Nektar receives $40 million cash payment from first commercial sale of MOVENTIG (naloxegol)

Nektar Therapeutics (NASDAQ: NKTR) announced today that it has received a $40 million cash payment under a license agreement with AstraZeneca. The payment was triggered by the first commercial sale of MOVENTIG (naloxegol) in Germany. MOVENTIG is the first once-daily, oral peripherally-acting mu-opioid receptor antagonist (PAMORA) medication approved in the European Union for the treatment of opioid-induced constipation (OIC) in adult patients who have had an inadequate response to laxative(s). MOVENTIG is marketed in the U.S. by AstraZeneca as MOVANTIK™ (naloxegol) and is the first once-daily oral PAMORA medication indicated for the treatment of OIC in adult patients with chronic, non-cancer pain.

"We're pleased that MOVENTIG is now available in Europe as an important treatment option for the millions of patients suffering from OIC," said Howard W. Robin, President and Chief Executive Officer of Nektar. "This significant commercial milestone for MOVENTIG highlights Nektar's invention and development of a first-in-class oral medicine that is specifically designed to target the common and potentially debilitating condition experienced by chronic pain patients treated with opioids."

MOVENTIG/MOVANTIK is part of the exclusive worldwide license agreement announced on September 21, 2009 between AstraZeneca and Nektar Therapeutics. Under the terms of the agreement, in addition to the $40 million milestone payment announced today, Nektar received a $100 million milestone payment upon first commercial sale of MOVANTIK in the U.S. in March of 2015. Nektar is also entitled to royalties on worldwide net product sales and up to $375 million in sales milestones. The royalty rate in the U.S. starts at 20% and escalates. The royalty rate in Europe and the rest of the world starts at 18% and escalates. Under the agreement, AstraZeneca is responsible for all sales and marketing activities for MOVANTIK worldwide.