Document:

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                                                                   EXHIBIT 10.48

                                     FORM OF
                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
February 10, 2000 by and among (i) La Jolla Pharmaceutical Company, a Delaware
corporation (the "Company"), (ii) each person listed on Exhibit A attached
hereto (collectively, the "Initial Investors" and each individually, an "Initial
Investor"), and (iii) each person or entity that subsequently becomes a party to
this Agreement pursuant to, and in accordance with, the provisions of Section 12
hereof (collectively, the "Investor Permitted Transferees" and each individually
an "Investor Permitted Transferee").

         WHEREAS, the Company has agreed to issue and sell to the Initial
Investors, and the Initial Investors have agreed to purchase from the Company,
4,040,000 shares (the "Purchased Shares") of the Company's common stock, $0.01
par value per share (the "Common Stock"), all upon the terms and conditions set
forth in that certain Stock Purchase Agreement, dated of even date herewith,
between the Company and the Initial Investors (the "Stock Purchase Agreement");
and

         WHEREAS, the terms of the Stock Purchase Agreement provide that it
shall be a condition precedent to the closing of the transactions thereunder,
for the Company and the Initial Investors to execute and deliver this Agreement.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the parties hereto hereby agree as follows:

         1.       DEFINITIONS. The following terms shall have the meanings
provided therefor below or elsewhere in this Agreement as described below:

         "Board" shall mean the board of directors of the Company.

         "Closing" shall have the meaning ascribed to such term in the Stock
Purchase Agreement.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and all of the rules and regulations promulgated thereunder.

         "Investors" shall mean, collectively, the Initial Investors and the
Investor Permitted Transferees; provided, however, that the term "Investors"
shall not include any of the Initial Investors or any of the Investor Permitted
Transferees that ceases to own or hold any Purchased Shares.

         "Majority Holders" shall mean, at the relevant time of reference
thereto, those Investors holding and/or having the right to acquire, as the case
may be, more than fifty percent (50%) of the Registrable Shares held by all of
the Investors.

         "Qualifying Holder" shall have the meaning ascribed thereto in Section
12 hereof.

         "Registrable Shares" shall mean the Purchased Shares, provided,
however, such term shall not, after the Mandatory Registration Termination Date,
include any of the Purchased Shares that become or have become eligible for
resale pursuant to Rule 144 or pursuant to Regulation S.

         "Rule 144" shall mean Rule 144 promulgated under the Securities Act and
any successor or substitute rule, law or provision.

         "SEC" shall mean the Securities and Exchange Commission.

         "Securities Act" shall mean the Securities Act of 1933, as amended, and
all of the rules and regulations promulgated thereunder.

         2.       EFFECTIVENESS; TERMINATION. This Agreement shall become
effective and legally binding only if the Closing occurs. This Agreement shall
terminate and be of no further force or

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                                      -2-

effect, automatically and without any action being required of any party hereto,
upon the termination of the Stock Purchase Agreement pursuant to Section 8
thereof.

         3.       MANDATORY REGISTRATION.

         (a)      Within ten (10) business days after the Closing, the Company
will prepare and file with the SEC a registration statement on Form S-3 for the
purpose of registering under the Securities Act all of the Registrable Shares
for resale by, and for the account of, the Investors as selling stockholders
thereunder (the "Registration Statement"). The Registration Statement shall
permit the Investors to offer and sell, on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act, any or all of the Registrable
Shares. The Company agrees to use reasonable efforts to cause the Registration
Statement to become effective as soon as practicable. The Company shall be
required to keep the Registration Statement effective until such date that is
the earlier of (i) the date when all of the Registrable Shares registered
thereunder shall have been sold or (ii) the second anniversary of the Closing,
subject to extension as set forth below (such date is referred to herein as the
"Mandatory Registration Termination Date"). Thereafter, the Company shall be
entitled to withdraw the Registration Statement and the Investors shall have no
further right to offer or sell any of the Registrable Shares pursuant to the
Registration Statement (or any prospectus relating thereto). In the event the
right of the selling Investors to use the Registration Statement (and the
prospectus relating thereto) is delayed or suspended pursuant to Sections 5(c)
or 11 hereof, the Company shall be required to extend the Mandatory Registration
Termination Date beyond the second anniversary of the Closing by the same number
of days as such delay or Suspension Period (as defined in Section 11 hereof).

         (b)      The offer and sale of the Registrable Shares pursuant to the
Registration Statement shall not be underwritten.

         4.       "PIGGYBACK" REGISTRATION RIGHTS.

                  (a)      If, at any time after the Mandatory Registration
Termination Date, the Company proposes to register any of its Common Stock under
the Securities Act, whether as a result of a primary or secondary offering of
Common Stock or pursuant to registration rights granted to holders of other
securities of the Company (but excluding in all cases any registrations to be
effected on Forms S-4 or S-8 or other applicable successor Forms), the Company
shall, each such time, give to the Investors holding Registrable Shares written
notice of its intent to do so. Upon the written request of any such Investor
given within 20 days after the giving of any such notice by the Company, the
Company shall use reasonable efforts to cause to be included in such
registration the Registrable Shares of such selling Investor, to the extent
requested to be registered; provided that (i) the number of Registrable Shares
proposed to be sold by such selling Investor is equal to at least seventy-five
percent (75%) of the total number of Registrable Shares then held by such
participating selling Investor, (ii) such selling Investor agrees to sell those
of its Registrable Shares to be included in such registration in the same manner
and on the same terms and conditions as the other shares of Common Stock which
the Company proposes to register, and (iii) if the registration is to include
shares of Common Stock to be sold for the account of the Company or any party
exercising demand registration rights pursuant to any other agreement with the
Company, the proposed managing underwriter does not advise the Company that in
its opinion the inclusion of such selling Investor's Registrable Shares (without
any reduction in the number of shares to be sold for the account of the Company
or such party exercising demand registration rights) is likely to affect
materially and adversely the success of the offering or the price that would be
received for any shares of Common Stock offered, in which case the rights of
such selling Investor shall be as provided in Section 4(b) hereof.

