Pharma BD Deal Intelligence

Bristol-Myers Squibb Company / Nektar Therapeutics

2018 · Licensing/Option · $3.6B · Complete

The Street Said

Strongly positive — critic reaction at announcement

History Says

Did not work — the deal failed to deliver

WRONG BY 62 POINTS

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Ranks computed across 828 graded deals (Critic + Outcome Score both present).

Bristol-Myers Squibb entered a global clinical collaboration with Nektar Therapeutics to evaluate combinations of BMS's immuno-oncology portfolio (including Opdivo and Yervoy) with Nektar's NKTR-214 (bempegaldesleukin), a CD122-biased IL-2 pathway agonist. BMS paid $1.85B upfront ($1B cash + $850M equity investment) with up to $1.78B in additional milestone payments.

Key facts

Announced Feb 14, 2018
Closed Apr 03, 2018
Deal value $3.6B
Deal type Licensing/Option
Therapeutic area Oncology
Indications Melanoma, Renal Cell Carcinoma, Non-Small Cell Lung Cancer, Bladder Cancer, Multiple Solid Tumors
Key assets NKTR-214 (bempegaldesleukin)
Mechanism CD122-biased IL-2 pathway agonist, PEGylated IL-2 cytokine

Related deals — scored

Deal	Year	Value	Outcome
Bristol-Myers Squibb Company / Nektar Therapeutics (this deal)	2018	$3.6B	26
Bristol-Myers Squibb Company / Medarex Inc.	2009	$2.4B	92
Bristol-Myers Squibb Company / Celgene Corporation	2019	$74.0B	77
Bristol-Myers Squibb Company / MyoKardia Inc.	2020	$13.1B	76
Bristol-Myers Squibb Company / Karuna Therapeutics	2023	$14.0B	76
Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd.	2011	—	76
Bristol-Myers Squibb Company / SystImmune Inc.	2023	$8.4B	71

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More: 2018 deals · Bristol-Myers Squibb Company deals · Oncology deals