Document:

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                                                                     Exhibit 4.9

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A)
COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT, OR (B) THE
COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO
THE COMPANY THAT NO REGISTRATION IS REQUIRED FOR SUCH TRANSFER.

Warrant No. W-5B                                                         169,600

                       To Purchase Shares of Common Stock
                                       of
                              ALTUS BIOLOGICS INC.
                             Dated February 22, 2001

     WHEREAS, pursuant to and in connection with that certain Strategic Alliance
Agreement (the "Alliance Agreement") dated as of the date hereof by and between
Altus Biologics Inc., a Massachusetts corporation (the "Company"), and Cystic
Fibrosis Foundation Therapeutics, Inc., a Maryland corporation ("CFFTI"), the
Company intends to provide CFFTI an opportunity to obtain an equity interest in.
the Company through the acquisition of shares of its Common Stock, $.01 par
value per share ("Common Stock"), upon the exercise of a warrant with respect
thereto;

     NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt of which is hereby acknowledged, the Company
certifies and agrees as follows:

     This Warrant dated as of February 22, 2001 (the "Issuance Date") certifies
that, for value received, CYSTIC FIBROSIS FOUNDATION THERAPEUTICS, INC. (the
"Holder"), is entitled, subject to the terms and conditions set forth herein, to
purchase from the Company a number of shares equal to One Hundred Sixty Nine
Thousand Six Hundred (169,600) (the "Warrant Shares") of the fully paid and
non-assessable Common Stock of the Company, at a price of $.O1 (one cent) per
share (the "Exercise Price"), such number of Warrant Shares and Exercise Price
subject to adjustment as provided herein. This Warrant shall be fully vested as
of the Issuance Date. Subject to the terms and conditions set forth herein, this
Warrant may be exercised at any time on or after February 22, 2011 and before
February 22, 2013 (the "Expiration Date") and shall be void thereafter;
provided, however, this Warrant may be exercised earlier upon the first to occur
of (i) the Approval Date (as defined in the Alliance Agreement); (ii) a
Technical Failure (as defined in the Alliance Agreement); (iii) a Joint License
Event (as defined in the Alliance Agreement); or (iv) a Company Default (as
defined in the Alliance Agreement).

1.   EXERCISE OF WARRANT.

     1.1. PROCEDURE. The Holder or any person or entity to whom the Holder has
assigned its rights under this Warrant or transferred all or a portion of this
Warrant (collectively referred
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to as the "Warrantholder") may exercise this Warrant, at any time or from time
to time, after the date on which this Warrant may first be exercised pursuant to
the terms of the immediately preceding paragraph and prior to the Expiration
Date, on any business day, by surrendering the Warrant, accompanied by a written
notice in the form attached hereto (the "Exercise Notice"), to the Company at
the address designated in Section 8.4 hereof, exercising the Warrant and
specifying the total number of Warrant Shares the Warrantholder will purchase
pursuant to such exercise. This Warrant may be exercised in whole or in part as
to any or all of the Warrant Shares. A certificate or certificates for the
Warrant Shares purchased upon exercise of this Warrant and, in the event of a
partial exercise of this Warrant, a new Warrant of like tenor representing the
balance of the Warrant Shares purchasable hereunder, shall be delivered by the
Company to the Warrantholder not later than ten days after payment is made for
the Warrant Shares purchased upon exercise. No fractions of a share of Common
Stock will be issued upon the exercise of this Warrant, but if a fractional
share would be issuable upon exercise, the Company will pay in cash the fair
market value thereof as determined under Section 1.2 below.

     1.2. NET EXERCISE FORMULA. The Warrantholder may exercise the Warrant
either (i) by paying to the Company, by cash or check, an amount equal to the
aggregate Exercise Price of the Warrant Shares being purchased, or (ii) by
electing to receive Warrant Shares equal to the value (as determined below) of
this Warrant by surrender of the Warrant together with notice of such election,
in which event the Company shall issue to the Warrantholder a number of Warrant
Shares computed using the following formula:

       X = Y(A-B)
           ------
              A

Where: X = the number of Warrant Shares to be issued to the Warrantholder.

       Y = the number of Warrant Shares under this Warrant (or such lesser
           number of Shares as the Warrantholder elects to purchase, in the case
           of a partial exercise).

       A = the fair market value of one share of Common Stock on the date of
           exercise.

       B = the Exercise Price.

     As used herein, the fair market value of the Common Stock shall be deemed
to be the mean between the highest and lowest quoted selling prices as reported
in The Wall Street Journal on the last trading day preceding the date of
determination on the primary securities exchange where the Common Stock of the
Company is traded or if not traded on a securities exchange, then on The Nasdaq
Stock Market, or if there were no sales on the applicable date, on the next
preceding date within a reasonable period (as determined in the sole discretion
of the Board of Directors of the Company (the "Board of Directors")) on which
there were sales. In the event that there were no sales in such a market within
a reasonable period, the fair market value shall be as determined in good faith
by the Board of Directors. In the event the Warrantholder disagrees with the
fair market value determined by the Board of Directors, the Company and the
Warrantholder shall negotiate in good faith and use their best efforts to agree
upon the selection of an independent appraiser, who will have 30 days in which
to determine the fair market value of the Common Stock, and whose determination
will be final and binding on all parties

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concerned. If no individual appraiser can be agreed upon, each party shall
select an appraiser and the two selected appraisers shall select a third to
serve as the independent appraiser for purposes of determining fair market
value. All costs of the independent appraiser shall be borne equally by the
Company and the Warrantholder.

2. RECORD HOLDER. A Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender for exercise as
provided in Section 1.2. above and the person entitled to receive the Warrant
Shares of Common Stock issuable upon such exercise or conversion shall be
treated for all purposes as the holder of such Warrant Shares of record as of
the close of business on such date.

3. PAYMENT OF TAXES. The Company shall pay all taxes and other governmental
charges (other than income taxes) that may be imposed in respect of the issue of
the Warrant Shares or any portion thereof. The Company shall not be required,
however, to pay any tax or other charge imposed in connection with any transfer
involved in the issue of any certificate for the Warrant Shares or any portion
thereof in any name other than that of the registered holder of the Warrant
surrendered in connection with the purchase of such shares, and in such case the
Company shall not be required to issue or deliver any certificate until such tax
or other charge has been paid or it has been established to the Company's
satisfaction that no tax or other charge is due.

4. TRANSFER AND EXCHANGE.

     4.1. TRANSFER. Subject to the terms hereof, including, without limitation,
Sections 5.1 and 5.3, the Warrant and all rights thereunder are transferable, in
whole or in part, on the books of the Company maintained for such purpose at its
office designated in Section 8.4 hereof by the registered holder hereof in
person or by duly authorized attorney, upon surrender of the Warrant properly
endorsed; provided, however, that this Warrant may not be transferred in part
unless such transfer is to a transferee who pursuant to such transfer receives
the right to purchase at least 75,000 shares of Common Stock. Upon any partial
transfer, the Company will issue and deliver to such holder a new warrant or
warrants with respect to the Warrant Shares not so transferred. Each taker and
holder of the Warrant, by taking or holding the same, consents and agrees that
the Warrant when endorsed in blank shall be deemed negotiable, and that when the
Warrant shall have been so endorsed, the holder may be treated by the Company
and all other persons dealing with the Warrant as the absolute owner of such
Warrant for any purpose and as the person entitled to exercise the rights
represented thereby, or to the transfer on the books of the Company, any notice
to the contrary notwithstanding; but until such transfer on such books, the
Company may treat the registered holder of the Warrant as the owner for all
purposes. The term "Warrant" as used herein shall include the Warrant and, any
warrants delivered in substitution or exchange therefor as provided herein.

