with respect to the omitted portions.



                            COLLABORATION AGREEMENT



THIS AGREEMENT is made as of April 30, 2001,



BETWEEN:



          Transworld Pharmaceuticals  Corporation Inc., a company having offices

          at Sassoon House, Shirley Street, Nassau, New Providence, Bahamas, and

          Toray Trading Corp. a Cyprus company



          ("TPh / Toray")



AND:



          Dragon  Pharmaceuticals  Inc., a  corporation  having an office at 543

          Granville St., Vancouver, BC. Canada V6C lX8



          ("Dragon")



WHEREAS:



(A)       Transworld  Pharmaceuticals  Corporation,  together with Toray, having

control and  ownership of certain  intellectual  property,  to whit:  methods of

formulation of purified bulk  recombinant  Human  erythropoietin  (rHu EPO) with

recombinant  Hyaluronic Acid (rHA), for the achievement of a novel  slow-release

formulation of rHu EPO.



(B)       TPh  /  Toray  has  agreed  to  grant  certain  rights  to  Dragon  to

manufacture and sell the Product in a specified  market,  and to manufacture the

product on a fee-for-service basis for sale to TPh / Toray;



THIS  AGREEMENT   WITNESSES  that  in   consideration   of  $1  paid  and  other

consideration  given,  by each  party  to each  other  party,  the  receipt  and

sufficiency of which each party  acknowledges,  the parties  severally  AGREE as

follows:



                                     PART l



                         DEFINITIONS AND INTERPRETATION



Definitions



1.1       In this Agreement,  except as otherwise  expressly  provided or as the

context otherwise requires:



     (a)  Affiliate of a party means a corporation  or entity that,  directly or

     indirectly,  controls, is under common control with or is controlled by the

     specified party;



                                       1

<PAGE>

     (b)  current GMP means current good  manufacturing  practices as determined

     by the World Health Organization;



     (c)  Indication  means  the  use of  the  Product  to  treat  a  particular

     condition as described in Schedule A;



     (d)  Marketing Approval has the meaning set out in ss.2.9;



     (e)  Product  means the  formulation  of rHu EPO and rHA  achieving a novel

     slow release formulation



     (f)  Purchase Orders has the meaning set out in ss.4.5



Interpretation



1.2       In this Agreement,  except as otherwise  expressly  provided or as the

context otherwise requires,



     (a)  "this   Agreement"   means  this   agreement  as  from  time  to  time

     supplemented or amended by one or more agreements  entered into pursuant to

     the applicable provisions of this Agreement,



     (b)  a reference to a Part is to a Part of this  Agreement,  and the symbol

     ss. followed by a number or some  combination of numbers and letters refers

     to the  section,  paragraph,  subparagraph,  clause  or  subclause  of this

     Agreement so designated,



     (c)  headings are solely for  convenience of reference and are not intended

     to be  complete  or  accurate  descriptions  of  content or to be guides to

     interpretation of this Agreement or any part of it,



     (d)  the word  "including",  when following a general statement or term, is

     not to be  construed  as  limiting  the  general  statement  or term to any

     specific  item or matter  set forth or to  similar  items or  matters.  but

     rather as  permitting  the general  statement  or term to refer also to all

     other  items or  matters  that could  reasonably  fall  within is  broadest

     possible scope,



     (e)  an  accounting  term not  otherwise  defined  herein  has the  meaning

     assigned to it, and every  calculation  to be made hereunder is to be made,

     in accordance with accounting  principles  generally accepted in the United

     States applied on a consistent basis,



     (f)  a reference to currency means United States currency,



     (g)  a reference to a statute includes all regulations made thereunder, all

     amendments to the statute or  regulations  in force from time to time,  and

     every statute or regulation that  supplements or supersedes such statute or

     regulations,



     (h)  a reference to an entity includes any successor to that entity,



     (i)  a word  importing  the  masculine  gender  includes  the  feminine and

     neuter,  a word in the  singular  includes the plural,  a word  importing a

     corporate entity includes an individual, and vice versa,



                                       2

<PAGE>



     (j)  and a reference to  "approval",  "authorization"  or  "consent"  means

     written approval, authorization or consent.





                                     PART 2



                                GRANT OF LICENSE



License



2.1       Subject to the terms of this  Agreement,  TPh / Toray hereby grants to

Dragon an exclusive  license to manufacture  and sell the Products in the Market

Area for treatment of the  Indications.  Additionally,  Dragon is to be the sole

manufacturer  of the product for markets both within its  territory,  as well as

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