                  (b)      If a registration pursuant to Section 4(a) hereof
involves an underwritten offering and the managing underwriter shall advise the
Company in writing that, in its opinion, the number of shares of Common Stock
requested by the Investors to be included in such registration is likely to
affect materially and adversely the success of the offering or the price that
would be received for any shares of Common Stock offered in such offering, then,
notwithstanding anything in Section 4(a) to the contrary, the Company shall only
be required to include in such registration, to the extent of the number of
shares of Common Stock which the Company is so advised can be sold in such
offering, (i) first, the number of shares of Common Stock proposed to be
included in such registration for the account of the Company and/or any
stockholders of the Company (other than the Investors)

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                                       -3-

that have exercised demand registration rights, in accordance with the
priorities, if any, then existing among the Company and/or such stockholders of
the Company with registration rights (other than the Investors), and (ii)
second, the shares of Common Stock requested to be included in such registration
by all other stockholders of the Company who have piggyback registration rights
(including, without limitation, the Investors), pro rata among such other
stockholders (including, without limitation, the Investors) on the basis of the
number of shares of Common Stock that each of them requested to be included in
such registration.

                  (c)      In connection with any offering involving an
underwriting of shares, the Company shall not be required under Section 4 hereof
or otherwise to include the Registrable Shares of any Investor therein unless
such Investor accepts and agrees to the terms of the underwriting, which shall
be reasonable and customary, as agreed upon between the Company and the
underwriters selected by the Company.

         5.       OBLIGATIONS OF THE COMPANY. In connection with the Company's
obligation under Section 3 and 4 hereof to file the Registration Statement with
the SEC and to use its best efforts to cause the Registration Statement to
become effective as soon as practicable, the Company shall, as expeditiously as
reasonably possible:

                  (a)      Prepare and file with the SEC such amendments and
         supplements to the Registration Statement and the prospectus used in
         connection therewith as may be necessary to comply with the provisions
         of the Securities Act with respect to the disposition of all
         Registrable Shares covered by the Registration Statement;

                  (b)      Furnish to the selling Investors such number of
         copies of a prospectus, including a preliminary prospectus, in
         conformity with the requirements of the Securities Act, and such other
         documents (including, without limitation, prospectus amendments and
         supplements as are prepared by the Company in accordance with Section
         5(a) above) as the selling Investors may reasonably request in order to
         facilitate the disposition of such selling Investors' Registrable
         Shares;

                  (c)      Notify the selling Investors, at any time when a
         prospectus relating to the Registration Statement is required to be
         delivered under the Securities Act, of the happening of any event as a
         result of which the prospectus included in or relating to the
         Registration Statement contains an untrue statement of a material fact
         or omits any fact necessary to make the statements therein not
         misleading; and, thereafter, the Company will promptly prepare (and,
         when completed, give notice to each selling Investor) a supplement or
         amendment to such prospectus so that, as thereafter delivered to the
         purchasers of such Registrable Shares, such prospectus will not contain
         an untrue statement of a material fact or omit to state any fact
         necessary to make the statements therein not misleading; provided that
         upon such notification by the Company, the selling Investors will not
         offer or sell Registrable Shares until the Company has notified the
         selling Investors that it has prepared a supplement or amendment to
         such prospectus and delivered copies of such supplement or amendment to
         the selling Investors (it being understood and agreed by the Company
         that the foregoing proviso shall in no way diminish or otherwise impair
         the Company's obligation to promptly prepare a prospectus amendment or
         supplement as above provided in this Section 5(c) and deliver copies of
         same as above provided in Section 5(b) hereof); and

                  (e)      Use commercially reasonable efforts to register and
         qualify the Registrable Shares covered by the Registration Statement
         under such other securities or Blue Sky laws of such jurisdictions as
         shall be reasonably appropriate in the opinion of the Company and the
         managing underwriters, if any, provided that the Company shall not be
         required in connection therewith or as a condition thereto to qualify
         to do business or to file a general consent to service of process in
         any such states or jurisdictions, and provided further that
         (notwithstanding anything in this Agreement to the contrary with
         respect to the bearing of expenses) if any jurisdiction in which any of
         such Registrable Shares shall be qualified shall require that expenses
         incurred in connection with the qualification therein of any such
         Registrable Shares be borne by the selling Investors, then the selling
         Investors shall, to the extent required by such jurisdiction, pay their
         pro rata share of such qualification expenses.

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                                      -4-

         6.       FURNISH INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Agreement that
the selling Investors shall furnish to the Company such information regarding
them and the securities held by them as the Company shall reasonably request and
as shall be required in order to effect any registration by the Company pursuant
to this Agreement.

         7.       EXPENSES OF REGISTRATION. All expenses incurred in connection
with the registration of the Registrable Shares pursuant to this Agreement
(excluding underwriting, brokerage and other selling commissions and discounts),
including without limitation all registration and qualification and filing fees,
printing, and fees and disbursements of counsel for the Company, shall be borne
by the Company.

         8.       DELAY OF REGISTRATION. The Investors shall not take any action
to restrain, enjoin or otherwise delay any registration as the result of any
controversy which might arise with respect to the interpretation or
implementation of this Agreement.

         9.       INDEMNIFICATION.

         (a)      To the extent permitted by law, the Company will indemnify and
hold harmless each selling Investor, any investment banking firm acting as an
underwriter for the selling Investors, any broker/dealer acting on behalf of any
selling Investors and each officer and director of such selling Investor, such
underwriter, such broker/dealer and each person, if any, who controls such
selling Investor, such underwriter or broker/dealer within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which they may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue or alleged untrue statement
of any material fact contained in the Registration Statement, in any preliminary
prospectus or final prospectus relating thereto or in any amendments or
supplements to the Registration Statement or any such preliminary prospectus or
final prospectus, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading; and will reimburse such
selling Investor, such underwriter, broker/dealer or such officer, director or
controlling person for any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the indemnity agreement contained
in this Section 9(a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld),
nor shall the Company be liable in any such case for any such loss, damage,
liability or action to the extent that it arises out of or is based upon an
untrue statement or alleged untrue statement or omission made in connection with
the Registration Statement, any preliminary prospectus or final prospectus
relating thereto or any amendments or supplements to the Registration Statement
or any such preliminary prospectus or final prospectus, in reliance upon and in
conformity with written information furnished expressly for use in connection
with the Registration Statement or any such preliminary prospectus or final
prospectus by the selling Investors, any underwriter for them or controlling
person with respect to them.

