Nektar reportedly is exploring its options

S.F. company looking into possible sale, partnerships

Nektar Therapeutics is exploring options including a potential sale of the $15 billion biotechnology firm, according to people with knowledge of the matter.

The San Francisco company could also opt for partnerships and licensing agreements instead of a disposal, said the people, asking not to be identified because the discussions are private.

Nektar has attracted interest from larger drugmakers, though some potential suitors are wary of a full takeover because of the high valuation and risks related to its pipeline of experimental drugs, the people said.

No final decisions have been made and considerations may not lead to a transaction, they said.

On Tuesday, shares of Nektar were down $3.71, or 4.5 percent, closing at $78.73.

The stock has more than tripled since early November on positive results for its experimental cancer drug, NKTR-214.

The Nasdaq Biotechnology Index climbed about 10 percent in that time.

Bristol-Myers Squibb and Nektar worked together on a a trial in September 2016 and will begin enrolling patients in a phase-2 study exploring the drug’s effectiveness in a larger group, the companies said.

Nektar also has an opioid that is close to market.

The treatment, which Nektar says would be a safer, less addictive painkiller, had positive finalstage data in patients with chronic lower-back pain.

A number of biotech deals are already in the works, with two big ones announced last month. Sanofi said it will buy Bioverativ for $11.6 billion, and Celgene plans to acquire Juno Therapeutics for $9 billion. San Francisco Chronicle staff contributed to this report.