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Bristol-Myers Squibb to pay $1.85 billion in cancer deal with Nektar

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Staff Writer | February 15, 2018
Bristol-Myers Squibb will pay Nektar Therapeutics $1.85 billion for a global development and profit-sharing deal on a promising Nektar cancer drug.
Bristol-Myers Squibb
Acquisition   One of the largest single-drug collaboration deals ever
In one of the largest single-drug collaboration deals ever, Nektar will receive $1 billion in cash upfront and Bristol-Myers will purchase about 8.28 million Nektar shares at $102.60 per share, or an equity stake of just under 5 percent of the company.

If all potential development, regulatory and sales milestones in the deal are met, it could be worth more than $3.6 billion to Nektar, while giving Bristol-Myers a new immunotherapy platform.

The partnership is built around the Nektar drug, NKTR-214, which will be tested with Bristol's immuno-oncology (IO) drugs Opdivo and Opdivo and Yervoy in 20 cancer indications across nine different tumor types, including melanoma, kidney and lung cancers, following "very encouraging" early data from clinical trials.