By Maria Armental


Nektar Therapeutics and Bristol Myers Squibb Co. are ending a clinical development program for bempegaldesleukin in combination with Opdivo, sending Nektar's stock down 24% to $4.68 in after-hours trading.

The companies had previously said that two pivotal studies in melanoma would be discontinued based on the results of a late-stage study.

Bempegaldesleukin, known as bempeg, is Nektar's lead immuno-oncology candidate.

On Thursday, Nektar said that, in consultation with SFJ Pharmaceuticals and based upon a recommendation from an independent data monitoring committee, it had decided to discontinue a phase 2/3 study of bempeg in combination with Keytruda in patients with metastatic or unresectable recurrent squamous cell carcinoma of the head and neck. Nektar said it would also discontinue a Phase 1/2 study of bempeg in combination with Keytruda in locally advanced or metastatic solid tumors, including non-small cell lung cancer.

Nektar added that it plans to release a new plan to meet its cash runway goal before it reports first-quarter results.


Write to Maria Armental at maria.armental@wsj.com


(END) Dow Jones Newswires

04-14-22 1730ET