Nektar sells Cimzia, Mircera royalties

Nektar Therapeutics (NASDAQ:NKTR) agreed to sell its royalty rights to anemia drug Mircera methoxy polyethylene glycol-epoetin beta and autoimmune drug Cimzia certolizumab pegol to Royalty Pharma (New York, N.Y.) for $124 million. Nektar said it will use the money to repay part of its $215 million in convertible debt. The company received $8.3 million in total royalties from sales of the two drugs last year. Royalty Pharma is eligible to receive payments of up to $3 million in 2013 and $7 million in 2014 if worldwide sales of Mircera do not reach an undisclosed threshold. Morgan Stanley advised Nektar. Nektar gained $0.42 to $7.17 on Wednesday. ...