Pfizer and Nektar reach agreement on Exubera

San Carlos-based Nektar Therapeutics (NKTR) has resolved a contract dispute with Pfizer Inc. (PFE) over its line of inhaled insulin products, the companies announced Tuesday.

Pfizer will pay Nektar $135 million to satisfy its obligations for contracts relating to Exubera, an inhaled insulin product, and agreed to transfer its remaining right to the product if Nektar finds another partner for its development and marketing, the compay said in a statement.

Pfizer announced it would discontinue Exhubera last month due to disappointing sales, taking a $2.8 billion charge in the third quarter as a result, according to the Associated Press.

The companies said they will continue to work together on PEGylated human growth hormone therapy for short stature and growth problems.

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