     4.2. EXCHANGE. The Warrant is exchangeable for a warrant or warrants for
the same aggregate number of Warrant Shares, each new Warrant to represent the
right to purchase such number of Warrant Shares as the holder shall designate at
the time of such exchange. The Warrant may be subdivided, at the Warrantholder's
option, into several warrants to purchase the Warrant Shares (collectively, also
referred to as the "Warrant"). Such subdivision may be accomplished in
accordance with the provisions of this Section 4.

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5. TRANSFER OF SECURITIES.

     5.1. RESTRICTIONS ON TRANSFER. Neither the Warrant nor any of the Warrant
Shares shall be transferable except upon the conditions specified in this
Section 5.1, which conditions are intended to insure compliance with applicable.
provisions of the 1933 Act.

     5.1.1. Unless and until otherwise permitted by this Section 5.1, the
Warrant and each certificate or other document evidencing any of the Warrant
Shares shall be endorsed with the legend substantially in the following form:

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED. OR OTHERWISE TRANSFERRED UNLESS (A)
COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT, OR (B) THE
COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO
THE COMPANY TO THE EFFECT. THAT NO REGISTRATION IS REQUIRED FOR SUCH TRANSFER

     5.1.2. Neither the Warrant nor any of the Warrant Shares shall be
transferred and the Company shall not be required to register any such transfer,
unless and until one of the following events shall have occurred:

          (a) the Company shall have received an opinion of counsel reasonably
acceptable to the Company and its counsel, stating that the contemplated
transfer is exempt from registration under the 1933 Act as then in effect, and
the Rules and Regulations of the Commission thereunder. Within ten days after
delivery to the Company and its counsel of such an opinion, the Company either
shall deliver to the proposed transferor a statement to the effect that such
opinion is not satisfactory in the reasonable opinion of its counsel (and shall
specify the legal analysis supporting any such conclusion) or shall authorize
the Company's transfer agent to make the requested transfer,

          (b) the Company shall have been furnished with a letter from the
Commission in response to a written request in form and substance acceptable to
counsel for the Company setting forth all of the facts and circumstances
surrounding the contemplated transfer, stating that the Commission will take no
action with regard to the contemplated transfer; or

          (c) (i) the Warrant or the Warrant Shares, as the case may be, have
been registered pursuant to a registration statement filed by or on behalf of
the Company, (ii) such registration statement has been declared effective by the
Commission under the 1933 Act and is not subject to any stop order, and (iii)
the Company has not sent a notice to the Warrantholder requesting that sales
under such registration statement and the related prospectus should be halted
until such time as the Company has corrected or updated such registration
statement and the related prospectus.

The restrictions on transfer imposed by Section 5.1 shall cease and terminate as
to the Warrant or the Warrant Shares, as the case may be, when (i) such
securities shall have been effectively registered under the 1933 Act and sold by
the holder thereof in accordance with such registration, or (ii) an acceptable
opinion as described in Section 5.1.2(a) or a "no action" letter described in
Section 5.1.2(b) states that future transfers of such securities by the
transferor or the

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contemplated transferee would be exempt from registration under the 1933 Act.
When the restrictions on transfer contained in this Section 5.1 have terminated
as provided above, the holder of the securities as to which such restrictions
shall have terminated or the transferee of such holder shall be entitled to
receive from the Company, at the expense of the Company, a new Warrant or a new
share certificate, as the case may be, not bearing the legend set forth in
Section 5.1.1 hereof.

     5.2. COOPERATION. The Company shall cooperate in supplying such information
as may be reasonably requested by the Warrantholder to complete and file any
information reporting forms presently or subsequently required by the Commission
as a condition to the availability of an exemption, presently existing or
subsequently adopted, from the 1933 Act for the sale of the Warrant or Warrant
Shares, which is expressly understood not to include the completion or filing of
any registration statements or other forms used to register such securities for
sale under the 1933 Act or any state's securities laws.

     5.3. PERMITTED TRANSFERS. Subject to Section 5.1 above and subject to all
applicable laws and rules, the Warrantholder may transfer this Warrant and any
Warrant Shares purchased hereunder.

6. ADJUSTMENTS TO EXERCISE PRICE AND WARRANT SHARES. The Exercise Price in
effect from time to time and the number of Warrant Shares shall be subject to
adjustment in certain cases as set forth in this Section 6.

     6.1. SUBDIVISION OR COMBINATION. In the event the outstanding Common Stock
shall be subdivided into a greater number of shares of Common Stock, the
Exercise Price for. the Warrant Shares shall, simultaneously with the
effectiveness of such subdivision, be proportionately reduced and the number of
Warrant . Shares proportionately increased, and conversely, in case the
outstanding Common Stock shall be combined into a smaller number of shares of
Common Stock, the Exercise Price shall simultaneously with the effectiveness of
such combination, be proportionately increased and the number of Warrant Shares
proportionately reduced. For the purpose of this Section 6, a distribution or
series of distributions of Common Stock to holders of Common Stock in which the
number of shares 'distributed is ten percent (10%) or more of the number of
shares of Common Stock upon which the distribution is to be made shall be deemed
to be a subdivision of Common Stock.

     6.2. ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION OR MERGER.

     6.2.1. In case of any reorganization of the Company (or any other
corporation the stock or other securities of which are at the time receivable on
the exercise of the Warrant) after the Issuance Date, or in case, after such
date, the Company (or any such other corporation) shall consolidate with or
merge into another corporation or convey all or substantially all of its assets
to another corporation, then and in each such case the Warrantholder, upon
exercise of. the Warrant as provided in Section 1 hereof at any time after the
consummation of such reorganization, consolidation, merger or conveyance, shall
be entitled to receive, in lieu of the stock or other securities and property
receivable upon the .exercise of the Warrant prior to such consummation, the
stock or other securities or property to which the Warrantholder would have been
entitled upon such consummation if the Warrantholder had exercised or converted
the

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Warrant immediately prior thereto (and such stock or securities shall be deemed
to be "Warrant Shares" for the purpose of this Warrant); in each such case, the
terms of this Warrant, including the exercise provisions of Section 1, shall be
applicable to the shares of stock or other securities or property receivable
upon the exercise of the Warrant after such consummation.

