<SEC-DOCUMENT>0001615774-17-003764.txt : 20170724
<SEC-HEADER>0001615774-17-003764.hdr.sgml : 20170724
<ACCEPTANCE-DATETIME>20170724073941
ACCESSION NUMBER:		0001615774-17-003764
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170723
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20170724
DATE AS OF CHANGE:		20170724

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEKTAR THERAPEUTICS
		CENTRAL INDEX KEY:			0000906709
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				943134940
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24006
		FILM NUMBER:		17977544

	BUSINESS ADDRESS:	
		STREET 1:		455 MISSION BAY BOULEVARD SOUTH
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94158
		BUSINESS PHONE:		4154825300

	MAIL ADDRESS:	
		STREET 1:		455 MISSION BAY BOULEVARD SOUTH
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94158

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INHALE THERAPEUTIC SYSTEMS INC
		DATE OF NAME CHANGE:	19980723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INHALE THERAPEUTIC SYSTEMS
		DATE OF NAME CHANGE:	19940303
</SEC-HEADER>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C.&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report&nbsp;(Date of earliest event
reported): July 23, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NEKTAR THERAPEUTICS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 32%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><B>Delaware</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><B>0-24006</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><B>94-3134940</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><B>of Incorporation)</B></P>
</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><B>File Number)</B></P>
</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><B>Identification No.)</B></P>
</TD></TR>
</TABLE>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>455 Mission Bay Boulevard South</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>San Francisco, California 94158</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices
and Zip Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (415) 482-5300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 0.8pt; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 0.8pt; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into
a Material Definitive Agreement</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 23, 2017, Nektar Therapeutics, a Delaware corporation (&ldquo;Nektar&rdquo;), entered into a License Agreement (the &ldquo;Agreement&rdquo;)
with Eli Lilly and Company, an Indiana corporation (&ldquo;Lilly&rdquo;).&nbsp;&nbsp;The Agreement is subject to review by the
U. S. Government under the Hart-Scott-Rodino Act (the &ldquo;HSR Act&rdquo;) and will not become effective until the expiration
or earlier termination of the waiting period (or any extension thereof).&nbsp;&nbsp;Either party may terminate the Agreement 120
days after the date of filing under the HSR Act, if the transaction is not effective by that date.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the terms of the Agreement, Nektar and Lilly agree to co-develop Nektar&rsquo;s proprietary product candidate NKTR-358, which
is an investigational compound that is a potential immunological therapeutic targeting the interleukin receptor complex, and certain
other pharmacologically related compounds (the &ldquo;Licensed Compounds&rdquo;) that selectively stimulate the growth and activation
of regulatory T cells designed to suppress an immune response (the &ldquo;Field&rdquo;).&nbsp;&nbsp;Pursuant to the Agreement,
Nektar granted Lilly a worldwide, exclusive, perpetual, royalty-bearing, sub-licensable license to the Licensed Compounds solely
in the Field.&nbsp; Neither Lilly nor Nektar may develop the Licensed Compounds outside the Field. &nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the terms of the Agreement, Lilly agreed to pay Nektar a non-refundable up-front payment of $150 million.&nbsp;&nbsp;Nektar and
Lilly agreed to co-develop the NKTR-358 with Nektar responsible for completing Phase 1 clinical development, and Lilly paying
75% and Nektar paying 25% of the costs of Phase 2 development. Lilly will pay the costs of Phase 3 development; provided that
Nektar shall have the option to pay up to 25% of the costs of global Phase 3 development on an indication-by-indication basis.
