Document:

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                                                                   Exhibit 10.19

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
ASTERISKS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

                                LICENSE AGREEMENT

                                     BETWEEN

                         THE TEXAS A&M UNIVERSITY SYSTEM

                                       AND

                                 INHIBITEX, INC.

         THIS LICENSE AGREEMENT is made and entered into by and between The
Texas A&M University System (hereinafter referred to as "SYSTEM") with principal
offices in College Station, Texas, and Inhibitex, Inc. (hereinafter referred to
as "INHIBITEX"), a Delaware corporation with principal offices in Alpharetta,
Georgia.

                                   WITNESSETH:

         WHEREAS, SYSTEM is the owner, or the exclusive licensee, of certain
intellectual property related to Extracellular Matrix Binding Proteins; and

         WHEREAS, SYSTEM desires that such intellectual property should be
commercialized for the public benefit and welfare; and

         WHEREAS, INHIBITEX holds rights in related patent applications and
patents owned by SYSTEM, under a sublicense from the SYSTEM's licensee to such
related technologies, the AM Fund I, L.P.; and

         WHEREAS, in addition to value that the subject intellectual property
may hold in the production of commercial products, the intellectual property may
enhance the value of the company, and may complement other assets in the
portfolio of patent rights held by the company; and

         WHEREAS, INHIBITEX has represented that it has certain marketing,
engineering and financial capabilities, and that it shall commit itself to a
thorough and diligent program of development and commercialization of SYSTEM's
intellectual property so that the public utilization shall result therefrom; and

         WHEREAS, SYSTEM is willing to grant to INHIBITEX, and INHIBITEX is
willing to accept, a license to use SYSTEM intellectual property, upon the terms
and conditions set forth below.

         NOW, THEREFORE, in consideration of the mutual covenants and premises
contained herein, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows.

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                             ARTICLE I - DEFINITIONS

1.01     "PATENT RIGHTS" shall mean the SYSTEM's rights by assignment or by
         license in the following:

         (a)      United States Patent Application 09/200,650 entitled,
                  "Extracellular Matrix-Binding Proteins from Staphylococcus
                  Aureus," filed on November 25, 1998; and

         (b)      PCT/US Application 98/25246 entitled, "Extracellular
                  Matrix-Binding Proteins from Staphylococcus Aureus," filed on
                  November 25, 1998; and

         (c)      United States Patent Application 09/095,272 entitled, "Methods
                  for Inhibiting Platelet Aggregation and Thrombosis," filed on
                  June 10, 1998; and

         (d)      United States Provisional Patent Application 60/098,449
                  entitled, "Staphylococcal Adhesions for Donor Select and Donor
                  Stimulation Strategies, "filed on August 31, 1998; converted
                  August 1999 and also filed as a PCT application in August
                  1999; and

         (e)      United States Provisional Patent Application 60/098,439
                  entitled, "Multi-component Vaccines," filed on August 31,
                  1998; converted August 1999 and also filed as a PCT
                  application in August 1999; and

         (f)      United States Provisional Patent Application 60/098,443
                  entitled, "MSCRAMMS from Staphylococcal Epidermidis as Targets
                  from Immunopreventive and Immunotherapeutic Measures," filed
                  on August 31, 1998 and refilled on January 25, 1999 as
                  Provisional Application 60/117,119 as "Polypeptides and
                  Polynucleotides from coagulase-negative staphylococci"; and

         (g)      United States Provisional Application 60/133,334 entitled,
                  "Ace, a Collagen Binding MSCRAMM for Enterococcus Faesalis as
                  a Target for Immunopreventative Therapeutic Strategies,"
                  filed May 10, 1999; and

         (h)      United States Provisional Patent Application 69/132,404 field
                  April 28, 1999 entitled, "The Fibronogen-Binding MSCRAMM
                  (ClfA) of S. Aureus Inhibits Polymorphonuclear Attachment to
                  Fibrinogen"; and

         (i)      any patent(s) issuing from the foregoing application(s); any
                  divisionals, continuations, or continuations-in-part of the
                  foregoing applications; all equivalent foreign patent
                  applications which claim priority under such application(s);
                  any patent(s) issuing from the foregoing application(s); and
                  all extensions or reissues of any such patent(s).

1.03     "LICENSED PRODUCT" or "LICENSED PRODUCTS" shall mean any product,
         process, or composition of matter which is within the scope of any
         Valid Claim under the PATENT RIGHTS. As used herein, Valid Claim shall
         mean and include a claim of an unexpired patent, or one whose
         expiration date has been extended by law, so long as such claim shall
         not have been held invalid in an unappealed or unappealable decision or
         a court or other authority of competent jurisdiction.

1.04     "EFFECTIVE DATE" shall mean the date this Agreement is executed by both
         parties hereto.

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1.05     "NET SALES" shall mean INHIBITEX's billings, or sublicensee(s)'s
         billings for sales of LICENSED PRODUCTS hereunder less the sum of the
         following:

         (a)      sales taxes, tariff duties and/or use taxes directly imposed
                  with reference to particular sales;

         (b)      outbound transportation prepaid or allowed; and

         (c)      amounts allowed or credited on returns.

         No deductions shall be made for commissions paid to individuals whether
         they are with independent sales agencies or regularly employed by
         INHIBITEX and on its payroll, or for the cost of collections. LICENSED
         PRODUCTS shall be considered "sold" when billed out or invoiced.
         Receipts from transactions which are not made at arm's length shall be
         assigned the value they would have had in similar commercial sales made
         at arm's length.

                           ARTICLE II - LICENSE GRANT

2.01     Grant. Except as outlined in paragraphs 2.02, 2.03, and 2.04, SYSTEM
         hereby grants to INHIBITEX the exclusive license and right under
         SYSTEM's rights in PATENT RIGHTS to make, have made, use, and sell the
         LICENSED PRODUCTS, and to grant sublicenses of the same scope, to the
         end of the term of this Agreement as prescribed in paragraph 7.01.

2.02     Reservation. SYSTEM, on behalf of itself, reserves an irrevocable,
         nonexclusive, nontransferable, royalty-free right to PATENT RIGHTS for
         its research and educational purposes only, and not for commercial
         purposes.

2.03     Reservation for Rice University, SYSTEM, on behalf of Rice University,
         reserves an irrevocable, nonexclusive, nontransferable, royalty-free
         right to the patent application within PATENT RIGHTS, and any
         subsequent patents issuing therefrom, identified as United States
         Patent Application 09/095,272 entitled, "Methods for Inhibiting
         Platelet Aggregation and Thrombosis," filed on June 10, 1998, for
         research and educational purposes only at Rice University and not for
         commercial purposes.

2.04     U.S. Government Rights. In light of the funding which led to the
         development of the technology described in the PATENT RIGHTS, the U.S.
         Government holds certain rights in the PATENT RIGHTS, as set forth in
         37CFR410.14(a).

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                           ARTICLE III - CONSIDERATION

3.01     Commercial Development and Sales. In consideration of the license grant
         made to INHIBITEX by SYSTEM herein, INHIBITEX agrees to use
         commercially reasonable efforts to accomplish commercial development of
         LICENSED PRODUCTS. INHIBITEX or its sublicense(s) shall record first
         NET SALES no later than December 31, 2006, unless failure to reach this
         development milestone is due to commercial circumstances beyond its
         control, such as but not limited to unforeseen delays in U.S.
         Government regulatory approval; or unexpected technical, manufacturing
         scale up, clinical trial or regulatory issues. Once product sales
         begin, INHIBITEX shall record NET SALES every consecutive Calendar
         Year.

3.02     License Fee. In light of the funding which INHIBITEX has provided for
         research at SYSTEM, and in light of the support INHIBITEX has and is
         providing for U.S and international patent protection, SYSTEM hereby
         waives any requirement for payment of a License Fee.

3.03     Running Royalty Rate. In consideration for the license granted herein,
         INHIBITEX shall remit to SYSTEM a royalty on NET SALES as follows:

         (a)      [ *** ] of NET SALES of LICENSED PRODUCTS which are claimed in
                  patents comprising PATENT RIGHTS in which SYSTEM is the sole
                  entity with authority to enter into license agreements for
                  such patent(s), either by ownership, or by assignment or
                  exclusive license; and

         (b)      [ *** ] of NET SALES of LICENSED PRODUCTS which are claimed in
                  patents comprising PATENT RIGHTS wherein SYSTEM and a second
                  party have authority to enter into license agreements for such
                  patent(s), either by ownership, or by assignment or exclusive
                  license; and

         (c)      [ *** ] of NET SALES of LICENSED PRODUCTS which are claimed in
                  patents comprising PATENT RIGHTS wherein SYSTEM and two or
                  more parties have authority to enter into license agreements
                  for such patent(s), either by ownership, or by assignment or
                  exclusive license.