     6.2.2. The Company shall not effect any consolidation, merger or conveyance
of all or substantially all of its assets unless prior to the consummation
thereof the successor corporation (if other than the Company) resulting from
such consolidation or merger or the corporation into or for the securities of
which the previously outstanding stock of the Company shall be changed in
connection with such consolidation or merger, or the corporation purchasing such
assets, as the case may be, shall assume by written instrument, in form and
substance reasonably satisfactory to the Warrantholder, executed and delivered
in accordance with Section 8.2 hereof, the obligation to deliver to the
Warrantholder such shares of stock, securities or assets as, in accordance with
the foregoing provisions, the Warrantholder is entitled to purchase.

     6.2.3. If a purchase, tender or exchange offer is made to and accepted by
the holders of more than 50% of the outstanding shares of Common Stock of the
Company, the Company shall not effect any consolidation, merger or sale with the
Person having made such offer or with any Affiliate of such Person, unless prior
to the consummation of such consolidation, merger or sale the Warrantholder
shall have been given a reasonable opportunity to then elect to receive either
the stock, securities or assets then issuable upon the exercise of the Warrant
or, if different, the stock, securities or assets, or the equivalent, issued to
previous holders of the Common Stock in accordance with such offer, computed as
though the Warrantholder hereof had been at the time of such offer, a holder of
the stock, securities or assets then purchasable upon the exercise or conversion
of the Warrant. As used in this paragraph 6.2.3. the term "Person" shall mean
and include an individual, a partnership, a corporation, a trust, a joint
venture, a limited liability company, an unincorporated organization and a
government or any department or agency thereof and an "Affiliate" of any Person
shall mean any Person directly or indirectly controlling, controlled by or under
direct or indirect common control with, such other Person. A Person shall be
deemed to control a corporation if such Person possesses, directly or
indirectly, the power to direct or cause the direction of the management and
policies of such corporation, whether through the ownership of voting
securities, by contract or otherwise.

     6.3 ADJUSTMENT TO WARRANT SHARES FOR CERTAIN DILUTIVE ISSUANCES.

     6.3.1 Special Definitions. For purposes of this Subsection 6.3, the
following definitions shall apply:

          "Additional Shares of Common Stock shall mean all shares of Common
Stock issued (or, pursuant to Subsection. 6.3.2 below, deemed to be issued) by
the Company after the Threshold Financing Closing Date other than:

          (A) Common Stock issued or issuable upon conversion of shares of the
Company's preferred stock, par value $.O1 per share (the "Preferred Stock"),
outstanding as of the close of business on the Threshold Financing Closing Date;

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          (B) Common Stock issued or issuable (i) upon exercise of the Vertex
Warrants outstanding as of the close of business on the Threshold Financing
Closing Date, (ii) in exchange for any shares of Preferred Stock held by Vertex
or (iii) pursuant to the letter agreement dated December 1, 2000, between the
Company and Vertex;

          (C) Common Stock granted, or issued or issuable upon the exercise of
Options granted, to employees, consultants, creditors or other persons
performing or providing services or products to the Company or any affiliate of
the Company, in connection with their employment, advisory or other relationship
with the Company, pursuant to stock grants, options or other arrangements
approved by the Board of Directors of the Company. Shares of Common Stock or
Options previously issued pursuant to any such stock grants or option plans as
of the date that the exclusion hereunder is being determined shall be included
in calculating the number of shares of Common Stock subject to such exclusion;

          (D) Common Stock issued as a dividend or distribution on the Preferred
Stock;

          (E) Common Stock issued in any public offering of Common Stock or
Convertible Securities;

          (F) Common Stock issued in connection with any strategic alliance,
license, distribution, marketing or collaboration agreement up to an aggregate
of 500,000 shares of Common Stock (as such number may be adjusted in connection
with any of the events described in Section 6.1); and

          (G) issuances with respect to which an adjustment is made pursuant to
Section 6.1 above.

     "Convertible Securities" shall mean any evidences of indebtedness, shares
or other securities including Options, directly or indirectly convertible into
or exchangeable for Common Stock.

     "Factor" shall initially be one (1) and shall be subject to adjustment
pursuant to this Section 6.3.

     "Option" shall mean rights, options or warrants to subscribe for, purchase
or otherwise acquire Common Stock or Convertible Securities.

     "Threshold Financing" shall mean the Company's next equity financing in
which Convertible Securities or shares of Common Stock are issued or series or
group of such financings occurring after the Issuance Date and resulting in
proceeds to the Company in an aggregate amount equal to or greater than
$10,000,000.

     "Threshold Financing Closing Date" shall mean the closing date of the
Threshold Financing and in the event any potential Threshold Financing has
multiple closing dates or several financings occur prior to a Threshold
Financing occurring, the Threshold Financing Closing Date shall mean the date
the applicable financing or financings first result in the receipt by the
Company of aggregate proceeds in excess of $10,000,000.

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     "Threshold Price" shall mean (i) the consideration per share (determined
pursuant to Subsection 6.3.5 hereof) paid by the investors in the Threshold
Financing or (ii) in the event several financings occur prior to a Threshold
Financing occurring, the average of the amount of consideration per share
(determined pursuant to Subsection 6.3.5 hereof) paid by the investors in each
component financing comprising the Threshold Financing, (as adjusted to reflect
stock splits or reverse stock splits occurring after such financing but prior to
the Threshold -Financing Closing Date); in each case provided however that if
Convertible Securities are issued therein, such Convertible Securities shall
initially convert at the rate of one Convertible Security for one share of
Common Stock or if another conversion ratio is used, CFFTI and the Company shall
jointly determine the Threshold Price in good faith taking into account the
price per share paid and the rate at which such Convertible Security converts
into Common Stock.

     "Vertex Warrants" shall mean the Company's warrants for the purchase of
Common Stock issued to Vertex Pharmaceuticals Incorporated.

     6.3.2 Deemed Issue of Additional Shares of Common Stock.

          6.3.2.1 If the Company at any time or from time to time after the
Threshold Financing Closing Date shall issue any Options (other than Options
excluded pursuant to Section 6.3.1(C) hereof) or Convertible Securities or shall
fix a record date for the determination of holders of any class of securities
entitled to receive any such Options or Convertible Securities, then the maximum
number of shares of Common Stock (as set forth in the instrument relating
thereto without regard to any provision contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or, in the
case of Convertible Securities and Options therefor, the conversion or exchange
of such Convertible Securities, shall be deemed to be Additional Shares of
Common Stock issued as of the time of such issue or, in case such a record date
shall have been fixed, as of the close of business on such record date, provided
that Additional Shares of Common Stock shall not be deemed to have been issued
unless the consideration per share (determined pursuant to Subsection 6.3.5
hereof) of such Additional Shares of Common Stock would be less than the
Threshold Price then in effect, and provided further that in any case in which
Additional Shares of Common Stock are deemed to be issued:

               (A) no further adjustment in the Factor shall be made upon the
subsequent issue of Convertible Securities or shares of Common Stock upon the
exercise of such Options or conversion or exchange of such Convertible
Securities;

               (B) if such Options or Convertible. Securities by their terms
provide, with the passage of time or otherwise, for any increase in the
consideration payable to the Company, or decrease in the number of shares of
Common Stock issuable, upon the exercise, conversion or exchange thereof, the
Factor computed upon the original issue thereof (or upon the occurrence of a
record date with respect thereto), and any subsequent adjustments based thereon;
shall, upon any such increase or decrease becoming effective, be recomputed to
reflect such increase or decrease insofar as it affects such Options or the
rights of conversion or exchange under such Convertible Securities;

