non-employee options for the company's ordinary shares, which are currently held by 16 holders. These options were issued in connection with the organisation of the company in 1986, expire in 1996 and are exercisable at $10 per share.

EXEL said the offer is being made at a price of $35.167 per option, computed by taking the average closing price for the shares for the 15 trading days beginning on October 22, 1992, less the $10 option exercise price. The offer is scheduled to run out on December 16 of this year but EXEL said it intended to make a similar offer, on identical terms, to expire in early 1993. All options purchased will be cancelled.