         (b)      To the extent permitted by law, each selling Investor will
severally and not jointly indemnify and hold harmless the Company, each of its
directors, each of its officers who have signed the Registration Statement, each
person, if any, who controls the Company within the meaning of the Securities
Act, any investment banking firm acting as underwriter for the Company or the
selling Investors, or any broker/dealer acting on behalf of the Company or any
selling Investors, and all other selling Investors against any losses, claims,
damages or liabilities to which the Company or any such director, officer,
controlling person, underwriter, or broker/dealer or such other selling Investor
may become subject to, under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out
of or are based upon any untrue or alleged untrue statement of any material fact
contained in the Registration Statement or any preliminary prospectus or final
prospectus, relating thereto or in any amendments or supplements to the
Registration Statement or any such preliminary prospectus or final prospectus,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent and only to the
extent that such untrue statement or alleged untrue statement or omission or
alleged omission was

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                                      -5-

made in the Registration Statement, in any preliminary prospectus or final
prospectus relating thereto or in any amendments or supplements to the
Registration Statement or any such preliminary prospectus or final prospectus,
in reliance upon and in conformity with written information furnished by the
selling Investor expressly for use in connection with the Registration
Statement, or any preliminary prospectus or final prospectus; and such selling
Investor will reimburse any legal or other expenses reasonably incurred by the
Company or any such director, officer, controlling person, underwriter,
broker/dealer or other selling Investor in connection with investigating or
defending any such loss, claim, damage, liability or action, provided, however,
that the liability of each selling Investor hereunder shall be limited to the
proceeds (net of underwriting discounts and commissions, if any) received by
such selling Investor from the sale of Registrable Shares covered by the
Registration Statement, and provided, further, however, that the indemnity
agreement contained in this Section 9(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of those selling Investor(s) against
which the request for indemnity is being made (which consent shall not be
unreasonably withheld).

         (c)      Promptly after receipt by an indemnified party under this
Section 9 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 9, notify the indemnifying party in writing of the
commencement thereof and the indemnifying party shall have the right to
participate in and, to the extent the indemnifying party desires, jointly with
any other indemnifying party similarly noticed, to assume at its expense the
defense thereof with counsel mutually satisfactory to the indemnifying parties
with the consent of the indemnified party which consent will not be unreasonably
withheld, conditioned or delayed. In the event that the indemnifying party
assumes any such defense, the indemnified party may participate in such defense
with its own counsel and at its own expense, provided, however, that the counsel
for the indemnifying party shall act as lead counsel in all matters pertaining
to such defense or settlement of such claim and the indemnifying party shall
only pay for such indemnified party's expenses for the period prior to the date
of its participation on such defense. The failure to notify an indemnifying
party promptly of the commencement of any such action, if prejudicial to his
ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Section 9, but the omission so to
notify the indemnifying party will not relieve him of any liability which he may
have to any indemnified party otherwise other than under this Section 9.

         (d)      Notwithstanding anything to the contrary herein, the
indemnifying party shall not be entitled to settle any claim, suit or proceeding
unless in connection with such settlement the indemnified party receives an
unconditional release with respect to the subject matter of such claim, suit or
proceeding and such settlement does not contain any admission of fault by the
indemnified party.

         10.      REPORTS UNDER THE EXCHANGE ACT. With a view to making
available to the Investors the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit the Investors to sell the
Purchased Shares to the public without registration, the Company agrees to use
commercially reasonable efforts: (i) to make and keep public information
available, as those terms are understood and defined in the General Instructions
to Form S-3, or any successor or substitute form, and in Rule 144, (ii) to file
with the SEC in a timely manner all reports and other documents required to be
filed by an issuer of securities registered under the Securities Act or the
Exchange Act, (iii) as long as any Investor owns any Purchased Shares, to
furnish in writing upon such Investor's request a written statement by the
Company that it has complied with the reporting requirements of Rule 144 and of
the Securities Act and the Exchange Act, and to furnish to such Investor a copy
of the most recent annual or quarterly report of the Company, and such other
reports and documents so filed by the Company as may be reasonably requested in
availing such Investor of any rule or regulation of the SEC permitting the
selling of any such Purchased Shares without registration and (iv) undertake any
additional actions reasonably necessary to maintain the availability of the
Registration Statement or the use of Rule 144.

         11.      DEFERRAL AND LOCK-UP.

         (a)      Notwithstanding anything in this Agreement to the contrary, if
the Company shall furnish to the selling Investors a certificate signed by the
President or Chief Executive Officer of the Company stating that the Board of
Directors of the Company has made the good faith determination (i) that
continued use by the selling Investors of the Registration Statement for
purposes of effecting

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                                      -6-

offers or sales of Registrable Shares pursuant thereto would require, under the
Securities Act, premature disclosure in the Registration Statement (or the
prospectus relating thereto) of material, nonpublic information concerning the
Company, its business or prospects or any proposed material transaction
involving the Company, (ii) that such premature disclosure would be materially
adverse to the Company, its business or prospects or any such proposed material
transaction or would make the successful consummation by the Company of any such
material transaction significantly less likely and (iii) that it is therefore
essential to suspend the use by the Investors of such Registration Statement
(and the prospectus relating thereto) for purposes of effecting offers or sales
of Registrable Shares pursuant thereto, then the right of the selling Investors
to use the Registration Statement (and the prospectus relating thereto) for
purposes of effecting offers or sales of Registrable Shares pursuant thereto
shall be suspended for not more than two 30-day periods in a twelve month period
(the "Suspension Period(s)") after delivery by the Company of the certificate
referred to above in this Section 11. During the Suspension Period, none of the
Investors shall offer or sell any Registrable Shares pursuant to or in reliance
upon the Registration Statement (or the prospectus relating thereto).

         12.      TRANSFER OF REGISTRATION RIGHTS. None of the rights of any
Investor under this Agreement shall be transferred or assigned to any person
unless (i) such person is a Qualifying Holder (as defined below), and (ii) such
person agrees to become a party to, and bound by, all of the terms and
conditions of, this Agreement by duly executing and delivering to the Company an
Instrument of Adherence in the form attached as Exhibit B hereto. For purposes
of this Section 12, the term "Qualifying Holder" shall mean, with respect to any
Investor, (i) any partner thereof, (ii) any corporation, partnership
controlling, controlled by, or under common control with, such Investor or any
partner thereof, or (iii) any other direct transferee from such Investor of at
least 50% of those Registrable Shares held or that may be acquired by such
Investor. None of the rights of any Investor under this Agreement shall be
transferred or assigned to any Person (including, without limitation, a
Qualifying Holder) that acquires Registrable Shares in the event that and to the
extent that such Person is eligible to resell such Registrable Shares pursuant
to Rule 144(k) of the Securities Act or may otherwise resell such Registrable
Shares pursuant to an exemption from the registration provisions of the
Securities Act.

