ARTICLE | Finance
Last gasp of Exubera
Nektar to pay down pre-Exubera convert with $125M in loan proceeds
July 16, 2012 7:00 AM UTC
Nektar Therapeutics (NASDAQ:NKTR) is in the final throes of its post-Exubera cleanup. Last week, it raised $125 million in a private placement of senior notes to pay down a 2005 convertible note for $315 million issued just before the ill-fated inhaled insulin was approved.
At the time, the company had hoped Exubera revenue would take it to profitability. But that never materialized; partner Pfizer Inc. (NYSE:PFE) dropped the product in 2007 due to lackluster sales...