Nektar Therapeutics Announces Pricing of Upsized $325 Million Public Offering
Rhea-AI Summary
Nektar Therapeutics (Nasdaq: NKTR) priced an upsized underwritten public offering of $325 million by selling 3,532,609 shares at $92.00 per share, with a 30‑day option to purchase up to 529,891 additional shares. The offering is expected to close on April 23, 2026.
Net proceeds are intended for general corporate purposes including research and development, clinical development (notably Phase 3 trials for rezpegaldesleukin in atopic dermatitis and alopecia areata), and manufacturing costs. Jefferies, TD Cowen, Piper Sandler, and Citigroup are acting as bookrunners. The offering is made on a Form S-3ASR registration.
Positive
- Gross proceeds of $325 million expected
- 3,532,609 shares offered at $92.00 per share
- Use of proceeds includes Phase 3 trials funding for rezpegaldesleukin
- 30-day overallotment option for up to 529,891 shares
Negative
- Share issuance may cause dilution to existing shareholders
- Net proceeds reduced by underwriting discounts, commissions, and expenses
- Closing is subject to customary conditions, so offering may not complete
News Market Reaction – NKTR
In the Apr 22 session, NKTR declined 5.05%, reflecting a notable negative market reaction. Argus tracked a trough of -12.4% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. Trading volume was elevated at 2.7x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 13 | Offering closed | Positive | +3.5% | Closing of $460M offering with common stock and pre-funded warrants. |
| Feb 11 | Offering priced | Positive | +7.0% | Pricing of upsized $400M equity offering at $58.00 per share. |
| Feb 10 | Offering proposed | Positive | +18.5% | Announcement of proposed $300M offering plus $45M underwriter option. |
| Jul 02 | Offering closed | Negative | -3.0% | Closing of $115M stock sale at $23.50 including option exercise. |
| Jul 01 | Offering priced | Negative | -4.8% | Pricing of $100M offering at $23.50 with 30-day underwriter option. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historically, NKTR’s equity offerings often coincided with positive single-day moves, especially around February 2026 capital raises, though mid-2025 financings saw modest declines.
Over the past year, Nektar has repeatedly accessed equity markets, with offerings in July 2025 at $23.50, then larger financings in February 2026 including a $300M proposed deal and a $460M completed offering at $58.00. These transactions mainly funded rezpegaldesleukin’s late-stage development and manufacturing. Today’s upsized $325M offering continues that pattern of scaling capital raises as the Phase 3 program advances.
Key Terms
underwritten public offering financial
bookrunning managers financial
prospectus supplement regulatory
registration statement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Nektar intends to use the net proceeds from the offering for general corporate purposes, which may include research and development, clinical development (including Phase 3 trials for rezpegaldesleukin in atopic dermatitis and alopecia areata) and manufacturing costs to support the advancement of its drug candidates, as well as other general corporate purposes.
Jefferies, TD Cowen, and Piper Sandler are acting as joint bookrunning managers for the offering. Citigroup is also acting as a bookrunner for the offering.
The securities described above are being offered pursuant to a shelf registration statement on Form S-3ASR (No. 333-291466) that was filed with the
A final prospectus supplement related to and describing the terms of the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement and an accompanying prospectus related to the offering may also be obtained, when available, from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue,
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About Nektar Therapeutics
Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar's lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in one Phase 2b clinical trial in atopic dermatitis, one Phase 2b clinical trial in alopecia areata, and in one Phase 2 clinical trial in Type 1 diabetes mellitus. Nektar's pipeline also includes a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422.
Nektar is headquartered in
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as: "will," "expect," "develop," "potential," "plan," and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding expected gross proceeds from the offering, the anticipated use of proceeds from the offering and completion and timing of the public offering. Nektar intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Nektar's current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Nektar. The actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the actual results to differ materially from those indicated in the forward-looking statements include, among others, the risks and uncertainties set forth in Nektar's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2026 as well as the risks identified in the registration statement and the preliminary prospectus supplement relating to the offering. Any forward-looking statement made by Nektar in this press release is based only on information currently available to Nektar and speaks only as of the date on which it is made. Nektar undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
For Investors:
Vivian Wu
628-895-0661
VWu@nektar.com
Corey Davis, Ph.D.
LifeSci Advisors
212-915-2577
cdavis@lifesciadvisors.com
For Media:
Susan Roberts
LifeSci Communications
202-779-0929
sroberts@lifescicomms.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/nektar-therapeutics-announces-pricing-of-upsized-325-million-public-offering-302749508.html
SOURCE Nektar Therapeutics