               (C) no readjustment pursuant to clause (B) above shall have the
effect of increasing the Factor to an amount which exceeds the lower of (i) the
Factor on the original

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adjustment date, or (ii) the Factor that would have resulted from any issuance
of Additional Shares of Common Stock between the original adjustment date and
such readjustment date;

               (D) upon the expiration or termination of any unexercised Option,
the Factor shall be readjusted, and the Additional Shares of Common Stock deemed
issued as the result of the original issue of such Option shall no longer be
deemed issued for the purposes of any subsequent adjustment of the Factor; and

               (E) in the event of any change in the number of shares of Common
Stock issuable upon the exercise, conversion or exchange of any Option or
Convertible Security, including, but not limited to, a change resulting from the
antidilution provisions thereof, the Factor then in effect shall forthwith be
readjusted to such Factor as would have obtained had the adjustment that was
made upon the issuance of such Option or Convertible Security (prior to such
change) been made upon the basis of such change, but no further adjustment shall
be made for the actual issuance of Common Stock upon the exercise or conversion
of any such Option or Convertible Security.

          6.3.3 No Adjustment of Number of Shares. No adjustment to the Factor
shall be made unless the consideration per share (determined pursuant to
Subsection 6.3.5) for an Additional Share of Common Stock issued or deemed to be
issued by the Company hereunder is less than the Threshold Price then in effect.

          6.3.4 Adjustment of Factor and Threshold Price Upon Issuance of
Additional Shares of Common Stock. In the event the Company shall issue or sell
(or pursuant to Section 6.3.2 be deemed to have issued) Additional Shares of
Common Stock without consideration or for a consideration per share less than
the Threshold Price then in effect (each such event a "Dilutive Event"), then
and in such Dilutive Event, the number of Warrant Shares subject to purchase
under this Warrant shall be increased to a number that is determined by dividing
the number of Warrant Shares prior to the Dilutive Event by the factor
determined by reference to the formula below (the "Factor") and the Exercise
Price in effect prior to the Dilutive Event shall be decreased to a price that
is determined by multiplying such price by the Factor. The Factor shall be
determined as follows:

     Factor = CSB + X
              -------
                CSA

     where

     CSB = the total outstanding shares of Common Stock outstanding and deemed
     to outstanding immediately prior to the dilutive transaction (calculated to
     include the number of shares of Common Stock issuable upon conversion of
     the outstanding Options and Convertible Securities).

     X = the number of shares determined by dividing the aggregate consideration
     received in the dilutive transaction (as determined by reference to Section
     6.3.5) divided by the Threshold Price.

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     CSA = the total outstanding shares of Common Stock immediately after the
     dilutive transaction (calculated to include the number of shares of Common
     Stock issuable upon conversion of the outstanding Options and Convertible
     Securities).

In addition, the Threshold Price for future determination under this Section 6.3
shall be adjusted by multiplying the Threshold Price in effect immediately prior
to the dilutive issuance by the Factor.

     6.3.5 Determination of Consideration. For purposes of this Section 6.3, the
consideration received by the Company for the issue of any Additional Shares of
Common Stock shall be computed as follows:

          6.3.5.1 Cash, Services and Property: Such consideration shall:

               (A) insofar as it consists of cash, be computed at the aggregate
of cash received by the Company, excluding amounts paid or payable for accrued
interest or accrued dividends;

               (B) insofar as it consists of services or property other than
cash, be computed at the fair market value thereof at the time of such issue, as
determined in good faith by the Board of Directors; and

               (C) in the event Additional Shares of Common Stock are issued
together with other assets of the Company for consideration which includes cash,
property or services, be the proportion of such consideration so received for
the Additional Shares of Common Stock as determined in good faith by the Board
of Directors.

          6.3.5.2 Options and Convertible Securities. The consideration per
share received by the Company for Options and Convertible Securities shall be
determined by dividing

               (A) the total amount of cash, services or property, if any,
received or receivable by the Company as consideration for the issue of such
Options or Convertible Securities, plus the minimum aggregate amount of
additional consideration (as set forth in the instruments relating thereto,
without regard to any provision contained therein for a subsequent adjustment of
such consideration) payable to the Company upon the exercise of such Options or
the conversion or exchange of such Convertible Securities, or in the case of
Options for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities, by

               (B) the maximum number of shares of Common Stock (as set forth in
the instruments relating thereto, without regard to any provision contained
therein for a subsequent adjustment of such number) issuable upon the exercise
of such Options or the conversion or exchange of such Convertible Securities.

     6.4. NOTICE OF ADJUSTMENT. When any adjustment is required to be made in
the Exercise Price or the Factor, the Company shall promptly notify the
Warrantholder of such event, of the calculation by which such adjustment is to
be made and of the resulting Exercise Price and Factor.

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     6.5. DUTY TO MAKE FAIR ADJUSTMENTS IN CERTAIN CASES. If any event occurs as
to which in the opinion of the Board of Directors the other provisions of this
Section 6 are not strictly applicable or if strictly applicable would not fairly
protect the purchase and exercise rights of the Warrant in accordance with the
essential intent and principles of such provisions, then the Board of Directors
shall make an adjustment in the application of such provisions, in accordance
with such essential intent and principles, so as to protect such purchase rights
as aforesaid.

7. RESERVATION OF WARRANT SHARES. The Company shall at all times reserve and
keep available out of its authorized but unissued Common Stock the full number
of Warrant Shares deliverable upon exercise of the Warrant, as such number may
change from time to time pursuant to the terms hereof. Also, the Company shall,
at its own expense, take all such actions and obtain all such permits and orders
as may be necessary to enable the Company lawfully to issue fully paid and
nonassessable Warrant Shares upon the exercise or conversion of the Warrant,
provided, however, this Section 7 shall not be construed to require the Company
to register the Warrant or the Warrant Shares under the 1933 Act or any state's
securities laws.

8. MISCELLANEOUS.

     8.1. ENTIRE AGREEMENT. This Warrant, the-Registration Rights Agreement of
even date herewith between the Company and the Holder and the Alliance Agreement
constitute the full and entire understanding and agreements between the parties
hereto with respect to the subjects hereof and thereof.

     8.2. SUCCESSORS AND ASSIGNS. The terms and conditions of this Warrant shall
inure to the benefit of and be binding upon the respective successors and
assigns of the parties hereto, except as expressly provided otherwise herein.

     8.3. GOVERNING LAW. This Warrant shall be governed by and construed under
the internal laws of the Commonwealth of Massachusetts (without reference or
regard to conflict or choice of law provisions).

