unexercised non-employee options for the company's ordinary shares.

The new option purchase offer, which expires on January 19, 1993, has been made to the remaining 10 holders of unexercised options for 260,000 ordinary shares.

The options, which were issued in connection with the organisation of the company in 1986, expire in 1996 and are exercisable at $10 per share.

EXEL has made its purchase offer at a price of $35.167 per share, reflecting the average NYSE closing price for the company's shares for the 15 trading days beginning October 22, 1992, less the $10 option exercise price.

A similar offer to repurchase the options, which expired last Wednesday, was accepted by seven holders of unexercised options for 1.315 million ordinary shares.

The options were purchased by EXEL for a total of $46.2 million.

All options bought under the purchase offers are to be cancelled.