         13.      ENTIRE AGREEMENT. This Agreement constitutes and contains the
entire agreement and understanding of the parties with respect to the subject
matter hereof, and it also supersedes any and all prior negotiations,
correspondence, agreements or understandings with respect to the subject matter
hereof.

         14.      MISCELLANEOUS.

                  (a)      This Agreement may not be amended, modified or
terminated, and no rights or provisions may be waived, except with the written
consent of the Majority Holders and the Company.

                  (b)      This Agreement shall be governed by and construed and
enforced in accordance with the laws of California, and shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs,
personal representatives, successors or assigns, provided that the terms and
conditions of Section 12 hereof are satisfied. This Agreement shall also be
binding upon and inure to the benefit of any transferee of any of the Purchased
Shares provided that the terms and conditions of Section 12 hereof are
satisfied. Notwithstanding anything in this Agreement to the contrary, if at any
time any Investor shall cease to own any Purchased Shares, all of such
Investor's rights under this Agreement shall immediately terminate.

                  (c)      (i)      Any notices, reports or other correspondence
(hereinafter collectively referred to as "correspondence") required or permitted
to be given hereunder shall be sent by courier (overnight or same day) or
telecopy or delivered by hand to the party to whom such correspondence is
required or permitted to be given hereunder. The date of giving any notice shall
be the date of its actual receipt.

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                                      -7-

                           (ii)     All correspondence to the Company shall be
                  addressed as follows:

                                    La Jolla Pharmaceutical Company
                                    6455 Nancy Ridge Drive
                                    San Diego, CA 92121
                                    Attention: President
                                    Telecopier: (858) 626-2851

                           with a copy to:

                                    Gibson, Dunn & Crutcher LLP
                                    4 Park Plaza
                                    Irvine, California 92614
                                    Attention: Leonard J. McGill
                                    Telecopier: (949) 451-4220

                           (iii) All correspondence to any Investor shall be
                  sent to such Purchaser at the address set forth in Exhibit A.

                  (d)      Any entity may change the address to which
correspondence to it is to be addressed by notification as provided for herein.

                  (e)      The parties acknowledge and agree that in the event
of any breach of this Agreement, remedies at law may be inadequate, and each of
the parties hereto shall be entitled to seek specific performance of the
obligations of the other parties hereto and such appropriate injunctive relief
as may be granted by a court of competent jurisdiction.

                  (f)      This Agreement may be executed in a number of
counterparts, an of which together shall for all purposes constitute one
Agreement, binding on all the parties hereto notwithstanding that all such
parties have not signed the same counterpart.

<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights
Agreement as of the date and year first above written.

                                             LA JOLLA PHARMACEUTICAL COMPANY

                                             By: _______________________________
                                             Name:
                                             Title:

THE INITIAL INVESTOR'S SIGNATURE TO THE INVESTOR QUESTIONNAIRE DATED EVEN DATE
HEREWITH SHALL CONSTITUTE THE INITIAL INVESTOR'S SIGNATURE TO THIS REGISTRATION
RIGHTS AGREEMENT.<PAGE>

                                                                   EXHIBIT 10.49

                                     FORM OF
                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT is dated as of the 10th day of February,
2000 by and between La Jolla Pharmaceutical Company, a Delaware corporation with
its principal office at 6455 Nancy Ridge Drive, San Diego, California (the
"Company"), and the several purchasers named in the attached Exhibit A
(individually, a "Purchaser" and collectively, the "Purchasers").

         WHEREAS, the Company desires to issue and sell to the Purchasers an
aggregate of up to 4,400,000 shares (the "Shares") of the authorized but
unissued shares of common stock, $.01 par value per share, of the Company (the
"Common Stock"); and

         WHEREAS, the Purchasers, severally, wish to purchase the Shares on the
terms and subject to the conditions set forth in this Agreement.

         NOW THEREFORE, in consideration of the mutual agreements,
representations, warranties and covenants herein contained, the parties hereto
agree as follows:

         1.       Definitions. As used in this Agreement, the following terms
shall have the following respective meanings:

                  (a)      "Affiliate" of a party means any corporation or other
business entity controlled by, controlling or under common control with such
party. For this purpose "control" shall mean direct or indirect beneficial
ownership of fifty percent (50%) or more of the voting or income interest in
such corporation or other business entity.

                  (b)      "Closing Date" means the date of the Closing.

                  (c)      "Exchange Act" means the Securities Exchange Act of
1934, as amended, and all of the rules and regulations promulgated thereunder.

                  (d)      "Registration Rights Agreement" shall mean that
certain Registration Rights Agreement, dated as of the date hereof, among the
Company and the Purchasers.

                  (e)      "Majority Purchasers" shall mean Purchasers which, at
any given time, hold greater than fifty percent (50%) of the voting power of the
outstanding Shares.

                  (f)      "SEC" shall mean the Securities and Exchange
Commission.

                  (g)      "Securities Act" shall mean the Securities Act of
1933, as amended, and all of the rules and regulations promulgated thereunder.

         2.       Purchase and Sale of Shares.

                  2.1      Purchase and Sale. Subject to and upon the terms and
conditions set forth in this Agreement, the Company agrees to issue and sell to
each Purchaser, and each Purchaser, severally, hereby agrees to purchase from
the Company, at the Closing, the number of shares of Common Stock set forth
opposite the name of such Purchaser under the heading "Number of Shares to be
Purchased" on Exhibit A hereto, at a purchase price of $3.375 per share. The
total purchase price payable by each Purchaser for the number of shares of
Common Stock that such Purchaser is hereby agreeing to purchase is set forth
opposite the name of such Purchaser under the heading "Purchase Price" on
Exhibit A hereto. The aggregate purchase price payable by the Purchasers to the
Company for all of the Shares shall be $13,640,000.

<PAGE>

                  2.2      Closing. The closing of the transactions contemplated
under this Agreement (the "Closing") shall take place at the offices of Gibson,
Dunn & Crutcher LLP in Irvine, California on the second business day after the
Company shall have given written notice to (the "Closing Notice") the Purchasers
that all of the conditions precedent set forth in Section 6.1 have been
satisfied in full or at such other location, date and time as may be agreed upon
between the Purchasers and the Company. At the Closing, the Company shall
deliver to each Purchaser a single stock certificate, registered in the name of
such Purchaser, representing the number of shares of Common Stock purchased by
such Purchaser, against payment of the purchase price therefor by wire transfer
of immediately available funds to such account or accounts as the Company shall
designate in writing.