     8.4. NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed effectively given
upon personal delivery or the day following deposit with a nationally recognized
overnight courier service, or upon the fifth day following mailing by registered
air mail, postage prepaid, addressed (a) if to the Holder, Cystic Fibrosis
Foundation Therapeutics, Inc., at 6931 Arlington Road, Bethesda, MD 20814, (301)
907-2699 (fax), Attention: Dr. Robert Beall, or at such other address as shall
have furnished to the Company in writing, with a copy to Swidler Berlin Sheroff
Friedman, LLP, 3000 K Street, N.W., Suite 300, Washington, D.C. 20007, (202)
424-7643 (fax), Attention: Kenneth I. Schaner, Esquire, (b) if to the Company, a
copy should be sent to 625 Putnam Street, Cambridge, MA 02139, (617) 577-6502
(fax), Attention: Treasurer, or at such other address as the Company shall have
furnished in writing to the Warrantholder, with a copy to Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo, P.C., One Financial Center, Boston, Massachusetts
02111, (617) 542-2241 (fax), Attention: Jonathan L. Kravetz, Esquire, or (c) if
to any other Warrantholder, at such address as such holder shall have furnished
to the Company in writing, or, until such

                                       11
<PAGE>
Warrantholder so furnishes an address to the Company, then to and at the address
of the last holder of such Warrant who so furnished an address to the Company.

     8.5. DELAYS OR OMISSIONS. No delay or omission to exercise any right, power
or remedy accruing to any holder of any securities issued or sold or to be
issued or sold hereunder, upon any breach or default of the Company under this
Warrant, shall impair any such right, power or remedy of such holder nor shall
it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or in any similar breach or default thereafter occurring, nor shall any
waiver of any single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any holder of any breach or
default under this Warrant, or any waiver on the part of any holder of any
provisions or conditions of this Warrant must be in writing and shall be
effective only to the extent specifically set forth in such writing. All
remedies, either under this Warrant or by law or otherwise afforded to any
holder, shall be cumulative and not alternative.

     8.6. SURVIVAL. The representations, warranties, covenants and agreements
made herein shall survive the execution and delivery of this Warrant, except as
expressly provided otherwise herein.

     8.7. WAIVERS AND AMENDMENTS. With the written consent of the record or
beneficial holders of more than 50% in interest of the Warrant Shares, the
obligations of the Company and the rights of the Warrantholders may be waived
(either generally or in a particular instance, either retroactively or
prospectively and either for a specified period of time or indefinitely), and
with the same consent the Company, when authorized by resolution of its board of
directors, may enter into a supplemental agreement for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Warrant; provided, however, that no such waiver or supplemental agreement
shall reduce the aforesaid percentage of the Warrant Shares, the holders of
which are required to consent to any waiver or supplemental agreement, without
the consent of the record or beneficial holders of all the Warrant Shares
(treated as if exercised). Upon the effectuation of each such waiver, consent,
agreement of amendment or modification. the Company promptly shall give written
notice thereof to the record holders of the Warrant and the Warrant Shares. This
Warrant or any provision hereof may not be changed, waived, discharged or
terminated orally, but only by a statement in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought, except to the extent provided in this Section 8.7.

     8.8. SEVERABILITY. If one or more provisions of this Warrant are held to be
invalid, illegal or unenforceable under applicable law, such provision shall be
modified in such manner as to be valid, legal and enforceable, but so as to most
nearly retain the intent of the parties, and if such modification is not
possible, such provision shall be severed from this Warrant as if such provision
were not included in either case, and the balance of this Warrant shall not in
any way be affected or impaired thereby and shall be enforceable in accordance
with its terms.

     8.9. REGISTERED HOLDER. The Company may deem and treat the registered
Warrantholder(s) hereof as the absolute owner(s) of this Warrant
(notwithstanding any notation of ownership or other writing hereon made by
anyone), for the purpose of any exercise or

                                       12
<PAGE>
conversion hereof, of any distribution to the Warrantholder(s) hereof, and for
all other purposes, and the Company shall not be affected by any notice to the
contrary. Other than as set forth herein, this Warrant does not entitle any
Warrantholder hereof to any rights of a stockholder of the Company.

     8.10. TITLES AND SUBTITLES. The titles of the sections and subsections of
this Warrant are for convenience and are not to be considered in construing this
Warrant.

                                       13
<PAGE>
     IN WITNESS WHEREOF, Company has caused this Warrant to be signed by its
duly authorized officer and issued as of the Issuance Date.

                                        ALTUS BIOLOGICS INC.

                                        By: /s/ Peter Lanciano
                                            ------------------------------------
                                            Peter Lanciano
                                            President

Acknowledged and agreed
as of the Issuance Date, including,
without limitation, the transfer
restrictions contained in Section 5.1:

CYSTIC FIBROSIS FOUNDATION
THERAPETICS, INC.

By:
    ---------------------------------
Name: Dr. Robert Beall
Title: President

                                       14<PAGE>
                                                                    Exhibit 4.10

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER
SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE AVAILABILITY OF AN
EXEMPTION FROM REGISTRATION UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

                                       NO.
                           STOCK SUBSCRIPTION WARRANT

                           TO PURCHASE COMMON STOCK OF

                      ALTUS BIOLOGICS, INC. (THE "COMPANY")

                   DATE OF INITIAL ISSUANCE: OCTOBER 20, 2000

     THIS CERTIFIES THAT for value received, TBCC FUNDING TRUST II or its
registered assigns (hereinafter called the "Holder") is entitled to purchase
from the Company, at any time during the Term of this Warrant, 27,322 shares of
common stock, $0.01 par value, of the Company (the "Common Stock"), at the
Warrant Price, payable as provided herein. The exercise of this Warrant shall be
subject to the provisions, limitations and restrictions herein contained, and
may be exercised in whole or in part.

SECTION 1. DEFINITIONS.

     For all purposes of this Warrant, the following terms shall have the
meanings indicated:

     COMMON STOCK - shall mean and include the Company's authorized Common
Stock, $0.01 par value, as constituted at the date hereof.

     EXCHANGE ACT - shall mean the Securities Exchange Act of 1934, as amended
from time to time.

     SECURITIES ACT - the Securities Act of 1933, as amended.

     TERM OF THIS WARRANT - shall mean the period beginning on the date of
initial issuance hereof and ending on October 20, 2007.

     WARRANT PRICE - The lower of (A) $31.35 per share or (B) the price per
share (converted to a common stock price basis using the applicable conversion
ratios as set forth in the Company's articles of incorporation if the issuance
is other than common stock) at which the next bona fide issuance of stock of the
Company is made in an equity financing transaction of Company after the date
hereof other than for issuances of stock arising from joint venture enterprises
or other business collaborations, which price shall also be subject to
adjustment in accordance with Section 5 hereof.
<PAGE>
     WARRANTS - this Warrant and any other Warrant or Warrants issued in
connection with the Loan and Security Agreement dated October 20, 2000 by and
between the Company and Transamerica Business Credit Corporation (the "Loan
Agreement") to the original holder of this Warrant, or any transferees from such
original holder or this Holder.

     WARRANT SHARES - shares of Common Stock purchased or purchasable by the
Holder of this Warrant upon the exercise hereof.

SECTION 2. EXERCISE OF WARRANT.

