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https://www.wsj.com/articles/this-biotech-flew-high-then-fell-hard-when-its-cancer-drug-failed-11652266981
Nektar Therapeutics was one of biotech’s highfliers, enjoying a generous, multibillion-dollar partnership with cancer powerhouse Bristol-Myers Squibb Co. Then Nektar’s promise cratered.
After a series of disappointing study results, Bristol and Nektar terminated their partnership, Nektar’s market value is down 96% from its peak in 2018 and the biotech was forced last month to slash $120 million in spending and 70% of its workforce. The company is also shedding office and lab space.
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.