Nektar's Pain Drug Gets Adverse Advisory Committee Decision
Zacks Investment Research | Jan 14, 2020 10:27PM ET
Nektar Therapeutics (NASDAQ:NKTR) announced that two FDA advisory committees did not give recommendation for approval to its chronic pain candidate, oxycodegol (formerly NKTR-181). The company met Anesthetic and Analgesic Drug Products Advisory Committee, and Drug Safety and Risk Management Advisory Committee to discuss the new drug application (“NDA”) for oxycodegol. The company has withdrawn the NDA for the candidate and decided to stop further development of the candidate following the unfavorable decision.
Shares of Nektar were down 14.9% in pre-market trading on Jan 14, following the unfavorable news. The company’s shares have declined 37.2% in the past year compared with the expanded its collaboration agreement with Bristol-Myers (NYSE:BMY) to include two new registrational studies. The studies will evaluate bempegaldesleukin plus Bristol-Myers’ Opdivo in adjuvant melanoma and muscle-invasive bladder cancer.
The company is also developing several other candidates across important therapeutic areas including NKTR-358 in autoimmune diseases and NKTR-255 in virology indications. It has collaborations with Eli Lilly (NYSE:LLY) and Gilead Sciences (NASDAQ:GILD) for development of NKTR-358 and NKTR-255, respectively.
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