     2.1 PROCEDURE FOR EXERCISE OF WARRANT. To exercise this Warrant in whole or
in part (but not as to any fractional share of Common Stock), the Holder shall
deliver to the Company at its office referred to in Section 12 hereof at any
time and from time to time during the Term of this Warrant: (i) the Notice of
Exercise in the form attached hereto, (ii) cash, certified or official bank
check payable to the order of the Company, wire transfer of funds to the
Company's account, or evidence of any indebtedness of the Company to the Holder
(or any combination of any of the foregoing) in the amount of the Warrant Price
for each share being purchased, and (iii) this Warrant. Notwithstanding any
provisions herein to the contrary, if the Current Market Price (as defined in
Section 5) is greater than the Warrant Price (at the date of calculation, as set
forth below), in lieu of exercising this Warrant as hereinabove permitted, the
Holder may elect to receive shares of Common Stock equal to the value (as
determined below) of this Warrant (or the portion thereof being canceled) by
surrender of this Warrant at the office of the Company referred to in Section 12
hereof, together with the Notice of Exercise, in which event the Company shall
issue to the Holder that number of shares of Common Stock computed using the
following formula:

                               CS = WCS x (CMP-WP)
                                    --------------
                                       CMP

     Where

     CS equals the number of shares of Common Stock to be issued to the Holder

     WCS equals the number of shares of Common Stock purchasable under the
Warrant or, if only a portion of the Warrant is being exercised, the portion of
the Warrant being exercised (at the date of such calculation)

     CMP equals the Current Market Price (at the date of such calculation)

     WP equals the Warrant Price (as adjusted to the date of such calculation)

     In the event of any exercise of the rights represented by this Warrant, a
certificate or certificates for the shares of Common Stock so purchased,
registered in the name of the Holder or such other name or names as may be
designated by the Holder, shall be delivered to the Holder hereof within a
reasonable time, not exceeding fifteen (15) days, after the rights represented
by this Warrant shall have been so exercised; and, unless this Warrant has
expired, a new Warrant representing the number of shares (except a remaining
fractional share), if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to the

                                        2
<PAGE>
Holder hereof within such time. The person in whose name any certificate for
shares of Common Stock is issued upon exercise of this Warrant shall for all
purposes be deemed to have become the holder of record of such shares on the
date on which the Warrant was surrendered and payment of the Warrant Price and
any applicable taxes was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is a date
when the stock transfer books of the Company are closed, such person shall be
deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.

     2.2 TRANSFER RESTRICTION LEGEND. Each certificate for Warrant Shares shall
bear the following legend (and any additional legend required by (i) any
applicable state securities laws and (ii) any securities exchange upon which
such Warrant Shares may, at the time of such exercise, be listed) on the face
thereof unless at the time of exercise such Warrant Shares shall be registered
under the Securities Act:

     "The shares represented by this certificate have not been registered under
     the Securities Act of 1933, as amended, and may not be sold or transferred
     in the absence of such registration or an exemption therefrom under said
     Act."

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution under a registration statement of the securities
represented thereby) shall also bear such legend unless, in the opinion of
counsel for the Company the securities represented thereby are not, at such
time, required by law to bear such legend.

SECTION 3. COVENANTS AS TO COMMON STOCK. The Company covenants and agrees that
all shares of Common Stock that may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be validly issued, fully paid
and nonassessable, and free from all taxes, liens and charges with respect to
the issue thereof. The Company further covenants and agrees that it will pay
when due and payable any and all federal and state stamp, original, issue or
similar taxes which taxes which may be payable in respect of the issue of this
Warrant or any Common Stock or certificates therefor issuable upon the exercise
of this Warrant. The Company further covenants and agrees that the Company will
at all times have authorized and reserved, free from preemptive rights, a
sufficient number of shares of Common Stock to provide for the exercise of the
rights represented by this Warrant. The Company further covenants and agrees
that if any shares of capital stock to be reserved for the purpose of the
issuance of shares upon the exercise of this Warrant require registration with
or approval of any governmental authority under any federal or state law, but
not including any registration under the Securities. Act of 1933, as amended,
the SEC Act of 1934, as amended, or any state blue sky laws before such shares
may be validly issued or delivered upon exercise, then the Company will in good
faith and as expeditiously as possible endeavor to secure such registration or
approval but not including any registration under the Securities Act of 1933, as
amended, the SEC Act of 1934, as amended, or any state blue sky laws, as the
case may be. If and so long as the Common Stock issuable upon the exercise of
this Warrant is listed on any national securities exchange, the Company will, if
permitted by the rules of such exchange, list and keep listed on such exchange,
upon

                                        3
<PAGE>
official notice of issuance, all shares of such Common Stock issuable upon
exercise of this Warrant.

SECTION 4. ADJUSTMENT OF NUMBER OF SHARE. Upon each adjustment of the Warrant
Price as provided in Section 5, the Holder shall thereafter be entitled to
purchase, at the Warrant Price resulting from such adjustment, the number of
shares (calculated to the nearest tenth of a share) obtained by multiplying the
Warrant Price in effect immediately prior to such adjustment by the number of
shares purchasable pursuant hereto immediately prior to such adjustment and
dividing the product thereof by the Warrant Price resulting from such
adjustment.

SECTION 5. ADJUSTMENT OF WARRANT PRICE. The Warrant Price shall be subject to
adjustment from time to time as follows: (i) If, at any time during the Term of
this Warrant, the number of shares of Common Stock outstanding is increased by a
stock dividend payable in shares of Common Stock or by a subdivision or split-up
of shares of Common Stock, then, following the record date fixed for the
determination of holders of Common Stock entitled to receive such stock
dividend, subdivision or split-up, the Warrant Price shall be appropriately
decreased so that the number of shares of Common Stock issuable upon the
exercise hereof shall be increased in proportion to such increase (in accordance
with Section 4) in outstanding shares.

     (ii) If, at any time during the Term of this Warrant, the number of shares
of Common Stock outstanding is decreased by a combination of the outstanding
shares of Common Stock, then, following the record date for such combination,
the Warrant Price shall appropriately increase so that the number of shares of
Common Stock issuable upon the exercise hereof shall be decreased in proportion
to such decrease (in accordance with Section 4) in outstanding shares.

     (iii) All calculations under this Section 5 shall be made to the nearest
cent or to the nearest one-tenth (1/10) of a share, as the case may be.

     (iv) For the purpose of any computation pursuant to this Section 5, the
Current Market Price at any date of one share of Common Stock shall be deemed to
be the average of the daily closing prices for the 15 consecutive business days
ending on the last business day before the day in question (as adjusted for any
stock dividend, split, combination or reclassification that took effect during
such 15 business day period). The closing price for each day shall be the last
reported sales price regular way or, in case no such reported sales took place
on such day, the average of the last reported bid and asked prices regular way,
in either case on the principal national securities exchange on which the Common
Stock is listed or admitted to trading or as reported by Nasdaq (or if the
Common Stock is not at the time listed or admitted for trading on any such
exchange or if prices of the Common Stock are not reported by Nasdaq then such
price shall be equal to the average of the last reported bid and asked prices on
such day as reported by The National Quotation Bureau Incorporated or any
similar reputable quotation and reporting service, if such quotation is not
reported by The National Quotation Bureau Incorporated); provided, however, that
if the Common Stock is not traded in such manner that the quotations referred to
in this clause (v) are available for the period required hereunder, the Current
Market Price shall be determined in good faith by the Board of Directors of the
Company or, if such determination cannot be made, by a nationally recognized
independent investment banking firm selected by the Board of Directors of the
Company (or if such selection cannot be made, by a

                                        4
<PAGE>
nationally recognized independent investment banking firm selected by the
American Arbitration Association in accordance with its rules).

