EMPLOYMENT AGREEMENT



            This Employment Agreement (this "Agreement") is entered into as of

October 15, 2004 between Bone Care International, Inc., a Wisconsin corporation

(the "Company"), and C. Basil Mundy (the "Executive").



            WHEREAS, the Company desires to employ the Executive to serve as

Vice President Government Affairs of the Company, and the Executive desires to

be employed by the Company, upon the terms and subject to the conditions set

forth herein.



            NOW, THEREFORE, in consideration of the premises and the mutual

agreements contained herein, the Company and the Executive hereby agree as

follows:



            1. EMPLOYMENT. The Company hereby agrees to employ the Executive and

the Executive hereby agrees to be employed by the Company upon the terms and

subject to the conditions contained in this Agreement. The term of employment of

the Executive by the Company pursuant to this Agreement (the "Employment

Period") shall commence on the date hereof and shall continue until terminated

pursuant to Section 4 hereof.



            2. POSITION AND DUTIES; RESPONSIBILITIES. (a) Position and Duties.

The Company shall employ the Executive during the Employment Period as its Vice

President Government Affairs. The Executive shall report to the Senior Vice

President of Sales & Marketing of the Company. During the Employment Period, the

Executive shall perform faithfully and loyally and to the best of the

Executive's abilities the duties assigned to the Executive hereunder and shall

devote the Executive's full business time, attention and effort to the affairs

of the Company and its subsidiaries and shall use the Executive's reasonable

best efforts to promote the interests of the Company and its subsidiaries. The

Executive may engage in charitable, civic or community activities and, with the

prior approval of the Senior Vice President of Sales & Marketing, may serve as a

director of any other business corporation, provided that such activities or

service do not interfere with the Executive's duties hereunder or violate the

terms of any of the covenants contained in Sections 6 or 7 hereof.



            (b) Responsibilities. The Executive shall have the authority and

responsibility commensurate with the position of Vice President Government

Affairs. The Executive shall also perform such other duties (not inconsistent

with the position of Vice President Government Affairs) on behalf of the Company

and its subsidiaries as may from time to time be authorized or directed by the

Board of Directors of the Company (the "Board") or by the Chief Executive

Officer.



            3. COMPENSATION. (a) Base Salary. During the Employment Period, the

Company shall pay to the Executive a base salary at the rate of $190,000.00 per

annum ("Base Salary"), payable in accordance with the Company's normal payroll

practices. Such Base Salary shall be reviewed annually, and shall be subject to

such annual increases, if any, as determined by the Compensation Committee of

the Board.



<PAGE>



            (b) Annual Bonus. The Executive shall, in the sole discretion of the

Compensation Committee of the Board, be eligible to receive an annual incentive

bonus for such fiscal year ("Annual Bonus"), based upon the achievement of goals

established by the Compensation Committee. The Compensation Committee of the

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