Nektar is eligible to receive up to $250 million in development and regulatory milestones.&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nektar
is also eligible to receive royalty payments. If Nektar elects during the initiation of a global Phase 3 development program to
contribute up to its maximum share of 25% (&ldquo;Full Share Contribution&rdquo;) of the Phase 3 development costs (the &ldquo;Phase
3 Costs&rdquo;), then Nektar will be entitled to a two tier royalty rate on global net sales with the first tier in the mid-teens
and the second tier in the low twenties (&ldquo;Full Share Rates&rdquo;).&nbsp; If Nektar elects to make no contribution to Phase
3 Costs, then Nektar will be entitled to a two tier royalty on global net sales with the first tier in the high single digits
and the second tier in the low double digits (&ldquo;No Share Rates&rdquo;).&nbsp; If Nektar elects to contribute between 0 to
25% of the Phase 3 Costs, then the royalty rates fluctuate between the Full Share Rates and the No Share Rates proportionally
based on Nektar&rsquo;s actual contribution to the Phase 3 Costs and the amount of the Full Share Contribution. Nektar&rsquo;s
right to receive royalties (subject to certain adjustments) in any particular country will expire upon the later of (a) specified
period of time after the first commercial sale of the product in that country, (b) the expiration of regulatory exclusivity in
that particular country, or (c) the expiration of patent rights in that particular country.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nektar
and Lilly agreed to enter into supply agreements. Lilly will have exclusive pre-clinical, clinical and commercial manufacturing
rights, subject to Nektar&rsquo;s limited, specified manufacturing rights. Lilly will bear all costs associated with commercialization
and will control commercialization decisions; provided that Nektar will have the option to co-promote in the U.S. if it elects
to do so during a period prior to commercial launch. Each party retains rights to its own intellectual property and an equal interest
in jointly-developed intellectual property in connection with the work conducted under or in connection with the Agreement.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the terms of the Agreement, each of Nektar and Lilly agrees, until the first commercial sale of a product, not to develop,
license, or commercialize, certain competing products relating to interleukin-2 or aldesleukin that have activity primarily targeted
in the Field.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Agreement includes various representations, warranties, covenants, indemnities and other provisions customary for transactions
of this nature.&nbsp;&nbsp;Lilly may terminate the Agreement at any time without cause following a specified notice period, subject
to delay if commercial sales have commenced. Either party may terminate the Agreement in the event of an uncured material breach.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
foregoing summary is qualified in its entirety by reference to the Agreement. Nektar will seek from the Securities and Exchange
Commission confidential treatment for portions of the Agreement, which Agreement, subject to such confidential treatment, will
be filed as an exhibit to Nektar&rsquo;s Quarterly Report on Form 10-Q for the period ended September 30, 2017.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July 24, 2017, Nektar and Lilly issued a joint press release announcing entry into the Agreement, which is filed herewith as Exhibit
99.1 to this Current Report.&nbsp;&nbsp;The information in this Item&nbsp;7.01, including Exhibit&nbsp;99.1, is being furnished
and shall not be deemed filed for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by
reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange
Act, except as otherwise stated in such filing.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORWARD
LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this Form 8-K Nektar makes certain forward-looking statements regarding the collaboration with Lilly.&nbsp;&nbsp;These forward-looking
statements involve substantial risks and uncertainties including but not limited to: (i) laboratory research and clinical trials
are long, expensive and uncertain processes and the successful completion of future development and regulatory milestones will
be required in order for Nektar to realize future milestone payments under the Agreement, (ii) the risk of failure of any product
that is in pre-clinical and clinical development and prior to regulatory approval is high and can occur at any stage due to efficacy,
safety or other factors, (iii) any failure would likely result in reduced or no further payments to Nektar from Lilly, (iv) competing
alternative therapies that are currently on the market or under development could reduce the commercial potential of the products
which could materially reduce Nektar&rsquo;s royalty revenue and sales milestones under the Agreement, (v) the Agreement could
be terminated by Lilly at any time without cause, subject to limitation only after commercial sales have commenced, (vi) Lilly
and Nektar may not be successful in obtaining regulatory approval of the products, (vii) the products may not achieve a minimally
acceptable commercial profile based on results of clinical trials or competing therapies that target one or more of the same indications,
