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Bristol Goes In Big On New Valentine Nektar

 
• By Jessica Merrill

Bristol paid a handsome $1.85bn upfront for access to Nektar's lead immuno-oncology program NKTR-214 to study in combination with its own drugs, but the expense was viewed by some as a smart play versus buying Nektar outright.

Handshake of businessmen

Bristol-Myers Squibb Co.dropped a big $1.85bn upfront payment on the doorstep of Nektar Therapeutics in a development and collaboration deal for Nektar's lead immuno-oncology program, NKTR-214, which it plans to combine with its own Opdivo (nivolumab) and Yervoy (ipilimumab). The upfront – comprised of a $1bn payment and $850m equity investment – outpaces upfronts in other oncology deals, but the payment secured access to the asset Bristol wanted for much less than buying Nektar outright.

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