Nektar Therapeutics is a biopharmaceutical company with a robust research and development pipeline with 100% experimental drugs in oncology, immunological and painless drugs, as well as a portfolio of licensed associated drugs. Nectar is headquartered in San Francisco, California, with other offices in Huntsville, Alabama and Hyderabad, India. For more information about the company and its drug development programs and capabilities, see www.nektar.com/. Bristol-Myers Squibb and Nectar have both agreed, for a period of time, not to begin development with overlapping mechanisms of action in the same indications as in the common clinical development plan. Otherwise, the parties are free to develop NKTR-214 with their own pipeline assets and/or other third-party links. Both parties agreed to launch, within 14 months of the agreement`s entry into force, registerable studies in the Joint Clinical Development Plan in the event of an authorized delay. Under the agreement, Bristol-Myers Squibb will make a cash payment of $1.0 billion and an interest of $850 million (8,284,600 shares of Nectar`s common stock at $102.60 per share). Bristol-Myers Squibb has approved certain blocking, status quo and voting provisions on its holding of shares for a period of five years, with certain exceptions. Nectar will host a conference call and webcast today, February 14, 2018, at 8:00 a.m.m to discuss the transaction.
The call can be accessed at (877) 881-2183 (U.S.) or (970) 315-0453 (international) and entering the passcode 2289559. To access the live webcast or subsequent archived recording, visit the Investor Events section on the Nectar website at ir.nektar.com/events-and-presentations/events. The webcast will be available for reading on Nectar`s website for two weeks after the call. The revision of the Strategic Cooperation Agreement includes a new joint development plan, under which Nektar and Bristol-Myers Squibb will expand Bempeg plus Nivolumab`s active clinical development program from three ongoing registration studies on front-line metastatic melanoma. Metastatic cisplatin-ineligible and metastatic kidney cancer (RCC) from the first line include two additional recording studies in adjuvant melanoma and vascular bladder cancer. In addition, a phase 1/2 study on dose escalation and expansion is launched to evaluate Bempeg plus nivolumab in association with axitinib in the DErème RCC to support a future registration study. The cost of these studies is allocated on the basis of cost-sharing defined under the terms of the initial cooperation agreement. As part of the new strategic cooperation agreement, Bristol-Myers Squibb will independently conduct and fund a phase 1/2 dose optimization and extension study for non-small cell lung cancer with Bempeg and Nivolumab.