BioCentury
ARTICLE | Finance

Ebb & Flow

October 27, 2008 7:00 AM UTC

Drug delivery and infectious disease company Nektar (NASDAQ:NKTR) expects to end the year with about $440 million in cash, courtesy of the sale of part of its pulmonary delivery business to Novartis (NYSE:NVS; SWX:NOVN) for $115 million last week.

All that cash isn't quite free and clear: at June 30 the company had $343.6 million in debt. The bulk is $315 million of 3.25% convertible subordinate notes that mature in 2012, with the remainder being capital lease obligations and other liabilities...