3.04     Minimum Annual Consideration. In order to maintain this exclusive
         license to PATENT RIGHTS, INHIBITEX shall pay to SYSTEM Minimum Annual
         Consideration in accordance with the following schedule:

                  Calendar Years 2002 and 2003                     $20,000.00
                  Calendar Year 2004 and every year thereafter
                    through the expiration of the Agreement        $25,000.00

         In the event that the requirement for the Minimum Annual Consideration
         comes due before first NET SALES are recorded, then the Minimum Annual
         Consideration for the subject Calendar Year shall be waived as long as
         INHIBITEX is providing research support of like amount to the SYSTEM
         for the same Calendar Year. Once NET SALES

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         begins, in the event that INHIBITEX does not achieve any NET SALES
         during any specified Calendar Year, or that running royalties for the
         Calendar Year do not achieve the required minimum, INHIBITEX's royalty
         payment for the last quarter of the Calendar Year shall include payment
         of the balance needed to achieve the Minimum Annual Consideration for
         the Calendar Year. In the event that this Agreement expires of is
         terminated prior to the end of a Calendar Year, the Minimum Annual
         Consideration shall be prorated for that year.

3.05     Patent Expense Reimbursement. As additional consideration for the
         license granted herein, INHIBITEX shall reimburse SYSTEM for its
         documented expenses incurred after the EFFECTIVE DATE in the
         prosecution and maintenance of the PATENT RIGHTS as further described
         in Article VI. Reimbursement of SYSTEM documented expenses shall be
         provided by INHIBITEX to SYSTEM no later than thirty (30) days
         following INHIBITEX's receipt of SYSTEM's statement of expenses.

3.06     Research Sponsorship. INHIBITEX shall provide to The Institute of
         Biosciences and Technology of The Texas A&M University System Health
         Science Center, a component of SYSTEM, research funding of [ *** ] for
         the period September 1, 1999 through August 31, 2000. INHIBITEX may,
         but is not required to, annually renew the research contract, subject
         to approval of a Statement of Work and Budget to be submitted for its
         consideration.

                             ARTICLE IV- SUBLICENSES

4.01     Sublicenses. INHIBITEX may grant sublicenses hereunder to persons,
         firms or corporations under such terms and conditions as it may
         arrange. As set forth in paragraph 1.05, sales made by sublicense(s)
         shall be subject to the royalty set forth in paragraph 3.03. Beginning
         on January 1, 2006, or when INHIBITEX first becomes profitable as
         determined by generally accepted accounting principles, whichever comes
         first, if INHIBITEX negotiates for up-front license fees or other fees
         for the grant of a sublicense to PATENT RIGHTS in addition to royalty
         consideration, or receives periodic fee payments after this date, then
         INHIBITEX shall provide to SYSTEM [ *** ] of the portion of such fees
         recorded from such sublicense that are attributable to PATENT RIGHTS.
         The portion attributable to the PATENT RIGHTS shall be determined
         mutually and in good faith. Any payments due to SYSTEM under this
         paragraph 4.01 shall be included with INHIBITEX's payments and reports
         under the provisions of ARTICLE VI hereof for the quarterly period in
         which any such considerations are received by INHIBITEX.

4.02     Reporting. INHIBITEX shall notify SYSTEM of the grant of sublicense to
         any third party and shall provide SYSTEM with copies of all executed
         sublicenses and of such sublicensee's quarterly reports as are
         pertinent to calculation of SYSTEM's consideration hereunder.

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4.03     Non-cash transactions. INHIBITEX shall not accept anything of value in
         lieu of money payment under a sublicense without the express written
         consent of SYSTEM.

4.04     Sublicense obligations. INHIBITEX agrees that any sublicenses granted
         by it shall provide that the obligations to SYSTEM of Article X, and
         paragraphs 12.02 and 12.03 of this Agreement shall be binding upon the
         sublicensee(s) as if it were a party to this Agreement. INHIBITEX
         further agrees to include or attach copies of these Articles and
         paragraphs to sublicense agreements.

                               ARTICLE V - PATENTS

5.01     Patent Filing and Prosecution. SYSTEM shall prosecute to completion the
         U.S. Patent Applications identified in and comprising PATENT RIGHTS.
         "Prosecution to completion" shall mean prosecution of the original and
         any continuing or divisional applications to issuance or to a final
         rejection. SYSTEM is not required to, but may at its discretion, pursue
         an appeal to the Board of Patent Appeals and Interferences, or the
         Federal Circuit Courts, or similar action in foreign countries. SYSTEM
         shall maintain any U.S. patent resulting from the prosecution described
         hereinabove. In the event that INHIBITEX determines not to continue
         reimbursement of SYSTEM's expenses for the prosecution to completion or
         maintenance of U.S. Patent Applications comprising PATENT RIGHTS,
         INHIBITEX will inform SYSTEM of its decision in sufficient time for
         SYSTEM to make decisions regarding its desire to continue prosecution.
         In such case, SYSTEM shall have the right to continue the prosecution
         or maintenance at its own expense. However, any such applications or
         patents funded by SYSTEM thereafter shall be excluded from PATENT
         RIGHTS.

5.02     Foreign Patent Applications. At its sole discretion and expense,
         INHIBITEX may authorize SYSTEM to file and prosecute foreign patent
         applications corresponding to U.S. patent applications filed pursuant
         to paragraph 5.01.

         (a)      Election not to file. INHIBITEX will inform SYSTEM no later
                  than nine (9) months following the date of filing of such U.S.
                  applications as to its selection of foreign countries in which
                  it desires SYSTEM to seek corresponding patent protection. The
                  SYSTEM shall then have the right to file corresponding foreign
                  patent applications at its own expense in those foreign
                  countries not selected by INHIBITEX. However, such
                  applications filed at SYSTEM's expense shall be excluded from
                  PATENT RIGHTS.

         (b)      Prosecution and Maintenance of Foreign Patents. Should
                  INHIBITEX select a country in which to file corresponding
                  foreign patent applications(s) and subsequently elects not to
                  continue to reimburse the SYSTEM for its diligent prosecution
                  and maintenance of such foreign patent(s) or patent
                  application(s), it shall so notify the SYSTEM at least three
                  (3) months prior to taking (or not taking) any action which
                  would result in abandonment, withdrawal or lapse of

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                  such foreign patent(s) or application(s). The SYSTEM shall
                  then have the right to continue maintenance of prosecution of
                  such foreign patent(s) or application(s) at its own expense.
                  However, expenses incurred prior to the point of INHIBITEX
                  taking (or not taking) such action shall remain the
                  responsibility of LICENSEE and such foreign patent(s) or
                  applications(s) shall be excluded from PATENT RIGHTS.

5.03     Financial Responsibility. INHIBITEX, upon receipt of a supporting
         invoice from SYSTEM, shall reimburse SYSTEM for all expenses incurred
         by SYSTEM in filing, prosecuting, and maintaining the aforementioned
         patent application(s) and patent(s) under the PATENT RIGHTS, in
         accordance with paragraphs 5.01, and 5.02, hereinabove. INHIBITEX shall
         provide payment as reimbursement of SYSTEM's documented expenses
         incurred in filing, prosecuting or maintaining patent application(s) or
         patent(s) as described hereinabove within thirty (30) days of receipt
         of SYSTEM's supporting invoice.

5.04     Information. SYSTEM shall keep INHIBITEX promptly and fully informed of
         the course of patent prosecution or other proceedings. SYSTEM shall
         disclose to INHIBITEX the complete texts of all patent applications
         filed by SYSTEM under the PATENT RIGHTS as well as all information
         received concerning office actions, the institution or possible
         institution of any interference, opposition, re-examination, reissue,
         revocation, nullification or any other official proceeding involving
         PATENT RIGHTS. SYSTEM shall provide to INHIBITEX the timely and
         reasonable opportunity to provide input to the development of the
         patent application and any official proceedings thereafter.

                        ARTICLE VI - PAYMENTS AND REPORTS

6.01     When Royalty Payments are due. Royalty Payments shall be made
         quarterly. Royalty Payments shall be made to SYSTEM, in College
         Station, Texas, not later than sixty (60) days after the last day of
         the calendar quarter in which they accrue.

6.02     Royalty reports. With each quarterly payment, INHIBITEX shall provide a
         royalty and sales report with sufficient details to allow SYSTEM to
         calculate the royalty due that quarter. No quarterly reports are due
         until sales of LICENSED PRODUCTS begin. After product sales begin,
         quarterly reports shall be provided even if no royalties accrued during
         the quarter.

6.03     Currency. Payments shall be in United States dollars. If any currency
         conversion shall be required in connection with the payment of
         royalties hereunder, such conversion shall be made using the exchange
         rate prevailing at the Chase Manhattan Bank (N.A.) on the last business
         day of the calendar quarter reporting period to which royalty payments
         relate.

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6.04     Inspection of books and records. At its own expense, SYSTEM may
         annually inspect INHIBITEX's books and records as needed to determine
         royalties payable. INHIBITEX shall maintain such books and records for
         at least three (3) years following the dates of the underlying
         transactions. Any such inspections shall be in confidence and conducted
         during ordinary business hours, and SYSTEM will provide INHIBITEX prior
         notice of two (2) weeks before making such inspections. SYSTEM may
         employ a Certified Public Accountant for this purpose.

