<SUBMISSION>
<ACCESSION-NUMBER>0000912057-02-004559
<TYPE>SC TO-I/A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20020208
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>INHALE THERAPEUTIC SYSTEMS INC
<CIK>0000906709
<ASSIGNED-SIC>2834
<IRS-NUMBER>943134940
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I/A
<ACT>34
<FILE-NUMBER>005-47414
<FILM-NUMBER>02530516
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 INDUSTRIAL RD.
<CITY>SAN CARLOS
<STATE>CA
<ZIP>94070
<PHONE>6506313100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 INDUSTRIAL ROAD
<CITY>SAN CARLOS
<STATE>CA
<ZIP>94070
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INHALE THERAPEUTIC SYSTEMS
<DATE-CHANGED>19940303
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>INHALE THERAPEUTIC SYSTEMS INC
<CIK>0000906709
<ASSIGNED-SIC>2834
<IRS-NUMBER>943134940
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 INDUSTRIAL RD.
<CITY>SAN CARLOS
<STATE>CA
<ZIP>94070
<PHONE>6506313100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 INDUSTRIAL ROAD
<CITY>SAN CARLOS
<STATE>CA
<ZIP>94070
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INHALE THERAPEUTIC SYSTEMS
<DATE-CHANGED>19940303
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I/A
<SEQUENCE>1
<FILENAME>a2069965zscto-ia.htm
<DESCRIPTION>SC TO-I/A
<TEXT>
<HTML>
<HEAD>
<TITLE> Prepared by MERRILL CORPORATION
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02PAL1091_1">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2>
As filed with the Securities and Exchange Commission on February&nbsp;8, 2002 </FONT></P>

<HR NOSHADE>
<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2>Washington, D.C. 20549 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>SCHEDULE TO<BR>
(Amendment No.&nbsp;1)<BR>  </B></FONT><FONT SIZE=2>Tender Offer Statement under Section&nbsp;14(d)(1) or 13(e)(1)<BR>
of the Securities Exchange Act of 1934 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>Inhale Therapeutic Systems,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Name of Subject Company&#151;Issuer and Filing Person&#151;Offeror) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>OPTIONS TO PURCHASE COMMON STOCK,<BR>
par value $0.0001 per share<BR>  </B></FONT><FONT SIZE=2>(Title of Class of Securities) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>457191-10-4<BR>  </B></FONT><FONT SIZE=2>(CUSIP Number of Class of Securities) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>Ajit S. Gill<BR>
Chief Executive Officer and President<BR>
INHALE THERAPEUTIC SYSTEMS,&nbsp;INC.<BR>
150 Industrial Road<BR>
San Carlos, California 94070<BR>
Telephone: (650)&nbsp;631-3100<BR>  </B></FONT><FONT SIZE=2>(Name, address and telephone number of person authorized to receive<BR>
notices and communications on behalf of Filing Person) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>Copies
to:<BR></FONT> <FONT SIZE=2><B>Mark P. Tanoury<BR>
Thomas Z. Reicher<BR>
John M. Geschke<BR>
COOLEY GODWARD LLP<BR>
3175 Hanover Street<BR>
Palo Alto, California 94304-1130<BR>
Telephone: (650) 843-5000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="ba1091_calculation_of_filing_fee"> </A>
<A NAME="toc_ba1091_1"> </A>
<BR>    CALCULATION OF FILING FEE    <BR>  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%" ALIGN="CENTER"><FONT SIZE=1><B>Transaction Valuation*</B></FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="55%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Filing Fee**</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%" ALIGN="CENTER"><FONT SIZE=2>$33,906,010.70</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="55%" ALIGN="CENTER"><FONT SIZE=2>$3,119.35</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Calculated
solely for purposes of determining the filing fee. This amount assumes that options to purchase 3,653,680 shares of Common Stock of Inhale Therapeutic Systems,&nbsp;Inc.
having an aggregate value of $33,906,010.70 will be exchanged pursuant to this offer. The aggregate value of such options was calculated based on the Black-Scholes option pricing model as of
January&nbsp;23, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD><FONT SIZE=2>$92
per $1,000,000 of the aggregate offering amount (or .000092 of the aggregate transaction valuation), pursuant to Rule&nbsp;0-11 of the Securities Exchange Act of
1934, as amended by Fee Advisory #8, effective January&nbsp;16, 2002. The filing fee was previously paid with the Schedule TO filing made with the Securities and Exchange Commission on
January&nbsp;25, 2002. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2><B>/&nbsp;/ Check box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and identify the filing with which the offsetting fee was previously
paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.  </B></FONT></P>
</UL>
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<TABLE WIDTH="82%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><B>Amount Previously Paid:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><B>Filing Party:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2><B>Form or Registration No.:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><B>Date Filed:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2><B>/&nbsp;/ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.  </B></FONT></P>

