Nektar Therapeutics (NASDAQ: NKTR) shares dipped on Tuesday after the company announced that it would be collaborating with Pfizer Inc. (NYSE: PFE) to evaluate several combination regimens in multiple cancer settings, including metastatic castration-resistant prostate cancer and squamous cell carcinoma of the head and neck.
The collaboration will evaluate Nektar’s lead immuno-oncology candidate, the CD122-biased agonist NKTR-214 with avelumab, talazoparib or enzalutamide.
Under the new collaboration, Pfizer will initiate a Phase 1b/2 clinical trial to evaluate the anti-cancer activity of the combined agents, avelumab, talazoparib and NKTR-214, and separately, avelumab, enzalutamide and NKTR-214. Nektar, Pfizer and their respective partners will each maintain global commercial rights to their respective medicines.
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Mary Tagliaferri, M.D., chief medical officer and senior vice president of Clinical Development at Nektar, commented:
We are excited to partner with Pfizer to evaluate the potential benefit of the combination of NKTR-214 with agents targeting multiple mechanisms in the Company’s portfolio for patients with a diagnosis of prostate and head and neck cancer. Importantly, this new clinical collaboration will allow us to understand how we might access multiple immuno-oncology and targeted modalities simultaneously to treat cancer in complementary and novel ways.
Excluding Tuesday’s move, Nektar Therapeutics has outperformed the broad markets, with the stock up 68% in the past 52 weeks. However, in 2018 alone, the stock is down 33%.
Shares of Nektar were last seen down over 9% at $36.28, in a 52-week range of $24.94 to $111.36. The consensus analyst price target is $89.38.
Pfizer traded at $43.35 a share. The 52-week trading range is $33.20 to $45.81, and the consensus price target is $43.53.
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