[GRAPHIC OMITTED][NPS PHARMACEUTICALS LOGO]


For Immediate Release                    Contact: David L. Clark
                                                  Vice President, Operations
                                                  NPS Pharmaceuticals, Inc.
                                                  (801) 583-4939



                          NPS PHARMACEUTICALS ANNOUNCES
                PRICING OF $170 MILLION CONVERTIBLE DEBT OFFERING


     Salt Lake City, Utah -- June 11, 2003 -- NPS Pharmaceuticals, Inc. (NASDAQ:
NPSP) announced today that it has agreed to privately place $170 million
aggregate principal amount of its Convertible Notes due 2008. These Notes will
be convertible into NPS common stock at a conversion rate of 27.3336 shares per
$1,000 principal amount of notes (reflecting a premium of 35%, relative to the
NASDAQ closing price for NPS common stock of $27.10 on June 11, 2003), and will
bear interest at a rate of 3.0% per annum. The company has granted the initial
purchasers of the Notes a 30-day option to purchase an additional $22 million
principal amount of the Notes. The placement of the notes is expected to close
on June 17, 2003.

     NPS expects to use the net proceeds of the offering for general corporate
purposes. The holders of the Notes may require NPS to redeem their Notes upon
the occurrence of certain events, and NPS may elect to redeem the Notes
beginning June 20, 2006. The redemption price for any redemption of the Notes is
100% of principal amount, plus accrued interest. The offering is being made by
means of an offering memorandum to qualified institutional buyers pursuant to
Rule 144A of the Securities Act of 1933, as amended.

     The Notes and common stock issuable upon conversion of the Notes have not
been registered under the Securities Act of 1933, as amended, or applicable
state securities laws, and unless so registered, may not be offered or sold in
the United States, except pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as amended, and
applicable state securities laws.



     This press release shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to buy the
Notes. This press release is being issued pursuant to and in accordance with
Rule 135c under the Securities Act of 1933, as amended.

      Cautionary Statement For The Purpose Of The "Safe Harbor" Provisions
             Of The Private Securities Litigation Reform Act Of 1995

     This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations and
beliefs and are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements. Therefore, actual outcomes and results may differ materially from
what is expressed herein. A description of those risks and uncertainties that
could cause actual results to differ materially from those described in the
forward-looking statements can be found in our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for the most
recent fiscal year and any amendments thereto, our Quarterly Reports on Form
10-Q, and any Current Reports on Form 8-K. NPS is under no obligation to (and
expressly disclaims any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.

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