6.05     Interest charges. Overdue royalty payments shall bear interest until
         payment at a per annum rate five percent (5%) above the prime rate in
         effect at the Chase Manhattan Bank (N.A.) on the due date or the
         highest rate allowed by law, whichever is lower. The payment of such
         interest shall not foreclose SYSTEM from exercising any other rights it
         may have as a consequence of the lateness of any payment.

6.06     Commercialization Report. Within sixty (60) days following the close of
         each Calendar Year, INHIBITEX shall deliver to SYSTEM a written report
         as to INHIBITEX's efforts and accomplishments during the preceding year
         in commercializing LICENSED PRODUCTS, as well as its commercialization
         plans for the coming year.

                            ARTICLE VII- TERMINATION

7.01     Expiration. This Agreement, unless sooner terminated as provided
         herein, shall remain in effect until (a) failure of SYSTEM to obtain
         one or more issued patent under PATENT RIGHTS, (b) expiration of the
         last to expire patent(s) under the PATENT RIGHTS, or (c) final and
         unappealed determination by a court of competent jurisdiction that all
         patent applications and patents comprising PATENT RIGHTS are invalid
         and unenforceable.

7.02     Termination by INHIBITEX. INHIBITEX may terminate this Agreement by
         providing written notice to SYSTEM at least sixty (60) days before the
         termination is to take effect.

7.03     Termination by SYSTEM. If INHIBITEX defaults in making payments under
         this Agreement or otherwise materially breaches this Agreement, SYSTEM
         may give INHIBITEX written notice of the breach. INHIBITEX shall have a
         period of sixty (60) days from receipt of the notice to cure the
         breach. If INHIBITEX does not cure the breach within this period,
         SYSTEM may terminate this Agreement by giving written notice of its
         election to do so.

7.04     Financial condition. If INHIBITEX: (a) ceases to carry on its business,
         (b) becomes "insolvent" (as such term is defined in the United States
         Bankruptcy Code, as amended from time to time), (c) fails to pay its
         debts in the ordinary course of business under conditions indicating
         insolvency, or (d) voluntarily seeks, consents to or acquiesces in the
         benefits of any bankruptcy or similar debtor-relief laws, then SYSTEM
         may terminate this Agreement without prejudice to any other remedy to
         which SYSTEM may be entitled

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         at law or in equity or elsewhere under this Agreement, by giving
         written notice of termination to INHIBITEX.

7.05     Return of rights. Should this Agreement be terminated under paragraphs
         7.02, 7.03, or 7.04 above, any and all rights, licenses and claims
         hereunder shall be returned by INHIBITEX to SYSTEM.

7.06     Return of Rights in Individual Technologies. INHIBITEX and SYSTEM
         recognize and acknowledge that PATENT RIGHTS may claim technologies
         that ultimately may comprise more than one potential commercial
         product. Furthermore, INHIBITEX and SYSTEM recognize that INHIBITEX, in
         its normal business operations, may choose to pursue development and
         commercialization of one or more potential products with greater
         diligence than other, including but not limited abandonment of pursuit
         of commercialization of one or more technologies claimed in PATENT
         TIHTS. Furthermore, while SYSTEM recognizes the importance of the body
         of related technologies to INGIBITEX'S business and development
         efforts, SYSTEM's public mission requires that it assure that potential
         products are developed to the maximum public benefit. Accordingly, at
         any time following the second anniversary of EFFECTIVE DATE, in the
         event that SYSTEM believes that INHIBITEX has failed to devote
         reasonable business efforts to the development and commercialization of
         certain technology or products claimed in one of more of the patents
         comprising PATENT RIGHTS, it may send notice to INHIBITEX requesting
         that the License Agreement be amended to return to SYSTEM those rights
         previously granted to INHIBITEX in such enumerated PATENT RIGHTS.
         INHIBITEX shall consider SYSTEM's request in good faith and unless it
         can prove diligence consistent with reasonable judgement in business
         developments for the cited technology or product claimed in such
         enumerated PATENT RIGHTS, shall return such SYSTEM's rights in such
         PATENT RIGHTS to SYSTEM, the parties shall submit the question to
         non-binding arbitration. It is understood that the principles set forth
         in this paragraph 7.06 are applicable to one or more patent
         applications or patents, and not to individual claims of the patent
         applications or patents; as further clarification, diligence respecting
         any claim of a subject patent application or patent would constitute
         diligence to the patent application or patent as a whole.

7.07     Other matters surviving termination. All accrued obligations and
         claims, including royalty obligations and claims or causes of action
         for breach of this Agreement, shall survive termination of this
         Agreement. Obligations of confidentiality shall survive termination of
         this Agreement. This section controls in the case of a conflict with
         any other section of this Agreement.

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               ARTICLE VIII - ENFORCEMENT OF LICENSED TECHNOLOGY.

8.01     Notice of infringement. SYSTEM and INHIBITEX shall promptly notify one
         another in writing of any alleged infringement of any PATENT RIGHTS.
         Within thirty (30) days after receipt of such notice, SYSTEM and
         INHIBITEX shall meet and formulate a strategy for resolving the alleged
         infringement.

8.02     Legal process. INHIBITEX shall have the right, but no obligation, to
         pursue legal process to redress the alleged infringement. Upon SYSTEM's
         written consent, INHIBITEX may bring such process in the name of SYSTEM
         and may make SYSTEM a party plaintiff or otherwise appropriate
         participant in such process. In the event that INHIBITEX desires to
         bring such process in the name of SYSTEM, INHIBITEX shall pay SYSTEM's
         legal expenses incurred in bringing such process in the name of SYSTEM,
         and shall indemnify SYSTEM against any order for costs that may be made
         against SYSTEM as a result of SYSTEM being named as a party in such
         proceedings. In the event SYSTEM elects to participate substantively in
         the litigation it shall do so at its own expense.

8.03     Monetary Recovery. Any monetary recovery for an infringement in a suit
         brought by INHIBITEX shall be applied in the following manner: first,
         to INHIBITEX's documented legal expenses; second, [ *** ] to INHIBITEX
         and [ *** ] to SYSTEM.

8.04     Cooperation. SYSTEM and INHIBITEX shall cooperate in any legal process
         concerning alleged infringement of PATENT RIGHTS. Each party shall, to
         the fullest extent possible, make available its employees, records,
         information and the like as relevant to the legal process.

8.05     Action by licensor. Should INHIBITEX choose not to pursue legal action
         to redress the alleged infringement, SYSTEM may do so at its own
         expense. Any monetary recovery resulting from pursuit of redress solely
         by SYSTEM shall be considered SYSTEM's recovery with no obligations to
         INHIBITEX.

                   ARTICLE IX - OBLIGATIONS OF CONFIDENTIALITY

9.01     Confidential information identified. These obligations of
         confidentiality cover all information which any party to this Agreement
         discloses to the other party, provided that the information concerns or
         arises out of this Agreement and is made in a written document marked
         "Confidential." This information is called the "CONFIDENTIAL
         INFORMATION" in this section. However, the following classes of
         information are specifically excluded from this definition of
         "CONFIDENTIAL INFORMATION":

         (a)      Information which is available to the public at the time it is
                  disclosed,

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         (b)      Information which becomes available to the public without a
                  breach of this Agreement,

         (c)      Information which the recipient already possesses at the time
                  it is disclosed,

         (d)      Information which is internally developed by the recipient
                  independently of and wholly without knowledge of the
                  CONFIDENTIAL INFORMATION, and

         (e)      Information which is lawfully disclosed to the recipient by a
                  third party which makes such disclosure without a breach of
                  any secrecy Agreement.

9.02     Secrecy. The recipient shall hold the CONFIDENTIAL INFORMATION in
         confidence and shall not disclose it nor permit it to be disclosed to
         any other party, with the exception that INHIBITEX may disclose
         CONFIDENTIAL INFORMATION disclosed by SYSTEM hereunder to sublicense(s)
         or potential sublicensee(s), consultants, its Board of Directors and
         Scientific Advisory Boards as long such parties agree to be bound by
         similar terms of confidentiality. The recipient shall use the
         CONFIDENTIAL INFORMATION solely for the purposes of this Agreement. The
         recipient's obligation to maintain the CONFIDENTIAL INFORMATION in
         confidence shall expire after five (5) years from the date of
         disclosure.

