Borrower and Bank are parties to that certain Loan and Security Agreement
dated as of March 26, 2002, as amended (the "Agreement"). The parties desire to
amend the Agreement in accordance with the terms of this Amendment.

          NOW, THEREFORE, the parties agree as follows:

     1.   Sections 6.7 and 6.8 of the Agreement are amended to read as follows:

               6.7 Principal Depository. Within sixty (60) days of the Closing
          Date, Borrower shall maintain and shall cause each of its Subsidiaries
          located in the United States to maintain its primary depository (other
          than the lockbox account maintained with JP Morgan Chase), operating
          and investment accounts with Munder Capital, Comerica Incorporated,
          Bank and/or Comerica Securities, Inc., except that Borrower may keep
          up to $2,000,000 (and any amounts in excess of $40,000,000) in one or
          more accounts with one or more financial institutions disclosed to
          Bank in writing.

               6.8 Liquidity. Borrower shall maintain at all times and shall
          report to Bank monthly a balance of unrestricted cash, cash
          equivalents, available for sale securities and associated accrued
          interest (such that any such investments satisfy Borrower's investment
          policy approved by Borrower's audit committee and provided to Bank)
          that is at least equal to the greater of (i) $20,000,000 or (ii) the
          amount of Borrower's preceding six (6) months Cash Burn (such Cash
          Burn to be calculated based on the average trailing three (3) month
          Cash Burn). "Cash Burn" means the change in Borrower's cash during the
          applicable period of measurement, net of changes in financial debt,
          new issuances of stock, paid-in capital and minority interests.

     2. Unless otherwise defined, all initially capitalized terms in this
Amendment shall be as defined in the Agreement. The Agreement, as amended
hereby, shall be and remain in full force and effect in accordance with its
respective terms and hereby is ratified and confirmed in all respects. Except as
expressly set forth herein, the execution, delivery, and performance of this
Amendment shall not operate as a waiver of, or as an amendment of, any right,
power, or remedy of Bank under the Agreement, as in effect prior to the date
hereof. Borrower ratifies and reaffirms the continuing effectiveness of all
instruments, documents and agreements entered into in connection with the
Agreement.

     3. Borrower represents and warrants that the Representations and Warranties
contained in the Agreement are true and correct as of the date of this
Amendment, and that no Event of Default has occurred and is continuing.

     4. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one instrument.

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
first date above written.

THE MEDICINES COMPANY                                COMERICA BANK-CALIFORNIA

By: /s/ Steven H. Koehler                            By: /s/ Ron Homa
    ---------------------------------------------        -----------------------

Title: Vice President and Chief Financial Officer    Title: Vice President
       ------------------------------------------           --------------------

                                       1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]