SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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. Issuer Name and Ticker or Trading Symbol ARADIGM CORP [ ARDM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) X Other (specify below) See Remarks.
	3. Date of Earliest Transaction (Month/Day/Year) 06/18/2010
	4. If Amendment, Date of Original Filed (Month/Day/Year)	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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/18/2010		P		19,433,408	A	$0.1184	56,517,670	I(1)	See remarks, note (1).

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Warrants (Right to Buy)	$0.1184	06/21/2010		P		4,215,239		(2)	(2)	Common Stock	4,215,239	$0.1184	4,215,239	I(2)	See Remarks, note (2).

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, note (1).

2. See Remarks, note (2).

Remarks:

(1) Consists of 9,716,704 shares purchased by First Eagle Value in Biotechnology Master Fund, Ltd. ("FEVIBMF"), 1,526,911 shares purchased by 21 April Fund, L.P. ("21 April LP"), 5,413,592 shares purchased by 21 April Fund, Ltd. ("21 April Ltd.") and 2,776,201 shares purchased by DEF Associates N.V. ("DEF Associates" and 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 interest therein. (2) Consists of 2,107,620 warrants purchased by FEVIBMF, 331,197 warrants purchased by 21 April LP, 1,174,245 warrants purchased by 21 April Ltd. and 602,177 warrants purchased by DEF Associates. The warrants are exercisable upon shareholder approval, which is expected to occur within 60 days from the transaction date. The warrants expire upon the earlier of 10 business days after shareholder approval or September 19, 2010. 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 interest 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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