9.03     Governmental Disclosure. It is understood and agreed that the recipient
         of any CONFIDENTIAL INFORMATION shall not be precluded from disclosing
         such CONFIDENTIAL INFORMATION if such disclosure is made in response to
         a valid order of a court or other governmental body of the United
         States or any political subdivision thereof, or by order of the
         Attorney General of the State of Texas; provided, however, that the
         recipient first shall have given notice to the disclosing party
         sufficient to allow the other party to seek protection from such order.
         Furthermore, it is understood and agreed that nothing in this Agreement
         shall prevent either party from disclosing information to the United
         States or any State of foreign government, or to any agency or
         representative thereof, which is required to be disclosed by law or
         regulation or to satisfy any governmental regulation relating to the
         use of the LICENSED PRODUCTS. It is understood and agreed that
         disclosure of CONFIDENTIAL INFORMATION may be made to the U.S. Patent
         and Trademark Office, and to comparable foreign offices, for purposes
         of securing and prosecuting patent application(s) under the PATENT
         RIGHTS.

9.04     Protective Measures. To protect the confidentiality of the CONFIDENTIAL
         INFORMATION, the recipient shall take the same measure which it takes
         to protect the confidentiality of its own confidential information, and
         shall take those measures which a prudent business person would take to
         protect valuable, secret, proprietary information.

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            ARTICLE X - LIABILITY, INDEMNIFICATION & REPRESENTATIONS

10.01    Patent Infringement Indemnification. INHIBITEX shall at all times
         during the term of this Agreement and thereafter, indemnify, defend and
         hold harmless SYSTEM, Rice University, their regents, officers,
         employees, and affiliates, against any claim, proceeding, demand,
         liability, or expense (including legal expenses and reasonable
         attorney's fees) which relates to any action brought by a third party
         alleging infringement of a domestic or foreign patent as a result of
         the activities of INHIBITEX or sublicensee(s) under this Agreement.

10.02    Product Liability and Indemnification. INHIBITEX shall at all times
         during the term of this Agreement and thereafter, indemnify, defend and
         hold harmless SYSTEM, Rice University, their regents, officers,
         employees, and affiliates, against any claim, proceeding, demand,
         liability, or expenses (including legal expenses and reasonable
         attorney's fees) which relates to injury to persons or property, or
         against any other claim, proceeding, demand, expense and liability of
         any kind whatsoever resulting from the production, manufacture, sale,
         use, lease, consumption or advertisement of LICENSED PRODUCTS or
         arising from any obligation of INHIBITEX or sublicensee(s) under this
         Agreement.

10.03    Representation. SYSTEM represents that it owns and has title, either
         solely or jointly, to the PATENT RIGHTS, or holds a license to the
         PATENT RIGHTS, and has the full right and power to grant the license to
         its interests in such PATENT RIGHTS as set forth in paragraph 2.01, and
         that there are no outstanding agreements, assignments, or encumbrances
         inconsistent with the provisions of this Agreement. SYSTEM MAKES NO
         OTHER REPRESENTATIONS AND EXTENDS NO OTHER WARRANTIES OF ANY KIND,
         EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
         MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, NOR DOES SYSTEM
         ASSUME ANY OBLIGATIONS WITH RESPECT TO INFRINGEMENT OF INTELLECTUAL
         PROPERTY RIGHTS OR ANY OTHER RIGHTS OF THIRD PARTIES DUE TO INHIBITEX'S
         ACTIVITIES UNDER THIS AGREEMENT.

10.04    Representation Regarding AtheroGenics, Inc. SYSTEM represents that it
         previously entered into a Letter Agreement with AtheroGenics, Inc.,
         wherein AtheroGenics, Inc. funded U.S. Patent Application 06/049,333
         (converted to U.S. Patent Application 09/095,272) as consideration for
         an option to negotiate for rights in any resulting patents. By letter
         dated August 19, 1998, a copy of which is included as Exhibit A hereto,
         AtheroGenics, Inc. has requested that SYSTEM instead license the
         subject intellectual property to INHIBITEX.

10.05    Representation Regarding Rice University. SYSTEM represents that is has
         entered into a Memorandum of Agreement dated September 10, 1998 with
         Rice University wherein Rice University has licensed its interest in
         U.S. Patent Application 09/095,272 to the SYSTEM.

                                  Page 12 of 15

<PAGE>

10.06    Representation Regarding BioResearch Ireland. SYSTEM represents that a
         subset of PATENT RIGHTS is jointly owned by BioResearch Ireland, and
         that SYSTEM has not secured exclusive licenses to the rights of
         BioResearch Ireland in such jointly owned PATENT RIGHTS. SYSTEM has
         received communication from INHIBITEX that such rights of BioResearch
         Ireland have been licensed directly between the parties, such
         arrangement confirmed by BioResearch Ireland in letter dated December
         7, 1999, and included as Attachment B hereto.

10.07    Representation Regarding United States Provisional Application
         60/133,334. SYSTEM represents that continued development and
         improvement of the technology comprising United States Provisional
         Application 60/133,334, entitled, "Ace, a Collagen Binding MSCRAMM for
         Enterococcus Faesalis as a Target for Immuno-preventative Therapeutic
         Strategies," may involve collaboration with researchers at the
         University of Texas Health Science Center at Houston, Texas ("Center").
         Furthermore, at such time as the subject provisional patent may be
         converted to a full utility patent, inventors from the Center may be
         included as co-inventors for the subject technology. In such case,
         while the SYSTEM would seek to obtain exclusive rights in the Center's
         interest in such technology through a Memorandum of Understanding
         ("MOU") with the Center, the SYSTEM makes no representation that such
         MOU will be certain or that it will succeed in obtaining exclusive
         interest in the Center's rights in any such patent application.

                              ARTICLE XI - NOTICES

11.01    Notices. Payments, notices, or other communications required by this
         Agreement shall be sufficiently made or given if mailed by certified
         First Class United States mail, postage pre-paid, or by commercial
         carrier (e.g., Federal Express, Airborne, etc.) when such carrier
         maintains receipt or record of delivery, addressed to the address
         stated below, or to the last address specified in writing by the
         intended recipient.

         (a)      If to SYSTEM:

                  Executive Director
                  Technology Licensing Office
                  The Texas A&M University System
                  310 WERC
                  College Station, Texas 77843-3369

         (b)      If to INHIBITEX:

                  William D. Johnston, Ph.D.
                  President and CEO
                  Inhibitex. Inc.
                  8995 Westside Parkway
                  Alpharetta, GA 30004

                                  Page 13 of 15

<PAGE>

                     ARTICLE XII - MISCELLANEOUS PROVISIONS

12.01    Export Controls. It is understood that SYSTEM is subject to United
         States laws and regulations controlling the export of technical data,
         computer software, laboratory prototypes and other commodities, and
         that its obligations hereunder are contingent on compliance with
         applicable United States export laws and regulations. The transfer of
         certain technical data and commodities may require a license from the
         cognizant agency of the United States Government and/or written
         assurances by INHIBITEX that INHIBITEX shall not export data or
         commodities to certain foreign countries without prior approval of such
         agency. SYSTEM neither represents that a license shall not be required
         nor that, if required, it shall be issued.

12.02    Non-Use of Names. INHIBITEX shall not use the names of The Texas A&M
         University System, Rice University, nor of any of their employees or
         components, nor any adaptation thereof, in any advertising, promotional
         or sales literature without the prior written consent obtained from
         SYSTEM in each case, except that INHIBITEX may state that it is
         licensed by SYSTEM under one or more of the patents and/or applications
         comprising the PATENT RIGHTS.

12.03    Trademarks. INHIBITEX shall have the right to select, own and use its
         own trademark(s) on the LICENSED PRODUCTS. However, nothing herein
         shall be construed as granting to INHIBITEX any license or other right
         under any trade name, trademark, or service mark owned or licensed by
         SYSTEM. Conversely, SYSTEM shall have no rights to trade names,
         trademarks, or service marks owned by INHIBITEX.

12.04    Assignment of this Agreement. This Agreement, with the rights and
         privileges that it creates, is assignable only with the written consent
         of both parties.

12.05    Funding. It is understood that royalty and other payments due SYSTEM as
         specified in Article III are just returns to SYSTEM in consideration of
         the grant made to INHIBITEX, and shall not be construed in any manner
         to be funding for additional research.

12.06    Force majeure. Each party shall be excused from any breach of this
         Agreement, which is proximately caused by government regulation, war,
         strike, act of God, or other similar circumstance normally deemed
         outside the control of well-managed businesses.

12.07    Execution and modification. This Agreement will become binding only
         when signed by both parties. It may be modified or amended only by a
         writing signed by the parties.

12.08    Entire Agreement. This Agreement contains the entire understanding of
         the parties with respect to the PATENT RIGHTS and supersedes all other
         written and oral agreements between the parties with respect to the
         PATENT RIGHTS.

                                  Page 14 of 15

<PAGE>

12.09    Headings. Headings appear solely for convenience of reference. Such
         headings are not part of this Agreement and shall not be used to
         construe it.

12.10    Provisions. If any provision or provisions of this Agreement shall be
         held to be invalid, illegal, or unenforceable, the validity, legality
         and enforceability of the remaining provisions shall not in any way be
         affected or impaired thereby.

         IN WITNESS WHEREOF, the parties have caused this Agreement to become
effective as of the date last executed below by a signatory to this Agreement.

