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Subsequent Event | 9 Months Ended
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Sep. 30, 2024
Subsequent Events [Abstract] |
Subsequent Event | Note 10 — Subsequent Event On November 1, 2024, we entered into the APA and certain other agreements (the Transactions) with an affiliate (the Purchaser) of Ampersand Capital Partners. Under the APA, the Purchaser will purchase our manufacturing facility located in Huntsville, Alabama (the Facility), and certain other related assets and will assume certain related liabilities, and we will assign our manufacturing and supply agreements for PEG reagents to the Purchaser. As consideration, we will receive $70 million in cash at closing of the Transactions (subject to customary closing costs and adjustments based on closing net working capital, closing inventory and the amount of any indebtedness assumed by the Purchaser) and an approximate 20% equity ownership at the time of close in the Purchaser. The closing of the Transactions is subject to the satisfaction or waiver of certain customary closing conditions set forth in the APA. The APA contains customary representations and warranties of Nektar and Purchaser. Nektar has agreed to provide certain specific and customary indemnities to Purchaser for certain excluded liabilities not covered by a representation and warranties policy to be obtained by Purchaser in connection with the Transactions. In addition, the APA contains certain restrictive covenants, which will restrict, as of the closing of the Transactions, Nektar’s ability to manufacture and sell PEG reagents. In addition, the APA provides that, at the closing of the Transactions, each of Nektar and Purchaser will enter into certain ancillary agreements to effect the Transactions, including a mutual transition services agreement and a manufacturing and supply agreement and for Purchaser to supply to Nektar the PEG reagents for use in the manufacture of rezpegaldesleukin and NKTR-255.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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