(viii) Nektar&rsquo;s patent applications for the products which have not already issued may not issue, or even if such patents
issue, the claims contained in such pending patents and patents that have already been issued to Nektar may not provide sufficient
market exclusivity, (ix) current patents and future patents that may issue may not be valid or enforceable and (x) potential future
third-party intellectual property disputes.&nbsp;&nbsp;Other important risks and uncertainties are detailed in Nektar&rsquo;s
reports and other filings with the SEC including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.&nbsp;&nbsp;Actual
results could differ materially from the forward-looking statements.&nbsp;&nbsp;Nektar undertakes no obligation to update forward-looking
statements, whether as a result of new information, future events or otherwise.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)
Exhibits</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;Number</B></FONT></TD>
    <TD STYLE="width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 86%; border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release issued
    on July 24, 2017 by Nektar Therapeutics and Eli Lilly and Company announcing their collaboration for development of NKTR-358.</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nektar
    Therapeutics</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: July 24, 2017</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Mark A. Wilson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark A. Wilson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel and
    Secretary</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT
INDEX</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="width: 12%; border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;Number</B></FONT></TD>
    <TD STYLE="width: 2%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 86%; border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="s106882_ex99-1.htm">99.1</A></FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="s106882_ex99-1.htm">Press Release issued on July 24, 2017 by Nektar Therapeutics and Eli Lilly and Company announcing their collaboration for development of NKTR-358.</A></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="img001_v1.jpg" ALT="(NEKTAR LOGO)"></TD>
    <TD STYLE="width: 50%; text-align: right"><IMG SRC="img002_v1.jpg" ALT="(LILLY LOGO)">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lilly and Nektar Therapeutics Announce
Alliance to Develop and Commercialize </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NKTR-358, A Novel Autoimmune Therapy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INDIANAPOLIS &amp; SAN FRANCISCO &mdash; Eli Lilly and Company
(NYSE: LLY) and Nektar Therapeutics (<FONT STYLE="background-color: white">NASDAQ: NKTR)</FONT> have announced a strategic collaboration
to co-develop NKTR-358, a novel immunological therapy discovered by Nektar. NKTR-358, which achieved first human dose in Phase
1 clinical development in March of 2017, has the potential to treat a number of autoimmune and other chronic inflammatory conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NKTR-358 is a potential first-in-class resolution therapeutic
that may address an underlying immune system imbalance in patients with many autoimmune conditions.&nbsp;It targets the interleukin
(IL-2) receptor complex in the body in order to stimulate proliferation of powerful inhibitory immune cells known as regulatory
T cells.&nbsp;By activating these cells, NKTR-358 may act to bring the immune system back into balance. This could lead to a profound
clinical impact and healthy organ function in autoimmune conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We look forward to working with Nektar to study this novel
approach to treating a number of autoimmune conditions,&rdquo; said Thomas F. Bumol, Ph.D., Senior Vice President of Biotechnology
and Immunology Research at Lilly. &ldquo;NKTR-358 is an exciting addition to our immunology portfolio and reinforces Lilly&rsquo;s
commitment to sustain a flow of innovative medicines in our pipeline.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the agreement, Nektar will receive an initial
payment of $150 million and is eligible for up to $250 million in additional development and regulatory milestones. Lilly and Nektar
will co-develop NKTR-358 with Nektar responsible for completing Phase 1 clinical development. The parties will share Phase 2 development
costs 75 percent Lilly and 25 percent Nektar. Nektar will have the option to participate in Phase 3 development on an indication-by-indication
basis. Nektar has the opportunity to receive double-digit royalties that increase commensurate with their Phase 3 investment and
product sales. Lilly will be responsible for all costs of global commercialization. Nektar will have an option to co-promote in
the U.S. under certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We are very pleased to enter into this collaboration
with Lilly as they have strong expertise in immunology and a successful track record in bringing novel therapies to market,&rdquo;
said Howard W. Robin, Nektar&rsquo;s President and Chief Executive Officer. &ldquo;Importantly, this agreement enables the broad
development of NKTR-358 in multiple autoimmune conditions in order to achieve its full potential as a first-in-class resolution