     (v) Whenever the Warrant Price shall be adjusted as provided in Section 5,
the Company shall prepare a statement showing the facts requiring such
adjustment and the Warrant Price that shall be in effect after such adjustment.
The Company shall cause a copy of such statement to be sent by mail, first class
postage prepaid, to each Holder of this Warrant at its, his or her address
appearing on the Company's records. Where appropriate, such copy may be given in
advance and may be included as part of the notice required to be mailed under
the provisions of subsection (vii) of this Section 5.

     (vi) Adjustments made pursuant to clauses (i) and (ii) above shall be made
on the date such dividend, subdivision, split-up, combination or distribution,
as the case may be, is made, and shall become effective at the opening of
business on the business day next following the record date for the
determination of stockholders entitled to such dividend, subdivision, split-up,
combination or distribution.

     (vii) In the event the Company shall propose to take any action of the
types described in clauses (i)and (ii) of this Section 5, the Company shall
forward, at the same time and in the same manner, to the Holder of this Warrant
such notice, if any, which the Company shall give to the holders of capital
stock of the Company.

     (viii) In any case in which the provisions of this Section 5 shall require
that an adjustment shall become effective immediately after a record date for an
event, the Company may defer until the occurrence of such event issuing to the
Holder of all or any part of this Warrant which is exercised after such record
date and before the occurrence of such event the additional shares of capital
stock issuable upon such exercise by reason of the adjustment required by such
event over and above the shares of capital stock issuable upon such exercise
before giving effect to such adjustment exercise; provided, however, that the
Company shall deliver to such Holder a due bill or other appropriate instrument
evidencing such Holder's right to receive such additional shares or promptly
after the occurrence of the event requiring such adjustment.

SECTION 6. OWNERSHIP.

     6.1 OWNERSHIP OF THIS WARRANT. The Company may deem and treat the person in
whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary until presentation of this Warrant for registration of transfer
as provided in this Section 6.

     6.2 TRANSFER AND REPLACEMENT. This Warrant and all rights hereunder are
transferable in whole or in part upon the books of the Company by the Holder
hereof in person or by duly authorized attorney, and a new Warrant or Warrants,
of the same tenor as this Warrant but registered in the name of the transferee
or transferees (and in the name of the Holder, if a partial transfer is
effected) shall be made and delivered by the Company upon surrender of this
Warrant duly endorsed, at the office of the Company referred to in Section 12
hereof. Upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft or destruction,

                                        5
<PAGE>
and, in such case, of indemnity or security reasonably satisfactory to it, and
upon surrender of this Warrant if mutilated, the Company will make and deliver a
new Warrant of like tenor, in lieu of this Warrant; provided that if the Holder
hereof is an instrumentality of a state or local government or an institutional
holder or a nominee for such an instrumentality or institutional holder an
irrevocable agreement of indemnity by such Holder when the event that such
Holder is such a nominee, an irrevocable agreement of indemnity by such Holder
and by such instrumentality or such institutional holder which nominated such
Holder shall be sufficient for all purposes of this Section 6, and no evidence
of loss or theft or destruction shall be necessary. This Warrant shall be
promptly cancelled by the Company upon the surrender hereof in connection with
any transfer or replacement. Except as otherwise provided above, in the case of
the loss, theft or destruction of a Warrant, the Company shall pay all expenses,
taxes and other charges payable in connection with any transfer or replacement
of this Warrant, other than stock transfer taxes (if any) payable in connection
with a transfer of this Warrant, which shall be payable by the Holder. Holder
will not transfer this Warrant and the rights hereunder except in compliance
with federal and state securities laws.

SECTION 7. MERGERS, CONSOLIDATION, SALES. In the case of any proposed
consolidation or merger of the Company with another entity, or the proposed sale
of all or substantially all of its assets to another person or entity, or any
proposed reorganization or reclassification of the capital stock of the Company,
then, as a condition of such consolidation, merger, sale, reorganization or
reclassification, lawful and adequate provision shall be made whereby the Holder
of this Warrant shall thereafter have the right to receive upon the basis and
upon the terms and conditions specified herein, in lieu of the shares of the
Common Stock of the Company immediately theretofore purchasable hereunder, such
shares of stock, securities or assets as may (by virtue of such consolidation,
merger, sale, reorganization or reclassification) be issued or payable with
respect to or in exchange for the number of shares of such Common Stock
purchasable hereunder immediately before such consolidation, merger, sale,
reorganization or reclassification. In any such case appropriate provision shall
be made with respect to the rights and interests of the Holder of this Warrant
to the end that the provisions hereof shall thereafter be applicable as nearly
as may be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise of this Warrant.

SECTION 8. NOTICE OF DISSOLUTION OR LIQUIDATION. In case of any distribution of
the assets of the Company in dissolution or liquidation (except under
circumstances when the foregoing Section 7 shall be applicable), the Company
shall give notice thereof to the Holder hereof and shall make no distribution to
shareholders until the expiration of fifteen (15) days from the date of mailing
of the aforesaid notice and, in any case, the Holder hereof may exercise this
Warrant. within fifteen (15) days from the date of the giving of such notice,
and all rights herein granted not so exercised within such thirty-day period
shall thereafter become null and void.

SECTION 9. NOTICE OF EXTRAORDINARY DIVIDENDS. If the Board of Directors of the
Company shall declare any dividend or other distribution on its Common Stock
except out of earned surplus or by way of a stock dividend payable in shares of
its Common Stock, the Company shall mail notice thereof to the Holder hereof not
less than fifteen (15) days prior to the record date fixed for determining
shareholders entitled to participate in such dividend or other distribution, and
the Holder hereof shall not participate in such dividend or other distribution
unless this

                                        6
<PAGE>
Warrant is exercised prior to such record date. The provisions of this Section 9
shall not apply to distributions made in connection with transactions covered by
Section 7.

SECTION 10. FRACTIONAL SHARES. Fractional shares shall not be issued upon the
exercise of this Warrant but in any case where the Holder would, except for the
provisions of this Section 10, be entitled under the terms hereof to receive a
fractional share upon the complete exercise of this Warrant, the Company shall,
upon the exercise of this Warrant for the largest number of whole shares then
called for, pay a sum in cash equal to the excess of the value of such
fractional share (determined in such reasonable manner as may be prescribed in
good faith by the Board of Directors of the Company) over the Warrant Price for
such fractional share.

