Nektar closes sale of pulmonary delivery assets to Novartis

Published: 06-Jan-2009

Nektar Therapeutics, a biopharmaceutical company, has closed the divestiture of specific Nektar pulmonary delivery assets, technology and intellectual property to Novartis for $115 million in cash.

With the closing, Novartis assumes ownership of certain dry powder and liquid pulmonary formulation and manufacturing assets, including capital equipment and manufacturing facility lease obligations.

The sale also transferred to Novartis approximately 140 Nektar personnel, as well as certain intellectual property and manufacturing methods, including manufacturing and royalty rights to Novartis's tobramycin inhalation powder program.

Nektar continues to own its Bayer HealthCare-partnered program NKTR-061 and royalties from the ciprofloxacin inhaled powder program, also partnered with Bayer HealthCare. In addition, Nektar retains its NKTR-063 program, as well as all intellectual property specific to inhaled insulin.

JPMorgan acted as exclusive financial advisor to Nektar.

Nektar develops novel therapeutics based on advanced polymer conjugate technology platforms. Nektar's technology and drug development expertise have enabled nine approved products for partners, which include leading biopharmaceutical companies. It is also developing a pipeline of its own therapeutics that are expected to address unmet medical needs by leveraging and expanding its technology platforms to improve and enable molecules.

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