         3.       Representations and Warranties of the Company. The Company
hereby represents and warrants to each of the Purchasers as follows:

                  3.1      Incorporation. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and is qualified to do business in each jurisdiction in which the
character of its properties or the nature of its business requires such
qualification, except where the failure to so qualify would not have a material
adverse effect upon the Company. The Company has all requisite corporate power
and authority to carry on its business as now conducted.

                  3.2      Capitalization. The authorized capital stock of the
Company consists of (i) 100,000,000 shares of Common Stock, of which 20,267,950
shares are outstanding as of February 3, 2000 and (ii) 8,000,000 shares of
preferred stock, of which no shares are outstanding on the date hereof. Except
as set forth in Schedule 3.2 hereto, there are no existing options, warrants,
calls, preemptive (or similar) rights, subscriptions or other rights,
agreements, arrangements or commitments of any character obligating the Company
to issue, transfer or sell, or cause to be issued, transferred or sold, any
shares of the capital stock of the Company or other equity interests in the
Company or any securities convertible into or exchangeable for such shares of
capital stock or other equity interests, and there are no outstanding
contractual obligations of the Company to repurchase, redeem or otherwise
acquire any shares of its capital stock or other equity interests.

                  3.3      Authorization. All corporate action on the part of
the Company, its officers, directors and stockholders necessary for the
authorization, execution, delivery and performance of this Agreement and the
Registration Rights Agreement and the consummation of the transactions
contemplated herein and therein has been taken. When executed and delivered by
the Company, each of this Agreement and the Registration Rights Agreement shall
constitute the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as such may be limited
by bankruptcy, insolvency, reorganization or other laws affecting creditors'
rights generally and by general equitable principles. The Company has all
requisite corporate power to enter into this Agreement and the Registration
Rights Agreement and to carry out and perform its obligations under the terms of
this Agreement, and the Registration Rights Agreement.

                  3.4      Valid Issuance of the Shares. The Shares being
purchased by the Purchasers hereunder will, upon issuance pursuant to the terms
hereof, be duly authorized and validly issued, fully paid and nonassessable.

                  3.5      Financial Statements. The Company has furnished to
each Purchaser its audited Statements of Income, Stockholders' Equity and Cash
Flows for the fiscal year ended December 31, 1998, its audited Balance Sheet as
of December 31, 1998, its unaudited Statements of Income, Stockholders' Equity
and Cash Flows for the period from December 31, 1998 through September 30, 1999,
and its unaudited Balance Sheet as of September 30, 1999. All such financial
statements are hereinafter referred to collectively as the "Financial
Statements". The Financial Statements have been prepared in accordance with
generally accepted accounting principles applied on a consistent basis during
the periods involved, and fairly present, in all material respects, the
financial position of the Company and the results of its operations as of the
date and for the periods indicated thereon, except that the unaudited financial
statements may not be in accordance with generally accepted accounting
principles because of the absence of footnotes normally contained therein and
are subject to normal year-

                                       2
<PAGE>

end audit adjustments which, individually, and in the aggregate, will not be
material. Since September 30, 1999, to the Company's knowledge, there has been
no material adverse change (actual or threatened) in the assets, liabilities
(contingent or other), affairs, operations, prospects or condition (financial or
other) of the Company.

                  3.6      SEC Documents. The Company has furnished to each
Purchaser, a true and complete copy of the Company's Annual Report on Form 10-K
for the year ended December 31, 1998, the Company's Quarterly Report on Form
10-Q for the nine months ended September 30, 1999, and any other statement,
report, registration statement (other than registration statements on Form S-8)
or definitive proxy statement filed by the Company with the SEC during the
period commencing September 30, 1999 and ending on the date hereof. The Company
will, promptly upon the filing thereof, also furnish to each Purchaser all
statements, reports (including, without limitation, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K), registration statements and definitive
proxy statements filed by the Company with the SEC during the period commencing
on the date hereof and ending on the Closing Date (all such materials required
to be furnished to each Purchaser pursuant to this sentence or pursuant to the
next preceding sentence of this Section 3.6 being called, collectively, the "SEC
Documents"). As of their respective filing dates, the SEC Documents complied or
will comply in all material respects with the requirements of the Exchange Act
or the Securities Act, as applicable, and none of the SEC Documents contained or
will contain any untrue statement of a material fact or omitted or will omit to
state a material fact required to be stated therein or necessary in order to
make the statements made therein, in light of the circumstances under which they
were made, not misleading, as of their respective filing dates, except to the
extent corrected by a subsequently filed SEC Document.

                  3.7      Consents. All consents, approvals, orders and
authorizations required on the part of the Company in connection with the
execution, delivery or performance of this Agreement and the Registration Rights
Agreement and the consummation of the transactions contemplated herein and
therein have been obtained and will be effective as of the Closing Date.

                  3.8      No Conflict. The execution and delivery of this
Agreement and the Registration Rights Agreement by the Company and the
consummation of the transactions contemplated hereby and thereby will not
conflict with or result in any violation of or default (with or without notice
or lapse of time, or both) under, or give rise to a right of termination,
cancellation or acceleration of any obligation or to a loss of a material
benefit under (i) any provision of the Certificate of Incorporation or By-laws
of the Company or (ii) any agreement or instrument, permit, franchise, license,
judgment, order, statute, law, ordinance, rule or regulations, applicable to the
Company or its respective properties or assets.

                  3.9      Brokers or Finders. Except for Pacific Growth
Equities, Inc., the Company has not dealt with any broker or finder in
connection with the transactions contemplated by this Agreement, and, except for
certain fees and expenses payable by the Company to Pacific Growth Equities,
Inc., the Company has not incurred, and shall not incur, directly or indirectly,
any liability for any brokerage or finders' fees or agents commissions or any
similar charges in connection with this Agreement or any transaction
contemplated hereby.

                  3.10     Nasdaq National Market. The Common Stock is listed on
the Nasdaq National Market System, and there are no proceedings to revoke or
suspend such listing.

