The collaboration agreement focuses on a CD122-biased agonist, which is an investigational immuno-stimulatory therapy designed to selectively expand cancer-fighting T cells and natural killer (NK) cells directly in the tumor microenvironment and potentially increase PD-1 expression on those immune cells.
Under the terms of the agreement, Bristol Myers Squibb will make an upfront cash payment of $1 billion and an equity investment of $850 million (8,284,600 shares of Nektar’s common stock at $102.60 per share). Nektar is also eligible to receive an additional $1.78 billion in milestones, of which $1.43 billion are development and regulatory milestones and the remainder are sales milestones.
Nektar Therapeutics, based in San Francisco, is a biopharmaceutical company with a robust, wholly-owned R&D pipeline of investigational medicines in oncology, immunology and pain as well as a portfolio of approved partnered medicines.