INHIBITEX, INC.                           THE TEXAS A&M UNIVERSITY SYSTEM

   /s/ William D. Johnston                   /s/ Tom D. Kale
----------------------------------        -------------------------------------
William D. Johnston                       Tom D. Kale
President & CEO                           Vice Chancellor for Business Services

Date: 1/19/00                             Date: 2/4/00

                                  Page 15 of 15<PAGE>

                                                                   Exhibit 10.23

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
ASTERISKS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

                                LICENCE AGREEMENT

                                     between

                               LONZA BIOLOGICS PLC

                                       and

                                 INHIBITEX, INC.

<PAGE>

                                      - 2 -

                                      INDEX

<TABLE>
<CAPTION>
ARTICLE      TITLE                                                    PAGE
-------      -----                                                    ----
<S>                                                                   <C>
1.           Definitions                                                3

2.           Supply of Materials and Know-How                           6

3.           Ownership of Property and Intellectual Property            6

4.           Licences                                                   7

5.           Payments                                                   8

6.           Royalty Procedures                                         9

7.           Liability and Warranties                                  10

8.           Confidentiality                                           11

9.           Patents                                                   13

10.          Term and Termination                                      14

11.          Assignment                                                15

12.          Governing Law and Jurisdiction                            16

13.          Force Majeure                                             16

14.          Illegality                                                17

15.          Miscellaneous                                             17

16.          Notice                                                    18

17.          Interpretation                                            19

SCHEDULE

1            Patent Rights                                             20
</TABLE>

<PAGE>

                                     - 3 -

THIS AGREEMENT is made the 23rd day of December 2002

BETWEEN

LONZA BIOLOGICS PLC of 228 Bath Road, Slough, Berkshire SL1 4DY, England
(hereinafter referred to as "Biologics"), and

INHIBITEX, INC. of 8995 Westside Parkway, Alpharetta, Georgia 30004, USA
(hereinafter referred to as "Licensee")

WHEREAS

A.       Biologics is the proprietor of the System and certain Intellectual
         Property rights in relation thereto (all as hereinafter defined), and

B.       The Licensee wishes to take a Licence under Intellectual Property (as
         hereinafter defined) of which Biologics is the proprietor to
         commercially exploit the Product (as hereinafter defined) in the form
         hereunder.

NOW THEREFORE the parties hereby agree as follows:

1.       Definitions

         1.1      "Affiliate" means any company, partnership or other entity
                  which directly or indirectly controls, is controlled by or is
                  under common control with the relevant party to this
                  Agreement. "control" means the ownership of more than fifty
                  percent (50%) of the issued share capital or the legal power
                  to direct or cause the direction of the general management and
                  policies of the party in question.

         1.2      "Cell Lines" means those cell lines referred to in Clause
                  2.1.1(b).

         1.3      "Effective Date" means the date first above written.

         1.4      "First Commercial Sale" means the date of the first sale or
                  other disposal of Product for consideration by the Licensee or
                  its sublicensee.

<PAGE>

                                     - 4 -

         1.5      "Intellectual Property" means Materials Know-How and Patent
                  Rights owned by Biologics or an Affiliate of Biologics and
                  which Biologics has a right to grant herein.

         1.6      "Know-How" means unpatented technical and other information
                  including but without prejudice to the generality of the
                  foregoing ideas, concepts, inventions, discoveries, data,
                  formulae, specifications, procedures for experiments and tests
                  and other protocols, results of experimentation and testing,
                  fermentation and purification techniques and assay protocols.

         1.7      "Materials" means the System, vectors containing the System,
                  but excluding any gene inserted into the System by Licensee
                  for the purposes of producing Product.

         1.8      "Materials Know-How" means Know-How specifically relating to
                  the Materials of which Biologics is the proprietor.

         1.9      "Net Selling Price" means all monies received by or on behalf
                  of Licensee or its sublicensee hereunder in respect of the
                  sale of Product in the Territory less the following items to
                  the extent that they are paid or allowed and included in the
                  invoice price:

                  1.9.1    normal discounts actually granted;

                  1.9.2    credits allowed for Product or other goods returned
                           or not accepted by customers;

                  1.9.3    packaging, transportation and prepaid insurance
                           charges on shipments or deliveries to customers; and

                  1.9.4    taxes actually incurred and paid by Licensee or its
                           sublicensee hereunder in connection with the sale or
                           delivery of Product or other goods to customers.

                  Upon any sale or other disposal of Product by or on behalf of
                  Licensee or its sublicensee hereunder other than a bona fide
                  arms length transaction exclusively for money or upon any use
                  of the Product for purposes which do not result in a

<PAGE>
                                     - 5 -

                  disposal of such Product in consideration of sales revenue
                  customary in the country of use, such sale, other disposal or
                  use shall be deemed to constitute a sale at the then current
                  maximum selling price in the country in which such sale, other
                  disposal or use occurs.

                  For the avoidance of doubt, the supply of Product free of
                  charge as commercial samples or for use in clinical studies or
                  to third parties for evaluation purposes shall not be included
                  in this provision and shall not be deemed to constitute a
                  sale.

         1.10     "Patent Rights" means the patents and applications which
                  Biologics has a right to grant herein short particulars of
                  which are set out in Schedule 1 hereto and all patents and
                  applications thereof of any kind throughout the world whether
                  national or regional including but without prejudice to the
                  generality of the foregoing, author certificates, inventor
                  certificates, improvement patents, utility certificates and
                  models and certificates of addition and including any
                  divisions, renewals, continuations, continuations in part,
                  extensions of reissue thereof.

         1.11     "Product" means a monoclonal antibody to a bacterial cell
                  surface adhesion known as Aurexis(TM) of which Licensee is the
                  proprietor and which is obtained by the expression of any one
                  gene or of any combination of genes by use of the Materials,
                  or any formulation containing the same.

         1.12     "System" means the glutamine synthetase gene expression system
                  of which Biologics is the proprietor which is described in the
                  Patent Rights and Materials Know-How.

         1.13     "Territory" means world-wide.

         1.14     "Valid Claim" means a claim within the Patent Rights
                  (including any re-issued and unexpired patents) which has not
                  been held unenforceable or invalid by the decision of a court
                  or other governmental agency of competent jurisdiction
                  unappealable or unappealed within the time allowed for appeal
                  and which has not been admitted to be invalid or unenforceable
                  through re-issue or disclaimer or otherwise and which has not
                  expired or been abandoned.

<PAGE>
                                     - 6 -

2.       Supply of Materials and Know-How

         2.1      Immediately following the signature of this Agreement by both
                  parties and receipt of the payment specified in Clause 5.1.1
                  hereof Biologics shall, if requested by Licensee in writing,
                  arrange for supply free of charge ex-works Biologics'
                  premises, Slough, Berkshire (Incoterms 2000) to Licensee the
                  following:

                  2.1.1    Materials

                           (a)      Approximately 20(mu)g of vector pEE12.4.
                                    Approximately 20(mu)g of vector pEE14.4.
                                    Approximately 20(mu)g of vector pEE13.4.
                                    Approximately 20(mu)g of vector pEE6.4.
                                    Approximately 20(mu)g of vector pCon gamma 4
                                    (proline at 241).
                                    Approximately 20(mu)g of vector pCon kappa.
                                    Approximately 20(mu)g of vector pCon gamma
                                    1-f.
                                    Approximately 20(mu)g of vector pCon gamma
                                    1-za.

                           (b)      Two 1ml vials of myeloma cell line NS0.
                                    Two 1ml vials of the Chinese Hamster Ovary
                                    cell line CHO-K1.

                  2.1.2    Materials Know-How

                           Materials Know-How contained as at the date
                           hereinabove in manuals of operating procedures for
                           the System.

                           Licensee shall use the Materials and Cell Lines only
                           in the expression of Product by insertion of gene(s)
                           coding for Product(s) into the Materials and Cell
                           Lines, and shall not use, cause the use of or permit
                           to be used the Materials or the Cell Lines for any
                           purpose not directly authorised by this Agreement.

3.       Ownership of Property and Intellectual Property

         3.1      It is hereby acknowledged and agreed that any and all property
                  and Intellectual Property in the Materials is vested in
                  Biologics.

<PAGE>
                                     - 7 -

         3.2      The provisions of this clause shall survive termination of
                  this Agreement.

4.       Licences

         4.1      Biologics hereby grants to Licensee a world-wide non-exclusive
                  licence under the Intellectual Property to develop,
                  manufacture, market and sell Product in the Territory save as
                  provided by Clause 4.3 below, there shall be no right to
                  sublicense the rights granted hereunder.

         4.2      Save as expressly provided by Clause 2 above, the Licensee
                  hereby undertakes not to make any modifications or adaptations
                  to the Materials or the Cell Lines during the subsistence of
                  this Agreement.