                  3.11     Absence of Litigation. There is no action, suit or
proceeding or, to the Company's knowledge, any investigation, pending, or to the
Company's knowledge, threatened by or before any governmental body against the
Company and in which an unfavorable outcome, ruling or finding in any said
matter, or for all matters taken as a whole, might have a material adverse
effect on the Company. The foregoing includes, without limitation, any such
action, suit, proceeding or investigation that questions this Agreement or the
Registration Rights Agreement or the right of the Company to execute, deliver
and perform under same.

                  3.12     No Bad Acts. The Company represents and warrants
that, to the best of its knowledge, none of its directors or officers is or has
been the subject of, or a defendant in: (i) an

                                       3
<PAGE>

enforcement action or prosecution (or settlement in lieu thereof) brought by a
governmental authority relating to a violation of securities, fiduciary or
criminal laws, or (ii) a civil action (or settlement in lieu thereof) brought by
shareholders or investors for violation of duties owed to the shareholders or
investors.

                  3.13     Freedom to Operate. To the best of the Company's
knowledge, the conduct by the Company of its businesses, and the manufacture and
sale by the Company of its products, does not conflict with, infringe upon or
violate any patent, copyright, trademark, registration or other intellectual
property right of any other person or entity.

         4.       Representations and Warranties of the Purchasers. Each
Purchaser severally for itself, and not jointly with the other Purchasers,
represents and warrants to the Company as follows:

                  4.1      Authorization. All action on the part of such
Purchaser and, if applicable, its officers, directors and shareholders necessary
for the authorization, execution, delivery and performance of this Agreement and
the Registration Rights Agreement and the consummation of the transactions
contemplated herein and therein has been taken. When executed and delivered,
each of this Agreement and the Registration Rights Agreement will constitute the
legal, valid and binding obligation of such Purchaser, enforceable against such
Purchaser in accordance with its terms, except as such may be limited by
bankruptcy, insolvency, reorganization or other laws affecting creditors' rights
generally and by general equitable principles. Such Purchaser has all requisite
corporate power to enter into each of this Agreement and the Registration Rights
Agreement and to carry out and perform its obligations under the terms of this
Agreement and the Registration Rights Agreement.

                  4.2      Purchase Entirely for Own Account. Such Purchaser is
acquiring the Shares being purchased by it hereunder for investment, for its own
account, and not for resale or with a view to distribution thereof in violation
of the Securities Act.

                  4.3      Investor Status; Etc. Such Purchaser certifies and
represents to the Company that at the time such Purchaser acquires any of the
Shares, such Purchaser will be an "Accredited Investor" as defined in Rule 501
of Regulation D promulgated under the Securities Act and was not organized for
the purpose of acquiring the Shares. Such Purchaser's financial condition is
such that it is able to bear the risk of holding the Shares for an indefinite
period of time and the risk of loss of its entire investment. Such Purchaser has
been afforded the opportunity to ask questions of and receive answers from the
management of the Company concerning this investment and has sufficient
knowledge and experience in investing in companies similar to the Company in
terms of the Company's stage of development so as to be able to evaluate the
risks and merits of its investment in the Company.

                  4.4      Shares Not Registered. Such Purchaser understands
that the Shares have not been registered under the Securities Act, by reason of
their issuance by the Company in a transaction exempt from the registration
requirements of the Securities Act, and that the Shares must continue to be held
by such Purchaser unless a subsequent disposition thereof is registered under
the Securities Act or is exempt from such registration. The Purchaser
understands that the exemptions from registration afforded by Rule 144 (the
provisions of which are known to it) promulgated under the Securities Act depend
on the satisfaction of various conditions, and that, if applicable, Rule 144 may
afford the basis for sales only in limited amounts.

                  4.5      No Conflict. The execution and delivery of this
Agreement and the Registration Rights Agreement by such Purchaser and the
consummation of the transactions contemplated hereby and thereby will not
conflict with or result in any violation of or default by such Purchaser (with
or without notice or lapse of time, or both) under, or give rise to a right of
termination, cancellation or acceleration of any obligation or to a loss of a
material benefit under (i) any provision of the organizational documents of such
Purchaser or (ii) any agreement or instrument, permit, franchise, license,
judgment, order, statute, law, ordinance, rule or regulations, applicable to
such Purchaser or its respective properties or assets.

                  4.6      Brokers. Such Purchaser has not retained, utilized or
been represented by any broker or finder in connection with the transactions
contemplated by this Agreement.

                                       4
<PAGE>

                  4.7      Consents. All consents, approvals, orders and
authorizations required on the part of such Purchaser in connection with the
execution, delivery or performance of this Agreement and the consummation of the
transactions contemplated herein have been obtained and are effective as of the
Closing Date.

         5.       Conditions Precedent.

                  5.1.     Conditions to the Obligation of the Purchasers to
Consummate the Closing. The obligation of each Purchaser to consummate the
Closing and to purchase and pay for the Shares being purchased by it pursuant to
this Agreement is subject to the satisfaction of the following conditions
precedent:

                  (a)      The representations and warranties contained herein
of the Company shall be true and correct on and as of the Closing Date with the
same force and effect as though made on and as of the Closing Date (it being
understood and agreed by each Purchaser that, in the case of any representation
and warranty of the Company contained herein which is not hereinabove qualified
by application thereto of a materiality standard, such representation and
warranty need be true and correct only in all material respects in order to
satisfy as to such representation or warranty the condition precedent set forth
in the foregoing provisions of this Section 5.1(a)).

                  (b)      The Registration Rights Agreement shall have been
executed and delivered by the Company.

                  (c)      The Company shall not have been adversely affected in
any material way prior to the Closing Date; and the Company shall have performed
all obligations and conditions herein required to be performed or observed by
the Company on or prior to the Closing Date.

                  (d)      No proceeding challenging this Agreement or the
transactions contemplated hereby, or seeking to prohibit, alter, prevent or
materially delay the Closing, shall have been instituted before any court,
arbitrator or governmental body, agency or official and shall be pending.

                  (e)      The purchase of and payment for the Shares by the
Purchasers shall not be prohibited by any law or governmental order or
regulation. All necessary consents, approvals, licenses, permits, orders and
authorizations of, or registrations, declarations and filings with, any
governmental or administrative agency or of any other person with respect to any
of the transactions contemplated hereby shall have been duly obtained or made
and shall be in full force and effect.