</UL>

<P><FONT SIZE=2><B>Check the appropriate boxes below to designate any transactions to which the statement relates:  </B></FONT></P>

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<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Third-party tender offer subject to Rule&nbsp;14d-1.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/x/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Issuer tender offer subject to Rule&nbsp;13e-4.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Going-private transaction subject to Rule&nbsp;13e-3.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2>Amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2><B>Check the following box if the filing is a final amendment reporting the results of the tender offer:&nbsp;/&nbsp;/  </B></FONT></P>

</UL>
<HR NOSHADE>
<HR NOSHADE>
<HR NOSHADE>
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<P><FONT SIZE=2><B>CUSIP NO. 457191-10-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1091_schedule_to"> </A>
<A NAME="toc_de1091_1"> </A>
<BR></FONT><FONT SIZE=2><B>SCHEDULE TO    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1091_introductory_statement"> </A>
<A NAME="toc_de1091_2"> </A></FONT> <FONT SIZE=2><B>INTRODUCTORY STATEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;1 to Schedule TO amends and supplements the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on
January&nbsp;25, 2002, in connection with our offer to exchange certain options granted prior to July&nbsp;24, 2001 with exercise prices per share greater than or equal to $25.00 per share
currently outstanding under the Company's 2000 Non-Officer Equity Incentive Plan, as amended (the "Option Plan"), to purchase shares of the Company's Common Stock, par value $0.0001 per
share (the "Common Stock"), held by optionholders as of January&nbsp;25, 2002 for replacement options to purchase shares of Common Stock to be granted under the Option Plan, upon the terms and
subject to the conditions set forth in the Offer to Exchange. </FONT></P>

<P><FONT SIZE=2><B>ITEM 12. EXHIBITS.  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="83%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(A)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Offer to Exchange, dated January&nbsp;25, 2002.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(B)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Electronic Letter of Transmittal.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(C)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Summary of Terms.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(D)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Election Form.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(E)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Notice of Change in Election from Accept to Reject.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(F)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Notice of Change in Election from Reject to Accept.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(G)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Powerpoint slide presentation to holders of Eligible Options.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(H)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Confirmation of Participation in the Offer to Exchange.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(I)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Annual Report on Form&nbsp;10-K, as amended, for its fiscal year ended December&nbsp;31, 2000, filed with the Securities and Exchange Commission on March&nbsp;1, 2001 and incorporated
herein by reference.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(J)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on August&nbsp;10, 2001, as amended, and incorporated herein by reference.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(K)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on October 4, 2001 and incorporated herein by reference.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(L)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Electronic Communication&#151;Notice to Employees of Amendments to the Offer to Exchange (including Exhibit&nbsp;1).</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(a)(1)(M)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Electronic Communication&#151;Reminder to Employees of Cancellation Date.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(b)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(d)(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc.'s 2000 Non-Officer Equity Incentive Plan, as amended, (incorporated herein by reference to the indicated exhibit in Inhale's Registration Statement on Form&nbsp;S-8/A (No.&nbsp;333-71936),
filed on January&nbsp;15, 2002.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>99.(g)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Previously
filed as an exhibit to the Schedule TO filed with the Securities and Exchange Commission on January&nbsp;25, 2002. </FONT></DD></DL>
<HR NOSHADE>
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<P><FONT SIZE=2><B>CUSIP NO. 457191-10-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE TO  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1091_signature"> </A>
<A NAME="toc_jc1091_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Dated: February 8, 2002</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>INHALE THERAPEUTIC SYSTEMS, INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2><BR>
/s/ Ajit S. Gill</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: Ajit S. Gill<BR>
Title: Chief Executive Officer and President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
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<P><FONT SIZE=2><B>CUSIP NO. 457191-10-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1091_schedule_to"> </A>
<A NAME="toc_ka1091_1"> </A>
<BR></FONT><FONT SIZE=2><B>SCHEDULE TO    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>INDEX OF EXHIBITS  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="83%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(A)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Offer to Exchange, dated January&nbsp;25, 2002.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(B)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Electronic Letter of Transmittal.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(C)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Summary of Terms.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(D)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Election Form.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(E)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Notice of Change in Election from Accept to Reject.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(F)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Notice of Change in Election from Reject to Accept.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(G)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Powerpoint slide presentation to holders of Eligible Options.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(H)*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Confirmation of Participation in the Offer to Exchange.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(I)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Annual Report on Form&nbsp;10-K, as amended, for its fiscal year ended December&nbsp;31, 2000, filed with the Securities and Exchange Commission on March&nbsp;1, 2001 and incorporated
herein by reference.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(J)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on August&nbsp;10, 2001, as amended, and incorporated herein by reference.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(K)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc. Current Report on Form&nbsp;8-K/A, filed with the Securities and Exchange Commission on October&nbsp;4, 2001 and incorporated herein by reference.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(L)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Electronic Communication&#151;Notice to Employees of Amendments to the Offer to Exchange (including Exhibit&nbsp;1).</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(a)(1)(M)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Form of Electronic Communication&#151;Reminder to Employees of Cancellation Date.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(b)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(d)(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Inhale Therapeutic Systems, Inc.'s 2000 Non-Officer Equity Incentive Plan, as amended, (incorporated herein by reference to the indicated exhibit in Inhale's Registration Statement on Form&nbsp;S-8/A (No.&nbsp;333-71936),
filed on January&nbsp;15, 2002.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99.(g)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
</TABLE>
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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Previously
filed as an exhibit to the Schedule TO filed with the Securities and Exchange Commission on January&nbsp;25, 2002. </FONT></DD></DL>
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<FONT SIZE=2><A HREF="#toc_ba1091_1">CALCULATION OF FILING FEE</A></FONT><BR>