         4.3      Subject to the provisions of this Clause 4.3, Licensee shall
                  be entitled to grant a sublicence to the rights granted by
                  Clause 4.1 to a third party for the purposes of that third
                  party producing Product for Licensee provided always:

                  4.3.1    Licensee shall ensure such sublicensee's use of the
                           Materials, the Cell Lines, the Intellectual Property
                           and the Product is undertaken solely for the purpose
                           of establishing a manufacturing process for Product,
                           or producing Product, for Licensee; and

                  4.3.2    The sublicensee shall not, by virtue of this
                           Agreement, be granted any right or licence, either
                           express or implied, under any patent or proprietary
                           right vested in Biologics or otherwise, to use the
                           Materials, the Intellectual Property or the Product
                           other than for the purposes of establishing a
                           manufacturing Process for Product or producing
                           Product for Licensee and Licensee agrees to ensure
                           that such sublicensee shall not assign, transfer,
                           further sublicense or otherwise make over the benefit
                           or the burden of the rights granted to it pursuant to
                           this Agreement; and

                  4.3.3    Any sublicence granted shall be expressly subject and
                           subordinate to the terms of this Agreement, and it
                           shall be Licensee's responsibility to ensure the
                           strict adherence by any sublicensee hereunder to the
                           terms and conditions of this Agreement; and

<PAGE>
                                     - 8 -

                  4.3.4    Promptly following the grant of any sublicensee
                           pursuant to this Clause 4, Licensee shall notify
                           Biologics of the identity of the sublicensee and
                           shall confirm it has complied with the requirements
                           of this Clause 4.3 in respect of the same.

5.       Payments

         5.1      In consideration of the licence granted to Licensee pursuant
                  to Clause 4.1 hereof, Licensee shall pay Biologics as follows:

                  5.1.1    pounds sterling seventy five thousand
                          ((pound) 75,000) per annum upon the Effective Date of
                           this Agreement; and

                  5.1.2    a royalty of [ *** ] of the Net Selling Price of
                           Product manufactured by the Licensee or Biologics.

         5.2      Upon the grant by Licensee of one or more sublicence(s) in
                  respect of the rights granted by Clause 4.1 pursuant to Clause
                  4.3 and during the continued existence of such sublicence(s)
                  the annual licence fee referred to in clause 5.1.1 shall not
                  become due but rather Licensee shall pay Biologics as follows:

                  5.2.1    pounds sterling one hundred thousand ((pound)
                           100,000) per sublicence per annum for use of
                           Materials for production of Product for development
                           services for human clinical studies with initial
                           payment being due on the commencement of manufacture
                           of the first GMP batch for such clinical studies; and

                  5.2.2    pounds sterling three hundred thousand ((pound)
                           300,000) per sublicence per annum for use of
                           Materials for production of Product for commercial
                           purposes with initial payment being due on the date
                           of grant of the Biologics Licence Application; and

                  5.2.3    a royalty of [ *** ] of the Net Selling Price of
                           Product manufactured by a sublicensee.

<PAGE>
                                     - 9 -

         5.3      For the avoidance of doubt the annual licence fee refered to
                  in clause 5.1.1 shall not be payable on its anniversary if one
                  or more licence fees have been paid during the preceding 12
                  months in accordance with clauses 5.2.1 or 5.2.2 and in the
                  event that Licensee has previously sub-licensed the rights in
                  accordance with clause 5.2 and subsequently terminates such
                  sub-license, then the annual licence fee referred to in clause
                  5.1.1 shall only become payable upon the anniversary of the
                  Effective Date subsequent to the termination of all
                  sub-licences unless a new sub-licence is granted prior to such
                  anniversary and payment is made in accordance with clause 5.2

         6.       Royalty Procedures

         6.1      Licensee shall keep true and accurate records and books of
                  account containing all data necessary for the calculation of
                  royalties payable to Biologics. Such records and books of
                  account shall, upon reasonable notice having been given by
                  Biologics be open for inspection by Biologics or its duly
                  authorised representative.

         6.2      Licensee shall prepare a statement in respect of each calendar
                  quarter which shall show for the quarter in question details
                  of the sales of Product and the royalty due and payable to
                  Biologics thereon.

                  Such statement shall be submitted to Biologics within thirty
                  (30) days of the end of the calendar quarter to which it
                  relates together with a remittance for the royalties due to
                  Biologics.

         6.3      All sums due under this Agreement:

                  6.3.1    shall be made in pounds sterling to Biologics.
                           Payments due to Biologics in currencies other than
                           pounds sterling shall first be calculated in the
                           relevant local currency before being calculated at
                           the rate of exchange ruling at the close of business
                           on the day payment is due or made, whichever is
                           earlier, provided always that where payment is made
                           after the date provided therefore herein conversion
                           shall be at the rate ruling at the date of payment if
                           this is more favourable to Biologics. The rate of
                           exchange shall be the mean value of the Pound Spot
                           Rate in London first

<PAGE>
                                     - 10 -

                           published in the Financial Times on the day following
                           the day for determining such rates.

                  6.3.2    are exclusive of any Value Added Tax or of any other
                           applicable taxes, levies, imposts, duties and fees of
                           whatever nature imposed by or under the authority of
                           any government or public authority which shall be
                           paid by Licensee. The parties agree to co-operate in
                           all respects necessary to take advantage of such
                           double taxation agreements as may be available.

         6.4      Where Biologics does not receive payment of any sum by the due
                  date, interest shall accrue thereafter on the sum due and
                  owing to Biologics at the rate of four percent (4%) over the
                  base rate from time to time of HSBC Bank plc, interest to
                  accrue on a day to day basis without prejudice to Biologics'
                  right to receive payment on the due date.

7.       Liability and Warranties

         7.1      Biologics gives no representation or warranty that the Patent
                  Rights which are patent applications will be granted or if
                  granted will be valid nor that the exercise of the rights
                  granted to Licensee hereunder will not infringe other patent
                  rights or intellectual property rights vested in Biologics or
                  any third party. Biologics represents and warrants to Licensee
                  that as of the Effective Date that it has the title to grant
                  the licence granted pursuant to this Agreement and that the
                  licence granted does not conflict with or violate the terms of
                  any agreement between Biologics and any third party.

         7.2      To the best of Biologics' knowledge and belief, as of the date
                  hereof, save for the Patent Rights there are no patent rights
                  or patent applications with respect to the Materials and
                  Materials Know How of which Biologics or its Affiliate is the
                  proprietor and which are necessary to enable the Licensee to
                  exercise the rights granted herein.

                  In the event Biologics becomes the proprietor of patent rights
                  with respect to the Materials and Materials Know How which are
                  necessary to enable Licensee to exercise the rights granted
                  herein, Biologics agrees to grant a licence under the

<PAGE>
                                     - 11 -

                  patent rights to the extent necessary to enable the Licensee
                  to exercise such rights at no additional charge.

                  As of the date of this Agreement Biologics' Legal or Corporate
                  Departments have not received any claim or demand by any third
                  party claiming infringement of its intellectual property
                  rights by use of the Intellectual Property in accordance with
                  the provisions of this Agreement. Biologics agrees to notify
                  Licensee at any time during the term of this Agreement if it
                  receives such notice or demand.

         7.3      The Licensee hereby acknowledges that in order to exploit the
                  rights contained herein the Licensee may require licences
                  under Biologics patent rights other than those herein licensed
                  or under third party patent rights (including those vested in
                  Affiliates of Biologics) that may be infringed by the use by
                  the Licensee of the rights licensed herein and it is hereby
                  agreed that it shall be the Licensee's responsibility to
                  satisfy itself as to the need for such licences and if
                  necessary to obtain such licences. No licence is granted save
                  as expressly provided herein and no licence in addition
                  thereto shall be deemed to have arisen or be implied by way of
                  estoppel or otherwise.

         7.4      Licensee shall indemnify and hold harmless Biologics and its
                  officers, servants and agents at all times in respect of any
                  and all losses, damages, costs and expenses suffered or
                  incurred as a result of any contractual, tortious or other
                  claims or proceedings by third parties against Biologics
                  arising in any way out of the exercise by Licensee of any of
                  the rights granted to it under this Agreement, including, but
                  not limited to, product liability claims or proceedings save
                  to the extent that such third party claims relate solely to
                  the System and Licensee's use of the System in accordance with
                  the scope of this Agreement.

         7.6      Any condition or warranty other than those relating to title
                  which might otherwise be implied or incorporated within this
                  Agreement by reason of statute or common law or otherwise is
                  hereby expressly excluded.

