NEW YORK, NY / ACCESSWIRE / February 22, 2018 / Shares of Nektar were soaring on Wednesday despite any catalyst. It was earlier in the month that the company announced a huge agreement with Bristol-Myers. Shares of Momenta Pharmaceuticals were also on the rise yesterday after reporting fourth quarter results.
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Momenta Pharmaceuticals, Inc.
Momenta Pharmaceuticals' shares closed up 2.51% on about 800,000 shares traded on Wednesday. The company reported its fourth quarter earnings and revealed a profit of 18 cents. Revenue was $64.6 million. For the full year, Momenta reported a loss of $88.1 million, or $1.20 a share. Revenue was $138.9 million. Company CEO Craig A. Wheeler remarked, "In 2017 we made important progress, despite facing delays and challenges, and we are beginning to see the fruits of our diligent work pay off. With the recent approval and launch of Glatopa 40 mg, the significant advancements we've made across our novel drug portfolio, and the furthering of both M923, our biosimilar HUMIRA® candidate, and M710, our biosimilar EYLEA® candidate in collaboration with Mylan, we are well-positioned for a positive year ahead." Since the start of the year, shares of Momenta have gained 17% roughly.
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Nektar Therapeutics' shares closed up 3.59% on Wednesday on roughly 2 million shares traded. Though there was no remarkable news yesterday, it was earlier this month that the company announced a global strategic collaboration agreement with Bristol-Myers Squibb BMY. As part of the agreement, Nektar will jointly develop with Bristol-Myers the lead immuno-oncology candidate, NKTR-214 with Opdivo, and Opdivo plus Yervoy. The two companies will also work together to commercialize it. As part of the contract, Nektar is entitled to an upfront payment of $1.85 billion ($1 billion upfront payment along with purchase of 5% of Nektar shares for $850 million). The company is also eligible for an additional $1.78 billion payment on achievement of certain milestones related to sales and development and a 65% share in any profits that NKTR-214 will generate if launched. Bristol-Myers is paying a record amount for the company's experimental cancer drug. In the last year shares of Nektar have gained over 550%.
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