Nektar sells off royalties on its 2 approved drugs for $150M in cash, redoubling focus on I-O candidates
A little less than a year ago, an FDA adcomm unanimously rejected Nektar Therapeutics’ opioid program, effectively sending it to the chopping block. Now, looking for a quick cash infusion to finance clinical tests for two other candidates, Nektar will sell off royalties for its only two approved US medicines.
Royalties on future sales of partner meds Adynovate and Movantik will be turned over to Healthcare Royalty Management in exchange for $150 million in cash, San Francisco-based Nektar announced Tuesday morning. HCR is expected to make the payment by the end of the year, and Nektar said it plans to put the funds toward clinical trials for its early- and late-stage immune-oncology programs targeting IL-2 and IL-15.
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