<PAGE>
Filed Pursuant to Rule 424(b)(3) and (c)
File Number 333-36152
PROSPECTUS SUPPLEMENT NO. 1 DATED July 25, 2000
to Prospectus Dated May 30, 2000
INHALE THERAPEUTIC SYSTEMS, INC.
$230,000,000
of
5% Convertible Subordinated Notes
due February 8, 2007
and
2,998,305 Shares of Common Stock
Issuable Upon Conversion of the Notes
This prospectus supplement supplements the prospectus dated May 30, 2000 of
Inhale Therapeutic Systems, Inc. relating to the public offering and sale by
selling security holders described below. This prospectus supplement contains
information on ownership of principal amount of notes beneficially owned and
offered and shares of our common stock issuable upon conversion of the notes.
This prospectus supplement should be read in conjunction with the prospectus,
and this prospectus supplement is qualified by reference to the prospectus,
except to the extent that the information provided by this prospectus supplement
supersedes the information contained in the prospectus.
SELLING SECURITY HOLDERS
The table on pages 41, 42, 43 and 44 of the prospectus setting forth
information concerning the selling security holders is amended by the addition
of the following information to that table:
<TABLE>
<CAPTION>
COMMON
PRINCIPAL STOCK COMMON
AMOUNT OF NOTES ISSUABLE STOCK OWNED
BENEFICIALLY UPON AFTER
OWNED AND CONVERSION OF COMMON STOCK COMPLETION OF
SELLING SECURITY HOLDER OFFERED (1) THE NOTES (1) OFFERED THE OFFERING
-------------------------------------------------- --------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
American Masters Fund/"AG Absolute Return Series"
Ltd............................................. $ 500,000(2) 6,518 -- --
Angelo, Gordon & Co., L.P......................... $ 1,450,000(2) 18,902 -- --
Bankers Trust Trustee for Daimler Chrysler Corp
EMP #1 Pension Plan DTD 4/1/89.................. $ 915,000(2) 11,928 -- --
Credit Suisse First Boston Corporation............ $ 1,680,000(2) 21,900 -- --
Franklin & Marshall College....................... $ 60,000(2) 782 -- --
Independent Blue Cross............................ $ 100,000 1,303 -- --
Michael Angelo, L.P............................... $ 1,450,000(2) 18,902 -- --
Morgan Stanley Dean Witter Convertible Securities
Trust........................................... $ 1,000,000(2) 13,036 -- --
KBC Financial Products............................ $ 2,000,000 26,072 -- --
Ohio Bureau of Workers Compensation............... $ 120,000 1,564 -- --
Penn Treaty Network America Insurance Co.......... $ 75,000(2) 977 -- --
Ramius, L.P....................................... $ 800,000(2) 10,428 -- --
RCG Baldwin, L.P.................................. $ 1,000,000(2) 13,036 -- --
RCG Multi-Strategy Account, L.P................... $ 900,000(2) 11,732 -- --
Shell Pension Trust............................... $ 200,000 2,607 -- --
State Street Bank Custodian for GE Pension
Trust........................................... $ 450,000(2) 5,866 -- --
Triarc Companies, Inc............................. $ 500,000(2) 6,518 -- --
Tribeca Investments LLC........................... $ 5,000,000(2) 65,180 -- --
</TABLE>
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(1) Amounts indicated may be in excess of the total amount registered due to
sales or transfers exempt from the registration requirements of the
Securities Act since the date upon which the selling holders provided to us
in the information regarding their notes.
(2) Amounts listed are in addition to the principal amount of notes beneficially
owned and offered by the selling holder already included in the prospectus.
Information concerning the selling holders may change from time to time and any
changed information will be set forth in supplements to this prospectus if and
when necessary. In addition, the conversion rate and therefore, the number of
shares of common stock issuable upon conversion of the notes, is subject to
adjustment under certain circumstances. Accordingly, the aggregate principal
amount of notes and the number of shares of common stock into which the notes
are convertible may increase or decrease.
