Nektar Therapeutics Terminates Strategic Collaboration Agreement with Bristol-Myers Squibb Company

Strategic Insights -

Nektar Therapeutics, a Delaware-based biopharmaceutical company, has filed a Form 8-K with the U.S. Securities and Exchange Commission, announcing the termination of its global clinical development program evaluating bempegaldesleukin in combination with Opdivo (nivolumab). The decision to end the program was made jointly by Nektar and Bristol-Myers Squibb Company in a letter agreement executed on September 6, 2023. This marks a significant development in the company's strategic collaborations and research initiatives.

Key Takeaways:

  • Nektar Therapeutics has filed a Form 8-K with the U.S. Securities and Exchange Commission on September 8, 2023, to report the termination of its Strategic Collaboration Agreement with Bristol-Myers Squibb Company.
  • The agreement, initially signed in February 2018, aimed to evaluate bempegaldesleukin in combination with Opdivo (nivolumab) in the global clinical development program.
  • On September 6, 2023, the parties entered into a letter agreement to terminate the Strategic Collaboration Agreement, citing the joint decision of the parties to end the program.
  • Nektar Therapeutics has informed that the description of the letter agreement is not complete and is qualified in its entirety by reference to the Strategic Collaboration Agreement and the letter agreement, which will be filed as an exhibit to Nektar's Quarterly Report on Form 10-Q for the fiscal quarter period ending September 30, 2023.
  • The termination of the agreement may impact Nektar's research and development initiatives, and the company's future collaborations with Bristol-Myers Squibb Company.
  • Mark A. Wilson, Chief Legal Officer and Secretary of Nektar Therapeutics, signed the Form 8-K on behalf of the company on September 8, 2023.

Statistics:

  • The Strategic Collaboration Agreement was signed on February 13, 2018, between Nektar Therapeutics and Bristol-Myers Squibb Company.
  • The program was designed to evaluate bempegaldesleukin in combination with Opdivo (nivolumab) in the global clinical development program.
  • The letter agreement to terminate the Strategic Collaboration Agreement was executed on September 6, 2023.
  • Nektar Therapeutics plans to file the letter agreement as an exhibit to its Quarterly Report on Form 10-Q for the fiscal quarter period ending September 30, 2023.

Sources:

  • "FORM 8-K CURRENT REPORT" (UNITED STATES SECURITIES AND EXCHANGE COMMISSION)
  • "NEKTAR THERAPEUTICS" (Registrant's telephone number, including area code: (415) 482-5300)
  • "Bristol-Myers Squibb Company" (Partner company in the Strategic Collaboration Agreement)