SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* First Eagle Value in Biotechnology Master Fund, Ltd. (Last) (First) (Middle) C/O FIRST EAGLE INV. MGMT, GEN. COUNSEL 1345 AVENUE OF THE AMERICAS (Street) NEW YORK NY 10105 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 02/23/2009	3. Issuer Name and Ticker or Trading Symbol ARADIGM CORP [ ARDM ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) X Other (specify below) See remarks.	5. If Amendment, Date of Original Filed (Month/Day/Year) 03/05/2009
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	37,084,262	I(1)	See remarks.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* First Eagle Value in Biotechnology Master Fund, Ltd. (Last) (First) (Middle) C/O FIRST EAGLE INV. MGMT, GEN. COUNSEL 1345 AVENUE OF THE AMERICAS (Street) NEW YORK NY 10105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See remarks.

1. Name and Address of Reporting Person* 21 APRIL FUND LTD (Last) (First) (Middle) CITCO FUND SERVICES (CAYMAN ISLANDS) LTD REGATTA OFFICE PARK WEST BAY ROAD (Street) GRAND CAYMAN E9 KY1-1205 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See remarks.

1. Name and Address of Reporting Person* 21 APRIL FUND LP (Last) (First) (Middle) C/O FIRST EAGLE INV. MGMT., GEN. COUNSEL 1345 AVENUE OF THE AMERICAS, 44TH FLOOR (Street) NEW YORK NY 10105 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See remarks.

1. Name and Address of Reporting Person* DEF Associates N.V. (Last) (First) (Middle) C/O CITCO FUND SERVICES (CURACAO) N.V. KAYA FLAMBOYAN 9, P.O. BOX 812 (Street) CURACAO P8 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See remarks.

Explanation of Responses:

1. See remarks.

Remarks:

This amended Form 3 is filed to correct the information filed in the original Form 3 filed on March 5, 2009 (the "Original Form 3"). Except for the updating amendment in this amended Form 3, the Original Form 3 remains in effect. The shares reported on this amended Form 3 consist of 19,452,141 shares held by First Eagle Value in Biotechnology Master Fund, Ltd. ("FEVIBMF"), 2,761,679 shares held by 21 April Fund, L.P. ("21 April LP"), 9,870,442 shares held by 21 April Fund, Ltd. ("21 April Ltd.") and 5,000,000 shares held by DEF Associates N.V. (together with FEVIBMF, 21 April LP and 21 April Ltd., the "Funds"). The Funds may be deemed to be members of a Section 13(d) group owning more than 10% of the issuer's outstanding common stock. Each of the Funds disclaims Section 16 beneficial ownership of the reported securities and this report shall not be deemed an admission that any such Fund is the beneficial owner of such securities, except to the extent of its pecuniary interet therein.

	Dan DeClue	06/22/2010
	Dan DeClue	06/22/2010
	Dan DeClue	06/22/2010
	Dan DeClue	06/22/2010
	** Signature of Reporting Person	Date
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