Nektar Therapeutics unveiled plans to lay off approximately 150 positions as part of a restructuring plan. Nektar said the restructuring plan is designed to complete its transition from a drug delivery service provider to a therapeutics drug development organization.
"We are transforming Nektar into a world-class drug development company and these changes are a natural progression on the path to achieving this vision," said Howard W. Robin, president and chief executive officer, Nektar. "This restructuring aligns the organization with the future direction of our company and strengthens our ability to drive programs rapidly through the clinic."
Importantly, Nektar has preserved the necessary technical and manufacturing personnel and capabilities to support its ongoing effort to forge a new partnership for its inhaled insulin programs.
Nektar has made significant progress this past year in advancing its proprietary pipeline. The company recently initiated phase 2 clinical trials for its two leading PEGylated small molecule programs, NKTR-102 (PEG-irinotecan) for solid tumours and NKTR-118 (oral PEG-naloxol) for opioid bowel dysfunction. NKTR-061 (inhaled amikacin), which is being co-developed with Bayer AG to treat hospital-acquired pneumonia, is expected to enter phase III trials this year.
The company is expected to release its full financial results for the fourth quarter and full year 2007 on February 27, 2008.