therapeutic.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This transaction is subject to clearance under the Hart-Scott-Rodino
Antitrust Improvements Act and other customary closing conditions. Subject to the closing of this transaction, Lilly expects to
incur an acquired in-process research and development charge to earnings in 2017 of approximately $0.09 per share. The company&rsquo;s
reported earnings per share guidance in 2017 is expected to be reduced by the amount of the charge. There will be no change to
the company&rsquo;s non-GAAP earnings per share guidance as a result of this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>About&nbsp;Eli
Lilly and Company</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Lilly is a global healthcare leader that unites caring with discovery
to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality
medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work
to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and
give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at <U>www.lilly.com</U></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #343434">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>http://newsroom.lilly.com/social-channels</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #343434">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About&nbsp;Nektar Therapeutics</B><BR>
Nektar Therapeutics is a research-based biopharmaceutical company whose mission is to discover and develop innovative medicines
to address the unmet medical needs of patients. Our R&amp;D pipeline of new investigational medicines includes treatments for
cancer, auto-immune disease and chronic pain. We leverage Nektar&rsquo;s proprietary and proven chemistry platform in the discovery
and design of our new therapeutic candidates. Nektar is headquartered in San Francisco, California, with additional operations
in Huntsville, Alabama and Hyderabad, India. Further information about the company and its drug development programs and capabilities
may be found online at <U>http://www.nektar.com</U><FONT STYLE="color: #343434">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #343434">C-LLY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #343434">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Lilly
Forward-Looking Statement</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">This press release contains forward-looking statements (as that term is defined in the Private Securities
Litigation Reform Act of 1995) about the benefits of a strategic alliance between Lilly and Nektar Therapeutics, and the potential
benefits of NKTR-358, and reflects Lilly&rsquo;s current beliefs. However, as with any such undertaking, there are substantial
risks and uncertainties in the process of drug development and commercialization. Among other things, there can be no guarantee
that Lilly will realize the expected benefits of the collaboration, or that NKTR-358 will yield commercially successful products.
For a further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly&rsquo;s
expectations, please see Lilly&rsquo;s most recent Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission.
Lilly undertakes no duty to update forward-looking statements.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B>Nektar
Cautionary Note Regarding Forward-Looking Statements&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 10pt; background-color: white">This press release contains forward-looking statements which can be identified
by words such as: &ldquo;potential,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;should,&rdquo; &ldquo;will&rdquo; and similar
references to future periods. Examples of forward-looking statements include, among others, </FONT><FONT STYLE="font-size: 10pt">statements
we make regarding: (i) the therapeutic and commercial potential of NKTR-358; (ii) development plans related to NKTR-358; and (iii)
<FONT STYLE="background-color: white">the potential of our technology and drug candidates in our research and development pipeline.&nbsp;
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our
current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events
and trends, the economy and other future conditions. Our 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 our actual
results to differ materially from those indicated in the forward-looking statements include, among others: (i) NKTR-358 is in early-stage
clinical development and the risk of failure remains high and failure can unexpectedly occur; (ii) the timing of the commencement
or end of clinical trials and the availability of clinical data may be delayed or unsuccessful due to many factors; (iii) patents
may not issue from our patent applications for NKTR-358, patents that have issued may not be enforceable, or additional intellectual
property licenses from third parties may be required; and (iv) certain other important risks and uncertainties set forth in our
Quarterly Report on Form 10-Q with the&nbsp;Securities and Exchange Commission&nbsp;on&nbsp;May 10, 2017. Any forward-looking statement
made by us in this press release is based only on information currently available to us and speaks only as of the date on which
it is made. We undertake 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.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
