Nektar Therapeutics closes $460M offering to bolster pipeline and manufacturing

Nektar closes $460 million offering to bolster pipeline and manufacturing

Nektar Therapeutics announces the closing of an underwritten public offering that raises about $460 million in gross proceeds, moves the company to strengthen its clinical development and manufacturing capacity. The offering sells 7,637,931 shares of common stock and 293,103 pre‑funded warrants, with the underwriters’ full exercise of an option adding 1,034,482 shares. The common shares are priced at $58.00 each and the pre‑funded warrants at $57.9999, producing gross proceeds before underwriting discounts, commissions and estimated offering expenses of roughly $460 million.

The company states the capital is earmarked for general corporate purposes, clinical development, manufacturing, working capital and potential strategic opportunities and collaborations worldwide. For a clinical‑stage biopharmaceutical company such as Nektar, an infusion of this size is positioned to advance multiple programs through pivotal studies or scale up manufacturing for late‑stage assets, reducing near‑term financing risk and supporting partner negotiations. Management frames the transaction as enabling accelerated program timelines and operational readiness for commercialization activities where applicable.

Industry analysts note that large follow‑on financings remain a common mechanism for biotech companies to preserve flexibility across R&D and CMC (chemistry, manufacturing and controls) needs. Nektar’s use of proceeds language emphasizes broad flexibility, which industry participants interpret as standard for companies balancing multiple clinical assets and potential collaborations worldwide.

Deal mechanics and syndicate

Jefferies, TD Cowen and Piper Sandler act as joint book‑running managers, with Oppenheimer & Co. and H.C. Wainwright & Co. serving as lead managers and B. Riley Securities as manager. The offering is underwritten and is not presented as an offer to sell or solicitation to buy outside the final prospectus framework.

Regulatory filing and prospectus availability

The securities are offered pursuant to a shelf registration statement on Form S‑3ASR (No. 333‑291466) filed with the U.S. Securities and Exchange Commission on Nov. 12, 2025 that becomes effective upon filing. A final prospectus supplement describing the terms is filed with the SEC and is available via the SEC website and through the managing underwriters’ prospectus departments.