                  (f)      All instruments and corporate proceedings in
connection with the transactions contemplated by this Agreement to be
consummated at the Closing shall be satisfactory in form and substance to such
Purchaser, and such Purchaser shall have received copies (executed or certified,
as may be appropriate) of all documents which such Purchaser may have reasonably
requested in connection with such transactions.

                  5.2.     Conditions to the Obligation of the Company to
Consummate the Closing. The obligation of the Company to consummate the Closing
and to issue and sell to each of the Purchasers the Shares to be purchased by it
at the Closing is subject to the satisfaction of the following conditions
precedent:

                  (a)      The representations and warranties contained herein
of such Purchaser shall be true and correct on and as of the Closing Date with
the same force and effect as though made on and as of the Closing Date (it being
understood and agreed by the Company that, in the case of any representation and
warranty of each Purchaser contained herein which is not hereinabove qualified
by application thereto of a materiality standard, such representation and
warranty need be true and correct only in all material respects in order to
satisfy as to such representation or warranty the condition precedent set forth
in the foregoing provisions of this Section 5.2(a)).

                                       5
<PAGE>

                  (b)      The Registration Rights Agreement shall have been
executed and delivered by each Purchaser.

                  (c)      The Purchasers shall have performed all obligations
and conditions herein required to be performed or observed by the Purchasers on
or prior to the Closing Date.

                  (d)      No proceeding challenging this Agreement or the
transactions contemplated hereby, or seeking to prohibit, alter, prevent or
materially delay the Closing, shall have been instituted before any court,
arbitrator or governmental body, agency or official and shall be pending.

                  (e)      The sale of the Shares by the Company shall not be
prohibited by any law or governmental order or regulation. All necessary
consents, approvals, licenses, permits, orders and authorizations of, or
registrations, declarations and filings with, any governmental or administrative
agency or of any other person with respect to any of the transactions
contemplated hereby shall have been duly obtained or made and shall be in full
force and effect.

                  (f)      Each of the Purchasers shall have executed and
delivered to the Company a Purchaser's Questionnaire, in the form attached
hereto as Exhibit B, pursuant to which each such Purchaser shall provide
information necessary to confirm each such Purchaser's status as an "accredited
investor" (as such term is defined in Rule 501 promulgated under the Securities
Act)".

                  (g)      Each of the other Purchasers shall have purchased, in
accordance with this Agreement, the number of shares of Common Stock set forth
opposite its name under the heading "Number of Shares to be Purchased".

                  (h)      All instruments and corporate proceedings in
connection with the transactions contemplated by this Agreement to be
consummated at the Closing shall be satisfactory in form and substance to the
Company, and the Company shall have received counterpart originals, or certified
or other copies of all documents, including without limitation records of
corporate or other proceedings, which it may have reasonably requested in
connection therewith.

         6.       Transfer, Legends.

                  6.1.     Securities Law Transfer Restrictions. No Purchaser
shall sell, assign, pledge, transfer or otherwise dispose or encumber any of the
Shares being purchased by it hereunder, except (i) pursuant to an effective
registration statement under the Securities Act or (ii) pursuant to an available
exemption from registration under the Securities Act and applicable state
securities laws and, if requested by the Company, upon delivery by such
Purchaser of an opinion of counsel reasonably satisfactory to the Company to the
effect that the proposed transfer is exempt from registration under the
Securities Act and applicable state securities laws. Any transfer or purported
transfer of the Shares in violation of this Section 6.1 shall be voidable by the
Company. The Company shall not register any transfer of the Shares in violation
of this Section 6.1. The Company may, and may instruct any transfer agent for
the Company, to place such stop transfer orders as may be required on the
transfer books of the Company in order to ensure compliance with the provisions
of this Section 6.1.

                  6.2.     Legends. Each certificate requesting any of the
Shares shall be endorsed with the legends set forth below, and each Purchaser
covenants that, except to the extent such restrictions are waived by the
Company, it shall not transfer the shares represented by any such certificate
without complying with the restrictions on transfer described in this Agreement
and the legends endorsed on such certificate:

         "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE
         OFFERED, SOLD, ASSIGNED, PLEDGED TRANSFERRED OR OTHERWISE
         DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
         STATEMENT UNDER SAID ACT

                                       6
<PAGE>

         OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER SAID ACT
         AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF
         COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED
         TRANSFER IS EXEMPT FROM SAID ACT."

         7.       Termination; Liabilities Consequent Thereon. This Agreement
may be terminated and the transactions contemplated hereunder abandoned at any
time prior to the Closing only as follows:

                  (a)      by the Purchasers, upon notice to the Company if the
conditions set forth in Section 5.1 shall not have been satisfied on or prior to
February 16, 2000; or

                  (b)      by the Company, upon notice to the Purchasers if the
conditions set forth in Section 5.2 shall not have been satisfied on or prior to
February 16, 2000; or

                  (c)      at any time by mutual agreement of the Company and
the Purchasers; or

                  (d)      by the Purchasers, if there has been any breach of
any representation or warranty or any material breach of any covenant of the
Company contained herein and the same has not been cured within 15 days after
notice thereof, (it being understood and agreed by each Purchaser that, in the
case of any representation or warranty of the Company contained herein which is
not hereinabove qualified by application thereto of a materiality standard, such
representation or warranty will be deemed to have been breached for purposes of
this Section 7.1(d) only if such representation or warranty was not true and
correct in all material respects at the time such representation or warranty was
made by the Company); or

                  (e)      by the Company, if there has been any breach of any
representation, warranty or any material breach of any covenant of any Purchaser
contained herein and the same has not been cured within 15 days after notice
thereof (it being understood and agreed by the Company that, in the case of any
representation and warranty of the Purchaser contained herein which is not
hereinabove qualified by application thereto of a materiality standard, such
representation or warranty will be deemed to have been breached for purposes of
this Section 7.1(e) only if such representation or warranty was not true and
correct in all material respects at the time such representation or warranty was
made by such Purchaser).

         Any termination pursuant to this Section 7 shall be without liability
on the part of any party, unless such termination is the result of a material
breach of this Agreement by a party to this Agreement in which case such
breaching party shall remain liable for such breach notwithstanding any
termination of this Agreement.

