Nektar plunges as Lilly drops development of lupus treatment
Shares of Nektar Therapeutics (Nasdaq: NKTR) sank more than 40% to $1.78 in pre-market activity today after the company reported that a study of rezpegaldesleukin (rezpeg) did not achieve its goals and that partner Eli Lilly (NYSE: LLY) has decided not to proceed with Phase III development of the investigational treatment for systemic lupus erythematosus (SLE).
Nektar and Lilly plan to work together to determine next steps for the planned Phase IIb study in atopic dermatitis.
The study failed to meet Lilly’s internal efficacy bar for advancement to Phase III. The partnership continues with planning for the Phase IIb study of rezpeg in atopic dermatitis (AtD). Should Lilly move forward in AtD, they remain committed to also advance a fourth indication into Phase II trials, unless the collaboration agreement is amended.
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