         7.5      The terms of this Clause 7 shall survive termination of the
                  Agreement for whatever reason.

<PAGE>
                                     - 12 -

8.       Confidentiality

         8.1      Licensee expressly acknowledges that the Materials Know-How
                  and any other Know-How with which it is supplied by Biologics
                  pursuant to this Agreement is supplied in circumstances
                  imparting an obligation of confidence and Licensee agrees to
                  keep such Know How or Materials Know-How secret and
                  confidential and to respect Biologics' proprietary rights
                  therein and to use the same for the sole purpose of this
                  Agreement and not during the period of this Agreement or at
                  any time for any reason whatsoever to disclose or permit to be
                  disclosed such Know How or Materials Know-How to any third
                  party other than its sublicensee hereunder for use in
                  accordance with the terms of this Agreement. Licensee shall
                  procure that only its employees and employees of it
                  sublicensee hereunder shall have access to the Know How or
                  Materials Know-How on a need to know basis and that all such
                  employees shall be informed of their secret and confidential
                  nature and shall be subject to the same obligations as
                  Licensee and its sublicensee hereunder pursuant to this Clause
                  8.1.

         8.2      Licensee hereby undertakes and agrees to keep the Materials
                  and the Cell Lines secure and safe from loss, damage, theft,
                  misuse and unauthorised access and shall procure that the
                  Materials and the Cell Lines shall be made available only to
                  employees of Licensee and employees of its sublicensee
                  hereunder on a need to know basis and subject to the same
                  obligations of confidence as provided in Clause 8.1 hereof,
                  and to use the same for the sole purpose of this Agreement.

         8.3      Both parties undertake and agree not to at any time for any
                  reason whatsoever disclose or permit to be disclosed to any
                  third party or otherwise make use of or permit to be made use
                  of any trade secrets or confidential information relating to
                  the business affairs or finances of the other or of any
                  suppliers, agents, distributors, licensees or other customers
                  of the other which comes into their possession pursuant to
                  this Agreement.

         8.4      The obligations of confidence referred to in this Clause 8
                  shall not extend to any information which:

<PAGE>
                                     - 13 -

                  8.4.1    is or shall become generally available to the public
                           otherwise than by reason of a breach by the recipient
                           party of such information of the provisions of this
                           Clause 8;

                  8.4.2    is known to the recipient party of such information
                           and is at its free disposal prior to its receipt from
                           the other;

                  8.4.3    is subsequently disclosed to the recipient party
                           without obligations of confidence by a third party
                           owing no such obligations in respect thereof; and

                  8.4.4    Biologics or Licensee may be required to disclose to
                           a government agency for the purpose of any statutory,
                           regulatory or similar legislative requirement
                           applicable to the production of Product or to meet
                           the requirements of any Stock Exchange to which the
                           parties may be subject but only to the extent such
                           disclosure is required, and subject to obligations of
                           secrecy wherever possible; and

                  8.4.5    can be demonstrated by competent written evidence as
                           having been independently developed by the recipient
                           of the information in questions without reference to
                           that information.

         8.5      The obligations of both parties under this Clause 8 shall
                  survive the expiry or termination of this Agreement for
                  whatever reason.

9.       Patents

         9.1      Biologics hereby undertakes and agrees that at its own cost
                  and expense it will:

                  9.1.1    prosecute or procure prosecution of such of the
                           Patent Rights which are patent applications
                           diligently to grant so as to secure the best
                           commercial advantage obtainable so far as it is
                           reasonable to do so with reference to Biologics'
                           commercial considerations; and

                  9.1.2    pay or procure payment of all renewal fees in respect
                           of the Patent Rights valid and subsisting for the
                           full term thereof and in particular will procure

<PAGE>
                                     - 14 -

                           such renewal of the registrations thereof as may be
                           necessary from time to time so far as it is
                           reasonable to do so with particular reference to
                           commercial considerations.

         9.2      Licensee shall promptly notify Biologics in writing of any
                  infringement or improper or unlawful use of or of any
                  challenge to the validity of the Patent Rights and/or
                  Know-How. Biologics undertakes and agrees to take all such
                  steps and proceedings and to do all other acts and things as
                  may in Biologics' sole discretion be necessary to restrain any
                  such infringement or improper or unlawful use or to defend
                  such challenge to validity and Licensee shall permit Biologics
                  to have the sole conduct of any such steps and proceedings
                  including the right to settle them whether or not Licensee is
                  a party to them.

10.      Term and Termination

         10.1     Unless terminated earlier in accordance with the provisions of
                  this Clause 10 or Clause 13 or 14, this Agreement shall
                  continue in force in each country of the world, until expiry
                  of the last to expire of a period of fifteen (15) years from
                  the date of First Commercial Sale or until expiry of the last
                  Valid Claim, whichever is later always provided that this
                  Agreement shall terminate before the expiry of the said
                  fifteen (15) year period and after the expiry of the last
                  Valid Claim if Biologics makes publicly available the
                  Materials and the Materials Know-How.

         10.2     Licensee may terminate this Agreement by giving sixty (60)
                  days notice in writing to Biologics.

         10.3     Either Biologics or Licensee may terminate this Agreement
                  forthwith by notice in writing to the other upon the
                  occurrence of any of the following events:

                  10.3.1   if the other commits a breach of this Agreement which
                           in the case of a breach capable of remedy shall not
                           have been remedied within sixty (60) days of the
                           receipt by the other of a notice identifying the
                           breach and requiring its remedy.

                  10.3.2   if the other is unable to pay its debts or enters
                           into compulsory or voluntary liquidation (other than
                           for the purpose of effecting a

<PAGE>
                                     - 15 -

                           reconstruction or amalgamation in such manner that
                           the company resulting from such reconstruction or
                           amalgamation if a different legal entity shall agree
                           to be bound by and assume the obligations of the
                           relevant party under this Agreement) or compounds
                           with or convenes a meeting of its creditors or has a
                           receiver appointed over all or any part of its assets
                           or takes or suffers any similar action in consequence
                           of a debt, or ceases for any reason to carry on
                           business.

         10.4     If at any time during this Agreement Licensee directly or
                  indirectly opposes or assists any third party to oppose the
                  grant of letters patent or any patent application within any
                  of the Patent Rights or disputes or directly or indirectly
                  assists any third party to dispute the validity of any patent
                  within any of the Patent Rights or any of the claims thereof
                  Biologics shall be entitled at any time thereafter to
                  terminate all or any of the licences granted hereunder
                  forthwith by notice to Licensee.

         10.5     If this Agreement is terminated for any reason any and all
                  licences granted hereunder shall terminate with effect from
                  the date of termination and Licensee shall destroy all
                  Materials, Cell Lines and Product forthwith and shall certify
                  such destruction immediately thereafter in writing to
                  Biologics.

         10.6     Termination for whatever reason or expiration of this
                  Agreement shall not affect the accrued rights of the parties
                  arising in any way out of this Agreement as at the date of
                  termination. The right to recover damages against the other
                  and all provisions which are expressed to survive this
                  Agreement shall remain if full force and effect.

11.      Assignment

         11.1     Save as expressly provided by Clause 4. neither party shall be
                  entitled to assign, transfer, charge or in any way make over
                  the benefit and/or burden of this Agreement without the prior
                  written consent of the other which consent shall not be
                  unreasonably withheld or delayed save that Company shall be
                  entitled without the prior written consent of Biologics to
                  assign, transfer, charge, sub-contract, deal with or in any
                  manner make over the benefit and/or burden of this Agreement
                  to an entity to which Company has assigned its entire business
                  in the

<PAGE>
                                     - 16 -

                  field relevant to the Research Evaluation and Biologics shall
                  be entitled without the prior written consent of the other
                  party to assign transfer, charge, sub-contractor deal with or
                  in any other manner make over the benefit and/or burden of
                  this Agreement to an Affiliate or to any 50/50 joint venture
                  company of which Biologics is the beneficial owner of fifty
                  per cent (50%) of the issued share capital thereof or to any
                  company with which Biologics may merge or to any company to
                  which that party may transfer its assets and undertakings.

         11.2     This Agreement shall be binding upon the successors and
                  assigns of the parties and the name of a party appearing
                  herein shall be deemed to include the names of its successors
                  and assigns provided always that nothing herein shall permit
                  any assignment by either party except as expressly provided
                  herein.

12.      Governing Law and Jurisdiction

         12.1     The validity, construction and performance of this Agreement
                  shall be governed by English law to the jurisdiction of whose
                  courts the parties hereto submit.

         12.2     Either party shall have the right to take proceedings in any
                  other jurisdiction for the purposes of enforcing a judgement
                  or order obtained from the Court in England.

13.      Force Majeure

         Neither party shall be in breach of this Agreement if there is any
         total or partial failure of performance by it of its duties and
         obligations under this Agreement occasioned by acts and events beyond
         its control such as any act of God, fire, act of government or state,
         war, civil commotion, insurrection, embargo, prevention from or
         hindrance in obtaining any raw materials, energy or other supplies,
         labour disputes of whatever nature and any other reason beyond the
         control of either party. If either party is unable to perform its
         duties and obligations under this Agreement as a direct result of the
         effect of one of the reasons set out in this Clause 13 such party shall
         give written notice to the other of such inability stating the reason
         in question. The operation of this Agreement shall be suspended during
         the period (and only during the period) in which the reason continues.
         Forthwith upon the reason ceasing to exist the party relying upon it
         shall give written advice to the other of this fact. If the reason
         continues for a period of more than ninety

<PAGE>
                                     - 17 -

         (90) days and substantially affects the commercial basis of this
         Agreement the party not claiming under this Clause 13 shall have the
         right to terminate this Agreement by giving sixty (60) days written
         notice of such termination to the other party.

