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Novartis acquiring Nektar pulmonary assets

October 22, 2008 2:11 AM UTC

Novartis (NYSE:NVS; SWX:NOVN) will acquire assets from the pulmonary drug delivery business of Nektar (NASDAQ:NKTR) for $115 million in cash. The deal includes Nektar's dry powder and liquid pulmonary delivery technologies and manufacturing assets and all manufacturing and royalty rights to the tobramycin inhalation powder (TIP) program, which is already partnered with Novartis. The TIP program is in Phase III testing to treat lung infections in cystic fibrosis (CF) patients. The deal also transfers about 140 Nektar employees to Novartis. ...