0001047469-03-001844 Sample Contracts

STOCKHOLDERS AGREEMENT
Stockholders Agreement • January 21st, 2003 • Biotechnology Value Fund L P • Investment advice • Delaware

This STOCKHOLDERS AGREEMENT dated as of January 17, 2003 (this "Stockholders Agreement") is made and entered into by and among Arena Pharmaceuticals, Inc., a Delaware corporation (the "Company"), and Biotechnology Value Fund, L.P., a Delaware limited partnership, Biotechnology Value Fund II, L.P., a Delaware limited partnership, BVF Investments, L.L.C., a Delaware limited liability company, BVF Partners L.P., a Delaware limited partnership, and BVF Inc., a Delaware corporation ("BVF"), and Investment 10, L.L.C., an Illinois limited liability company (each a "Stockholder" and, collectively, the "Stockholders").

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AGREEMENT REGARDING JOINT FILING
Joint Filing Agreement • January 21st, 2003 • Biotechnology Value Fund L P • Investment advice

The undersigned, Biotechnology Value Fund, L.P., a Delaware limited partnership, Biotechnology Value Fund II, L.P., a Delaware limited partnership, BVF Investments, L.L.C., a Delaware limited liability company, BVF Partners L.P., a Delaware limited partnership, and BVF Inc., a Delaware corporation, hereby agree and acknowledge that the information required by Schedule 13D, to which this Agreement is attached as an exhibit, is filed on behalf of each of them. The undersigned further agree that any amendments or supplements thereto shall also be filed on behalf of each of them.

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