14.      Illegality

         If any provision or term of this Agreement or any part thereof shall
         become or be declared illegal, invalid or unenforceable for any reason
         whatsoever including but without limitation by reason of the provisions
         of any legislation or other provisions having the force of law or by
         reason of any decision of any Court or other body or authority having
         jurisdiction over the parties hereto or this Agreement including the EC
         Commission or the European Court of Justice, such terms or provisions
         shall be divisible from this Agreement and shall be deemed to be
         deleted from this Agreement in the jurisdiction in question provided
         always that if any such deletion substantially affects or alters the
         commercial basis of this Agreement either party shall have the right to
         terminate this Agreement by giving sixty (60) days written notice of
         such termination to the other party.

15.      Miscellaneous

         15.1     This Agreement embodies and sets forth the entire agreement
                  and understanding of the parties and supersedes all prior oral
                  and written agreements, understanding or arrangements relating
                  to the subject matter of this Agreement. Neither party shall
                  be entitled to rely on any agreement, understanding or
                  arrangement which is not expressly set forth in this
                  Agreement.

         15.2     This Agreement shall not be amended, modified, varied or
                  supplemented except in writing signed by duly authorised
                  representatives of the parties.

         15.3     No failure or delay on the part of either party hereto to
                  exercise any right or remedy under this Agreement shall be
                  construed or operated as a waiver thereof nor shall any single
                  or partial exercise of any right or remedy under this
                  Agreement preclude the exercise of any other right or remedy
                  or preclude the further exercise of such right or remedy as
                  the case may be. The rights and remedies provided in this
                  Agreement are cumulative and are not exclusive of any rights
                  or remedies provided by law.

<PAGE>
                                     - 18 -

         15.4     The text of any press release or other communication to be
                  published by or in the media whether of a scientific nature or
                  otherwise and concerning the subject matter of this Agreement
                  shall require the prior written approval of Biologics.
                  Notwithstanding the foregoing, nothing herein shall be
                  construed as limiting Licensee's rights or ability to publish,
                  present or use in any way data and results relating solely and
                  exclusively to the Research Evaluation without reference to
                  the System, the Materials, the Intellectual Property or
                  Biologics. Such publication, presentation or use by Company
                  shall not require prior review or written approval of
                  Biologics.

         15.5     Each of the parties hereto shall be responsible for its
                  respective legal and other costs incurred in relation to the
                  preparation of this Agreement.

         15.6     The parties to this Agreement do not intend that any term
                  hereof should be enforceable by virtue of the Contracts
                  (Rights of Third Parties) Act 1999 by any person who is not a
                  party to this Agreement.

16.      Notice

         16.1     Any notice or other document to be given under this Agreement
                  shall be in writing and shall be deemed to have been duly
                  given if left at or sent by registered post, courier,
                  facsimile or other electronic media to a party or delivered in
                  person to a party at the address or facsimile number set out
                  below for such party or such other address as the party may
                  from time to time designate by written notice to the other(s):

                  Address of Biologics
                  Lonza Biologics plc, 228 Bath Road, Slough, Berkshire SL1 4DY
                  Facsimile: 01753 777001
                  For the attention of the Head of Legal Services

                  Address of Licensee
                  Inhibitex, Inc., 8995 Westside Parkway, Alpharetta,
                  Georgia 30004, USA
                  Facsimile: 001 678 336 2612

<PAGE>
                                     - 19 -

                  For the attention of President and Chief Operating Officer
                  with a copy to Chief Scientific Officer

         16.2     All such notices and documents shall be in the English
                  language. Any such notice or other document shall be deemed to
                  have been received by the addressee seven (7) working days
                  following the date of despatch of the notice or other document
                  by post or, where the notice or other document is sent by hand
                  or is given by facsimile or other electronic media,
                  simultaneously with the transmission or delivery. To prove the
                  giving of a notice or other document it shall be sufficient to
                  show that it was despatched.

17.      Interpretation

         17.1     The headings in this Agreement are inserted only for
                  convenience and shall not affect the construction hereof.

         17.2     Where appropriate words denoting a singular number only shall
                  include the plural and vice versa.

         17.3     Reference to any statute or statutory provision includes a
                  reference to the statute or statutory provision as from time
                  to time amended, extended or re-enacted.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto

Signed for and on behalf of                             [ILLEGIBLE]
LONZA BIOLOGICS PLC                              -------------------------

                                                         Secretary         TITLE

Signed for and on behalf of                         /s/ Joseph M. Patti
INHIBITEX, INC.                                  -------------------------

                                       CSO and VP Preclinical Development. TITLE

<PAGE>
                                     - 20 -

                                   SCHEDULE 1

                                  PATENT RIGHTS

Biologics Ref:          LBP07 (formerly known as PA98)

Priority Dates:         01.04.85 and 03.09.85

Title:                  Transformed Myeloma Cell-Line and a Process for the
                        Expression of a Gene Coding for a Eukaryotic Polypeptide
                        employing same

Inventors:              John Henry Kenten
                        Michael Alan Boss

<TABLE>
<CAPTION>
                         Patent Application
Territory                or * Patent Number          Patent Expiry Date
---------                ------------------          ------------------
<S>                      <C>                         <C>
Australia                     * 584417                    01.04.06

Bulgaria                      *  60107                    01.04.06

Canada                        *1319120                    15.06.10

Europe+                       * 216846                    01.04.06

Russia                        *2079553                    01.04.06

United Kingdom                *2183662                    01.04.06

USA (cont III)                *5981216                    09.11.16
</TABLE>

+        includes Austria, Belgium, France, Germany, Italy, Luxembourg,
         Netherlands, Sweden and Switzerland.

<PAGE>
                                     - 21 -

Celltech Ref. No:                PA 108

Subject Matter:                  Expression systems containing a glutamine
gene                             synthetase

Title:                           Recombinant DNA Sequences, Vectors containing
                                 them and method for the use thereof

Origin:                          Celltech/University of Glasgow joint invention
Registered Owner:                Celltech Limited/University of Glasgow
Beneficial Owner:                Celltech R&D Limited/University of Glasgow

Priority Application Date:       23rd January 1986
Earliest Publication Date/No:    30th July 1987/WO87/04462

<TABLE>
<CAPTION>
Territory              Application Date       Application No.       Patent No.      Expiry Date
---------              ----------------       ---------------       ----------      -----------
<S>                    <C>                    <C>                   <C>             <C>
Australia                  23.01.87              68935/87             599081          23.01.07
Canada                     23.01.87              528011               1338901         11.02.14
*Europe                    23.01.87              87900856.3           0256055         23.01.07
Japan                      23.01.87              500891/87            7032712         23.01.07
USA                        23.01.87              07/595733            5122464         16.06.09
USA (divisional)           23.01.87              08/302241            5770359         16.06.09
USA (divisional)           23.01.87              08/476567            5827739         16.06.09
</TABLE>

*includes: Austria, Belgium, France, Germany, Italy, Liechtenstein, Luxembourg,
Netherlands, Sweden, Switzerland, United Kingdom

<PAGE>
                                     - 22 -

Biologics Ref:       LBP09 (formerly known as PA 140)

Priority Date:       23.07.87

Title:               Recombinant DNA Product and Processes using it

Inventors:           Christopher Robert Bebbington

<TABLE>
<CAPTION>
                          Patent Application
Territory                 or * Patent Number          Patent Expiry Date
---------                 ------------------          ------------------
<S>                       <C>                         <C>
Europe+                        * 323997                    22.07.08

Japan                          *2505268                    22.07.08

USA (cont II)                  *5591639                    07.01.14

USA (divisional)               *5658759                    19.08.14
</TABLE>

+        includes Austria, Belgium, France, Germany, Italy, Luxembourg,
         Netherlands, Sweden, Switzerland and United Kingdom

<PAGE>
                                     - 23 -

Biologics Ref:       LBP10 (formerly known as PA 177)

Priority Date:       18.04.88

Title:               Recombinant DNA Methods, Vectors and Host Cells

Inventors:           Christopher Robert Bebbington
                     Geoffrey Thomas Yarranton

<TABLE>
<CAPTION>
                          Patent Application
Territory                 or * Patent Number          Patent Expiry Date
---------                 ------------------          ------------------
<S>                       <C>                         <C>
Australia                      * 624616                    18.04.09

Canada                         *1338891                    04.02.14

Europe+                        * 338841                    18.04.09

Japan                          *2007380                    18.04.09

USA (cont I)                   *5879936                    09.03.16

USA (cont II)                  *5891693                    06.04.16
</TABLE>

+        includes Austria, Belgium, France, Germany, Greece, Italy, Luxembourg,
         Netherlands, Spain, Sweden, Switzerland and United Kingdom

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]