Shares of Nektar Therapeutics (NASDAQ: NKTR) cratered by more than 40% in pre-market trading on Friday after the biopharma company announced topline data from a Phase 2 study of rezpegaldesleukin (also known as LY3471851 or REZPEG). This was a randomized, double-blind, placebo-controlled s study done in 291 adults with moderately to severely active systemic lupus erythematosus (SLE).
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This study indicated that even with an improvement in SLEDAI-2K score compared to a placebo, the primary endpoint of the study was not met. The primary endpoint was “a 4-point reduction in the SLEDAI-2K score in pre-defined study populations.”
Nektar is developing Rezpeg in a collaboration with Eli Lilly (LLY). Lilly has informed Nektar that “they do not intend to advance REZPEG to Phase 3 development for SLE. ” Both companies are also working together to look at the next steps for the planned Phase 2b study in atopic dermatitis.
NKTR stock has plunged by more than 70% in the past year.