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<FONT SIZE=2><A HREF="#toc_de1091_1">SCHEDULE TO</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1091_2">INTRODUCTORY STATEMENT</A></FONT><BR>

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<FONT SIZE=2><A HREF="#toc_jc1091_1">SIGNATURE</A></FONT><BR>

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<FONT SIZE=2><A HREF="#toc_ka1091_1">SCHEDULE TO</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-99.(A)(1)(L)
<SEQUENCE>3
<FILENAME>a2069965zex-99_a1l.htm
<DESCRIPTION>EXHIBIT 99(A)(1)(L)
<TEXT>
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<P><FONT SIZE=2>
February&nbsp;8, 2002 </FONT></P>

<P><FONT SIZE=2>To
Employees: </FONT></P>

<P><FONT SIZE=2><B>Notice&#151;Amendments to the Stock Option Offer to Exchange  </B></FONT></P>

<P><FONT SIZE=2>Pursuant to Section 14 of the Offer to Exchange dated January&nbsp;25, 2002 (the "Offer"), we have supplemented and amended the terms of the Offer as indicated in
Exhibit&nbsp;1 attached hereto. Other than as indicated in Exhibit&nbsp;1, all other terms of the Offer to Exchange remain unchanged. </FONT></P>


<P><FONT SIZE=2>For
additional information about these amendments, or the Offer generally, please do not hesitate to contact Steve Hurst or Bob Harper via email at <U>exchange@inhale.com</U>.
You can also reach Steve Hurst by telephone at (650)&nbsp;631-3118 or Bob Harper at (650)&nbsp;631-3222. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>EXHIBIT 1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> AMENDMENTS TO THE OFFER TO EXCHANGE  </B></FONT></P>

<P><FONT SIZE=2>The
Offer to Exchange is hereby supplemented and amended as follows: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
last sentence of Section&nbsp;5 of the Offer to Exchange is exclusively amended to read, in its entirety, as follows: </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"After
we accept Eligible Options for exchange and cancellation, we will promptly send each optionholder who accepted the Offer a letter confirming acceptance and the number of
Replacement Options that we will grant to the optionholder." </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
fifth bulletpoint of Section&nbsp;6 of the Offer to Exchange is amended to read, in its entirety, as follows:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>"any
change or changes occur in our business, condition (financial or other), assets, income, operations, prospects or stock ownership that, in our
reasonable judgment, is or may be material to us, including the following:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>litigation
or other proceedings instituted against the Company or its subsidiaries, or any of our officers or directors in their capacities as such, before or by any Federal, state or
local court, commission, regulatory body, administrative agency or other governmental or legislative body, domestic or foreign, in which an unfavorable ruling, decision, action, order, decree or
finding resulting from such litigation or proceeding would materially and adversely affect the Company;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>a
material loss or interference with our business or properties from fire, explosion, earthquake, flood or other casualty, whether or not covered by insurance, or from any labor
dispute;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>a
substantial decline or increase in our stock price or significant volatility in the market price of our stock resulting from any number of factors including, but not limited to,
fluctuations in our operating results, announcements of technological innovations or new products, the announcement, commencement, termination or modification of collaborative relationships by the
Company or our competitors, clinical trial results or changes in product development status, developments in patent or other proprietary rights, increased or decreased public concern as to the safety
of drug delivery solutions developed by the Company or others, or general market conditions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>the
suspension of trading in our equity securities by the Securities and Exchange Commission or by the Nasdaq Stock Market; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>a
material change in the prospects for our business in the future resulting from any number of factors including, but not limited to, announcements of technological innovations or new
products, the announcement, commencement, termination or modification of collaborative relationships by the Company or our competitors, clinical trial results or changes in product development status,
developments in patent or other proprietary rights, increased or decreased public concern as to the safety of drug delivery solutions developed by the Company or others, general market conditions, a
material adverse change in the financial or securities markets in the United States or in political, financial or economic conditions in the United States or any outbreak or material escalation of
foreign or domestic hostilities or other calamity or crisis." </FONT></DD></DL>
</DD></DL>
</UL>
</DD></DL>
<BR>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Section
9 of the Offer to Exchange is amended to read, in its entirety, as follows: </FONT></DD></DL>
<UL>

