StockWatch: Nektar Shares Flat as $90M Jury Verdict Less than Sought in Lilly Suit
This past week, Nektar Therapeutics (Nasdaq: NKTR) offered an uncommon example of victory in court translating into defeat on Wall Street. Nektar’s shares finished Friday flat, dipping 4% from $59.38 to $57.06 despite a jury siding with the San Francisco biotech over Eli Lilly (NYSE: LLY) in a three-year-old legal dispute over the pharma giant’s terminating a collaboration agreement to co-develop…
Nektar Therapeutics' shares remained flat on Friday after a $90 million jury verdict in a legal dispute with Eli Lilly. The San Francisco biotech had sought $1 billion in damages, but the $90 million award represents only a 4.4% increase in stock price. Nektar's shares rose early in trading but quickly declined to below $57.00 by mid-morning.
Despite the setback, the company sees the verdict as a non-dilutive capital addition to its balance sheet. The rezpeg drug, a first-in-class therapeutic targeting the CD25 sub-receptor in the interleukin-2 receptor complex, showed promising results in atopic dermatitis trials, with dose-dependent improvements in the Eczema Area and Severity Index (EASI) and a decrease in itching for many patients. Nektar is now advancing rezpeg into pivotal studies in atopic dermatitis and alopecia areata.
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