PureTech Health Confirms 'Possible' Merger With Nektar Therapeutics

PureTech Health Confirms 'Possible' Merger With Nektar Therapeutics
  • PureTech Health plc PRTC has confirmed that it is in talks about a possible tie-up with Nektar Therapeutics NKTR
  • In April, Nektar Therapeutics announced a new strategic plan to prioritize key research and development efforts and cut 70% of its workforce, including several changes to its executive team
  • Nektar and Bristol Myers Squibb Co BMY jointly decided to end the global clinical development program for bempegaldesleukin after disappointing renal cell carcinoma and bladder cancer studies.
  • Responding to press speculation, PureTech said it has exchanged indicative, non-binding proposals with Nektar Therapeutics regarding a possible combination, which may include an offer for the share capital of PureTech. 
  • “PureTech and Nektar remain in discussions regarding the proposal. There can be no certainty that any firm offer will be made, nor as to the terms of any such offer. A further announcement will be made as and when appropriate,” the company said. 
  • Nektar will have until Nov. 3 to make a formal offer.
  • Price Action: PRTC shares are down 20.03% at $24.80, and NKTR shares are down 1.03% at $3.34 on the last check Friday.

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