<P><FONT SIZE=2><B>"9. INTERESTS OF DIRECTORS AND OFFICERS; TRANSACTIONS AND ARRANGEMENTS INVOLVING THE OPTIONS.</B></FONT></P>

</UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
list of our directors and executive officers is contained in </FONT><FONT SIZE=2><B>Schedule A </B></FONT><FONT SIZE=2>attached to this Offer to Exchange. No director or executive
officer of the Company holds Eligible Options under the 2000 Non-Officer Equity Incentive Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no agreement, arrangement or understanding between the Company or, to the best of our knowledge, any of our directors or executive officers, and any other person for the
purchase or acquisition from the Company of any of its securities, except for the following: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>outstanding
options to purchase an aggregate of 4,672,556 shares of our Common Stock (as of 1/23/02) pursuant to our 2000 Equity Incentive Plan, as amended.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>Robert&nbsp;B.
Chess, Ajit&nbsp;S. Gill, John S. Patton, Brigid A. Makes, Douglas Altschuler, Stephen L. Hurst, Irwin Lerner, James B. Glavin, Roy A. Whitfield, Melvin
Perelman and Chris Kuebler currently hold options to purchase shares of Common Stock under the 2000 Equity Incentive Plan, as amended. </FONT></DD></DL>
</DD></DL>
</UL>
</UL>
<BR>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>outstanding
options to purchase an aggregate of 54,600 shares of our Common Stock (as of 1/23/02) pursuant to our 1994 Non-Employee Directors' Stock Option
Plan, as amended.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD><FONT SIZE=2>James
B. Glavin and Melvin Perelman currently hold options to purchase shares of Common Stock under the 1994 Non-Employee Directors' Stock Option Plan, as amended." </FONT></DD></DL>
</DD></DL>
</UL>
</UL>
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<DOCUMENT>
<TYPE>EX-99.(A)(1)(M)
<SEQUENCE>4
<FILENAME>a2069965zex-99_a1m.htm
<DESCRIPTION>EXHIBIT 99(A)(1)(M)
<TEXT>
<HTML>
<HEAD>
<TITLE> Prepared by MERRILL CORPORATION
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<P><FONT SIZE=2>
To Employees: </FONT></P>

<P><FONT SIZE=2><B>Reminder&#151;Cancellation Date for Stock Option Offer to Exchange is Approaching  </B></FONT></P>

<P><FONT SIZE=2>On
January&nbsp;25, 2002, Inhale announced a stock option exchange offer for eligible employees and distributed documents related to the Offer. We are now approaching the deadline for returning your
election forms. Whether you accept the Offer or not, you need to make your election, sign the Election Form and ensure delivery of the Election Form to Steve Hurst or Bob Harper at Inhale's corporate
offices in San Carlos, California for receipt </FONT><FONT SIZE=2><B>BEFORE MIDNIGHT PACIFIC STANDARD TIME ON MONDAY, FEBRUARY 25, 2002.</B></FONT></P>

<P><FONT SIZE=2>If
you have any questions, please do not hesitate to contact Steve Hurst or Bob Harper via email at <U>exchange@inhale.com</U>. You can also reach Steve Hurst by telephone at
(650)&nbsp;631-3118 or Bob Harper at (650)&nbsp;631-3222. </FONT></P>

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