SECTION 11. SPECIAL ARRANGEMENTS OF THE COMPANY. The Company covenants and
agrees that during the Term of this Warrant, unless otherwise approved by the
Holder of this Warrant:

     11.1 WILL RESERVE SHARES. The Company will reserve and set apart and have
available for issuance at all times, free from preemptive or other preferential
rights, the number of shares of authorized but unissued Common Stock deliverable
upon the exercise of this Warrant.

     11.2 WILL NOT AMEND CERTIFICATE. The Company will not amend its Certificate
of Incorporation to eliminate as an authorized class of capital stock that class
denominated as "Common Stock" on the date hereof.

     11.3 WILL BIND SUCCESSORS. This Warrant shall be binding upon any
corporation or other person or entity succeeding to the Company by merger,
consolidation or acquisition of all or substantially all of the Company's
assets.

SECTION 12. NOTICES. Any notice or other document required or permitted to be
given or delivered to the Holder shall be delivered at, or sent by certified or
registered mail to, the Holder at Transamerica Technology Finance Division, 76
Batterson Park Road, Farmington, Connecticut 06032, Attention: Assistant Vice
President, Lease Administration, with a copy to the Lender at Riverway II, West
Office Tower, 9399 West Higgins Road, Rosemont, Illinois 60018, Attention: Legal
Department or to such other address as shall have been furnished to the Company
in writing by the Holder. Any notice or other document required or permitted to
be given or delivered to the Company shall be delivered at, or sent by certified
or registered mail to, the Company at 625 Putnam Avenue, Cambridge,
Massachusetts, 02139, Attention: President or to such other address as shall
have been furnished in writing to the Holder by the Company. Any notice so
addressed and mailed by registered or certified mail shall be deemed to be given
when so mailed. Any notice so addressed and otherwise delivered shall be deemed
to be given when actually received by the addressee.

SECTION 13. NO RIGHTS AS STOCKHOLDER; LIMITATION OF LIABILITY. This Warrant
shall not entitle the Holder to any of the rights of a shareholder of the
Company except upon exercise in accordance with the terms hereof. No provision
hereof, in the absence of affirmative action by the Holder to purchase shares of
Common Stock, and no mere enumeration herein of the rights or privileges of the
Holder, shall give rise to any liability of the Holder for the Warrant Price
hereunder or as a shareholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

                                        7
<PAGE>
SECTION 14. LAW GOVERNING. THE VALIDITY, INTERPRETATION, AND ENFORCEMENT OF THIS
WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW
PRINCIPLES THEREOF.

SECTION 15. WARRANT HOLDER NOT SHAREHOLDER. Except as otherwise provided herein
or under applicable law, this Warrant does not confer upon the Holder any right
to vote or to consent to or receive notice as a stockholder of the Company, as
such, in respect of any matters-whatsoever, or any other rights or liabilities
as a stockholder, prior to the. exercise hereof.

SECTION 16. COVENANTS OF WARRANT HOLDER. By acceptance of this Warrant, the
Holder is hereby deemed to covenant and agree with the Company that it is
initially acquiring this Warrant as an investment and not with a view to
distribution hereof. The holder of this Warrant or any Warrant Shares may
transfer this Warrant or such Warrant Shares only pursuant to applicable Federal
and state securities laws. Each registered Holder of this Warrant acknowledges
that this Warrant has not been registered under the Securities Act and agrees
not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose
of this Warrant or any Warrant Shares issued upon its exercise in the absence of
(i) an effective registration statement as to this Warrant or such Warrant
Shares under the Securities Act, or (ii) in the opinion of counsel reasonably
acceptable to the Company to the effect that such registration is not, under the
circumstances, required. In addition, in order for any transferee of this
Warrant or any Warrant Shares to receive any of the benefits of this Warrant or
the Warrant Shares, s the case may be, the company must have received notice of
such transfer, at the address set forth in Section 12 above, in the form of
assignment or partial assignment attached hereto. Any transferee other than
pursuant to an effective registration statement under the Securities Act or
pursuant to Rule 144 promulgated under the Securities Act must also covenant and
agree that it is acquiring this Warrant or such Warrant Shares as an investment
and not with a view to distribution hereof or thereof, except in accordance with
the Securities Act and applicable state securities law.

SECTION 17. MISCELLANEOUS. This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by both
parties (or any respective predecessor in interest thereof). The headings in
this Warrant are for purposes of reference only and shall not affect the meaning
or construction of any of the provisions hereof.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly authorized officer this ___ day of October, 2000.

                                        ALTUS BIOLOGICS, INC.

[CORPORATE SEAL]                        By: /s/ Peter Lanciano
                                            ------------------------------------
                                        Title: President

                                        8
<PAGE>
                           FORM OF NOTICE OF EXERCISE

                [To be signed only upon exercise of the Warrant]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO EXERCISE THE WITHIN WARRANT

     The undersigned hereby exercises the right to purchase _________ shares of
Common Stock which the undersigned is entitled to purchase by the terms of the
within Warrant according to the conditions thereof, and herewith

     [check one]   [ ]   makes payment of $________ therefor; or

                   [ ]   directs the Company to issue _____ shares, and to
                         withhold ____ shares in lieu of payment of the Warrant
                         Price; as described in Section 2.1 of the Warrant.

     All shares to be issued pursuant hereto shall be issued in the name of and
the initial address of such person to be entered on the books of the Company
shall be:

     The shares are to be issued in certificates of the following denominations:

                                        ----------------------------------------
                                        [Type Name of Holder]

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

Dated:
       ------------------------------

                                        9
<PAGE>
                               FORM OF ASSIGNMENT
                                    (ENTIRE)

               [To be signed only upon transfer of entire Warrant]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO TRANSFER THE WITHIN WARRANT

     FOR VALUE RECEIVED __________________ hereby sells, assigns and transfers
unto all rights of the undersigned under and pursuant to the within Warrant, and
the undersigned does hereby irrevocably constitute and appoint

          Attorney to transfer the said Warrant on the books of the Company,
with full power of substitution.

                                        ----------------------------------------
                                        [Type Name of Holder]

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

Dated:
       ------------------------------

     NOTICE

     The signature to the foregoing Assignment must correspond to the name as
written-upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       10
<PAGE>
                               FORM OF ASSIGNMENT
                                    (PARTIAL)

              [To be signed only upon partial transfer of Warrant]

                     TO BE EXECUTED BY THE REGISTERED HOLDER
                         TO TRANSFER THE WITHIN WARRANT

     FOR VALUE RECEIVED ___________________ hereby sells, assigns and transfers
unto ___________________________________ (i) the rights of the undersigned to
purchase hares of Common Stock under and pursuant to the within Warrant, and
(ii) on a non-exclusive basis, all other rights of the undersigned under and
pursuant to the within Warrant, it being understood that the undersigned shall
retain, severally (and not jointly) with the transferee(s) named herein, all
rights assigned on such non-exclusive basis. The undersigned does hereby
irrevocably constitute and appoint _______________________ Attorney to transfer
the said Warrant on the books of the Company, with full power of substitution.

                                        ----------------------------------------
                                        [Type Name of Holder]

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

Dated:
       ------------------------------

     NOTICE

     The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without
alteration or enlargement or any change whatsoever.

                                       11

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