Ebb & Flow

Nektar (NKTR) was as surprised as anyone when Pfizer (PFE) announced last week that it would end further investment in Exubera inhaled insulin and return full worldwide rights to NKTR. The biotech, which developed and provides Exubera's inhalers and powdered insulin, said it learned of the decision from PFE's 3Q earnings release last Thursday.

PFE acquired exclusive rights to Exubera from sanofi-aventis (Euronext:SAN; SNY) for $1.3 billion in January 2006. But after launching Exubera in July 2006, the pharma's first sales report in July this year revealed 2Q07 sales of only $4 million. ...