         8.       Miscellaneous Provisions.

                  8.1      Public Statements or Releases. None of the parties to
this Agreement shall make, issue, or release any announcement, whether to the
public generally, or to any of its suppliers or customers, with respect to this
Agreement or the transactions provided for herein, or make any statement or
acknowledgment of the existence of, or reveal the status of, this Agreement or
the transactions provided for herein, without the prior consent of the other
parties, which shall not be unreasonably withheld or delayed, provided, that
nothing in this Section 8.1 shall prevent any of the parties hereto from making
such public announcements as it may consider necessary in order to satisfy its
legal obligations, but to the extent not inconsistent with such obligations, it
shall provide the other parties with an opportunity to review and comment on any
proposed public announcement before it is made.

                  8.2      Further Assurances. Each party agrees to cooperate
fully with the other party and to execute such further instruments, documents
and agreements and to give such further written assurances, as may be reasonably
requested by the other party to better evidence and reflect the transactions
described herein and contemplated hereby, and to carry into effect the intents
and purposes of this Agreement.

                                       7
<PAGE>

                  8.3      Notification of Effectiveness of Registration
Statement. The Company covenants that it will provide written notice to SWIB
that the Company's registration statement on Form S-3 registering the shares
sold hereunder to SWIB has been declared effective by the SEC. This notice will
be sent to SWIB no later than 48 hours after such declaration by the SEC.

                  8.4      Rights Cumulative. Each and all of the various
rights, powers and remedies of the parties shall be considered to be cumulative
with and in addition to any other rights, powers and remedies which such parties
may have at law or in equity in the event of the breach of any of the terms of
this Agreement. The exercise or partial exercise of any right, power or remedy
shall neither constitute the exclusive election thereof nor the waiver of any
other right, power or remedy available to such party.

                  8.5      Pronouns. All pronouns or any variation thereof shall
be deemed to refer to the masculine, feminine or neuter, singular or plural, as
the identity of the person, persons, entity or entities may require.

                  8.6      Notices.

                  (a)      Any notices, reports or other correspondence
(hereinafter collectively referred to as "correspondence") required or permitted
to be given hereunder shall be sent by postage prepaid first class mail, courier
or telecopy or delivered by hand to the party to whom such correspondence is
required or permitted to be given hereunder. The date of giving any notice shall
be the date of its actual receipt.

                  (b)      All correspondence to the Company shall be addressed
as follows:

                           La Jolla Pharmaceutical Company
                           6455 Nancy Ridge Drive
                           San Diego, California  92121
                           Attention: Steven B. Engle
                           Telecopier: (858) 452-6893

                  with a copy to:

                           Gibson, Dunn & Crutcher LLP
                           4 Park Plaza
                           Irvine, California 92614
                           Attention: Leonard J. McGill
                           Telecopier: (949) 451-4220

                  (c)      All correspondence to any Purchaser shall be sent to
such Purchaser at the address set forth in Exhibit A.

                  (d)      Any entity may change the address to which
correspondence to it is to be addressed by notification as provided for herein.

                  8.7      Captions. The captions and paragraph headings of this
Agreement are solely for the convenience of reference and shall not affect its
interpretation.

                  8.8      Severability. Should any part or provision of this
Agreement be held unenforceable or in conflict with the applicable laws or
regulations of any jurisdiction, the invalid or unenforceable part or provisions
shall be replaced with a provision which accomplishes, to the extent possible,
the original business purpose of such part or provision in a valid and
enforceable manner, and the remainder of this Agreement shall remain binding
upon the parties hereto.

                  8.9      Governing Law; Injunctive Relief.

                                       8
<PAGE>

                  (a)      This Agreement shall be governed by and construed in
accordance with the internal and substantive laws of the State of California and
without regard to any conflicts of laws concepts that would apply the
substantive law of some other jurisdiction.

                  (b)      Each of the parties hereto acknowledges and agrees
that damages will not be an adequate remedy for any material breach or violation
of this Agreement if such material breach or violation would cause immediate and
irreparable harm (an "Irreparable Breach"). Accordingly, in the event of a
threatened or ongoing Irreparable Breach, each party hereto shall be entitled to
seek, in any state or federal court in the State of California, equitable relief
of a kind appropriate in light of the nature of the ongoing or threatened
Irreparable Breach, which relief may include, without limitation, specific
performance or injunctive relief; provided, however, that if the party bringing
such action is unsuccessful in obtaining the relief sought, the moving party
shall pay the non-moving party's reasonable costs, including attorney's fees,
incurred in connection with defending such action. Such remedies shall not be
the parties' exclusive remedies, but shall be in addition to all other remedies
provided in this Agreement.

                  8.10     Waiver. No waiver of any term, provision or condition
of this Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be, or be construed as, a further or continuing
waiver of any such term, provision or condition or as a waiver of any other
term, provision or condition of this Agreement.

                  8.11     Expenses. Each party will bear its own costs and
expenses in connection with this Agreement.

                  8.12     Assignment. The rights and obligations of the parties
hereto shall inure to the benefit of and shall be binding upon the authorized
successors and permitted assigns of each party. Neither party may assign its
rights or obligations under this Agreement or designate another person (i) to
perform all or part of its obligations under this Agreement or (ii) to have all
or part of its rights and benefits under this Agreement, in each case without
the prior written consent of the other party. In the event of any assignment in
accordance with the terms of this Agreement, the assignee shall specifically
assume and be bound by the provisions of the Agreement by executing and agreeing
to an assumption agreement reasonably acceptable to the other party.

                  8.13     Survival. The respective representations and
warranties given by the parties hereto, and the other covenants and agreements
contained herein, shall survive the Closing Date and the consummation of the
transactions contemplated herein for a period of two years, without regard to
any investigation made by any party.

                  8.14     Entire Agreement. This Agreement constitutes the
entire agreement between the parties hereto respecting the subject matter hereof
and supersedes all prior agreements, negotiations, understandings,
representations and statements respecting the subject matter hereof, whether
written or oral. No modification, alteration, waiver or change in any of the
terms of this Agreement shall be valid or binding upon the parties hereto unless
made in writing and duly executed by the Company and the Majority Purchasers.

                                       9
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Stock
Purchase Agreement under seal as of the day and year first above written.

                                          LA JOLLA PHARMACEUTICAL COMPANY

                                          By:________________________________
                                          Name:
                                          Title:

THE PURCHASER'S SIGNATURE TO THE INVESTOR QUESTIONNAIRE DATED EVEN DATE HEREWITH
SHALL CONSTITUTE THE PURCHASER'S SIGNATURE TO THIS STOCK PURCHASE AGREEMENT.

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