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NKTR > SEC Filings for NKTR > Form 8-K on 18-Jun-2014All Recent SEC Filings

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Item 8.01 Other Events.

On June 15, 2014, Nektar Therapeutics ("Nektar") received a $19.75 million payment pursuant to the License, Manufacturing and Supply Agreement, dated September 30, 2006 (the "Nektar Agreement"), by and between Nektar and Ophthotech Corporation ("Ophthotech," which is a successor party to (OSI) Eyetech, Inc.). Under the Nektar Agreement, Ophthotech received a worldwide, exclusive license to certain of Nektar's proprietary PEGylation technology to develop, manufacture and sell FovistaŽ. On May 19, 2014, Ophthotech entered into a Licensing and Commercialization Agreement (the "Novartis Agreement") with Novartis Pharma AG for FovistaŽ. Novartis paid Ophthotech a $200 million upfront fee pursuant to the Novartis Agreement. Under the Nektar Agreement, Ophthotech paid Nektar the $19.75 million payment based on the upfront fee received by Ophthotech. Nektar is entitled to up to $9.5 million in additional payments based upon Ophthotech's potential achievement of certain regulatory and sales milestones. Nektar is also entitled to low- to mid- single-digit royalties on net sales of FovistaŽ that vary based on sales levels. Nektar's right to receive royalties in any particular country will expire upon the later of ten years after first commercial sale of FovistaŽ or expiration of patent rights in the particular country. Under the Nektar Agreement, Nektar is the exclusive supplier of all of Ophthotech's clinical and commercial requirements of Nektar's proprietary PEGylation reagent used in FovistaŽ.

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