Pharma BD Deal Intelligence
Nektar bought Aerogen to broaden pulmonary delivery, then spun it back out via management buyout just over two years later — a strategic reversal, not a value-creating hold.
Full analysis, sources & comparables →Aerogen had commercialized its Aeroneb Micropump Nebulizer products for hospital, home and pre-clinical use through a network of world-class respiratory…
The acquisition broadens Nektar's pulmonary delivery capabilities by adding advanced inhaleable liquid drug technology to Nektar's base of leading inhaleable…
Nektar Therapeutics announced today that it has closed the acquisition of Aerogen, Inc., following stockholder approval on October 19, 2005.
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Nektar agrees to acquire Aerogen (~$32M; $8M cash + $24M stock) for inhaled-liquid pulmonary technology. Closed October 2005.
Nektar bought Aerogen to broaden pulmonary delivery, then spun it back out via management buyout just over two years later — a strategic reversal, not a value-creating hold.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Nektar Therapeutics / Aerogen, Inc. (this deal) | 2005 | $32M | 27 |
| AstraZeneca PLC / KuDOS Pharmaceuticals Limited | 2005 | $210M | 98 |
| Yamanouchi Pharmaceutical / Fujisawa Pharmaceutical Co. Ltd. | 2005 | — | 92 |
| Sankyo Co., Ltd. / Daiichi Pharmaceutical Co., Ltd. | 2005 | $8.0B | 92 |
| Cephalon Inc. / Salmedix, Inc. | 2005 | $160M | 89 |
| Roche Holding AG / GlycArt Biotechnology AG | 2005 | $182M | 80 |
| Reckitt Benckiser plc / Boots Healthcare International | 2005 | $3.4B | 78 |
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