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Business Purchase Agreement



Galen Limited



and



Pharmaceutical Development and Manufacturing Services

Limited



for the sale and purchase of the UK pharmaceutical

products manufacturing business and certain assets of

Galen Limited, a subsidiary of Galen Holdings Plc



2 December 2003



{PAGE}



                                    CONTENTS



{TABLE}

{CAPTION}

CLAUSE                                                 PAGE

{S}                                                    {C}

INTERPRETATION......................................     3

SALE AND PURCHASE...................................    10

CONSIDERATION.......................................    11

COMPLETION..........................................    11

LIABILITIES.........................................    13

RECEIVABLES.........................................    14

CONTRACTS...........................................    15

STOCK AND INTERMEDIATES.............................    16

PREPAYMENTS BY SELLER AND CUSTOMERS.................    19

EMPLOYEES...........................................    21

FUTURE TRADING AND TRADE ENQUIRIES..................    22

MHRA LICENCES.......................................    23

VALUE ADDED TAX.....................................    23

WARRANTIES..........................................    24

PROTECTION OF GOODWILL..............................    27

ANNOUNCEMENTS, ETC..................................    29

ASSIGNMENT..........................................    30

COSTS...............................................    30

ENTIRE AGREEMENT....................................    30

WAIVER, AMENDMENT...................................    31

FURTHER ASSURANCE & ASSIGNMENT OF LEASES............    31

NOTICES.............................................    33

COUNTERPARTS........................................    35

GOVERNING LAW AND JURISDICTION......................    35

INVALIDITY..........................................    35

THIRD PARTY RIGHTS..................................    36



SCHEDULE 1................................................

Allocation of Consideration...............................

SCHEDULE 2................................................

Warranties................................................

SCHEDULE 3................................................

Assumed Employees.........................................

SCHEDULE 4................................................

Contracts.................................................

SCHEDULE 5................................................

Galen Marketing Authorisations............................

SCHEDULE 6................................................

Properties................................................

SCHEDULE 7................................................

IT Equipment and Contracts................................

SCHEDULE 8................................................

Intermediate Valuation Policies and Procedures............

SCHEDULE 9................................................

Hire Purchase Agreements..................................

APPENDIX 1................................................

Lists of IT Equipment.....................................

APPENDIX 2................................................

Capital Grants............................................

{/TABLE}



{PAGE}



THIS AGREEMENT is made on 2 December 2003



BETWEEN:



(1)      PHARMACEUTICAL DEVELOPMENT AND MANUFACTURING SERVICES LIMITED

         (No. NI45055) whose registered office is at Almac House, 20 Seagoe

         Industrial Estate, Craigavon, Northern Ireland BT63 5QD (the "BUYER");

         and



(2)      GALEN LIMITED (No. NI30077) whose registered office is at Unit 22,

         Seagoe Industrial Estate, Craigavon, Co Armagh, Northern Ireland BT63

         5UA (the "SELLER" or "GALEN").



RECITALS



(A)      The Seller carries on the Business (as hereinafter defined) as part of

         its group and is the beneficial owner, or is otherwise able to procure

         the transfer, of the Assets (as hereinafter defined).



(B)      The Seller has agreed to sell, and the Buyer has agreed to purchase,

         the Business as a going concern and the Assets on the terms hereinafter

         set out.



THE PARTIES AGREE AS FOLLOWS:



1.       INTERPRETATION



1.1      The following words and expressions shall, unless the context otherwise

         requires, have the following meanings:



         "ACCOUNTS" means the audited financial statements (comprising a balance

         sheet, profit and loss account, cash flow statement, notes and

         directors' report and auditors' certificates) of the Seller for the

         financial period ended on the Accounts Date in the Agreed Form;



         "ACCOUNTS DATE" means 30 September 2002;



         "AGREED FORM" means, in relation to a document, in the form agreed

         between the parties on or prior to the date hereof and for the purposes

         of identification signed on their behalf;



         "ASSETS" means all assets, property or rights of the Seller relating to

         or connected with or belonging to or used in the Business which shall,

         without limitation include the Goodwill, Intermediates, Books and

         Records, Contracts, Galen Marketing Authorisations, IT Equipment and

         Assets, IT Contracts, Business Intellectual Property, Properties, Fixed

         Plant and Loose Plant together with the assets and rights and the

         benefit of any claims directly and exclusively relating to the

         Business, other than the Excluded Assets;



         "ASSIGNMENT" means the deed of assignment dated 31 March 2002 between

         (1) Galen Limited and (2) Atoze Analytical Limited (3) Mairead Heron

         and others and (4) Galen Holdings plc;



         "ASSUMED CREDIT AMOUNT" means the capital payments outstanding as at

         Completion to be made pursuant to the Hire Purchase Agreements as set

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