Nektar Therapeutics shares rallied late Monday after the biotech drug maker said it was cutting staff by 60% in San Francisco, where the company is based, and shifting its focus to immunology drugs in a partnership with Eli Lilly.
Nektar Therapeutics NKTR, +6.26% shares rallied late Monday after the biotech drug maker said it was cutting staff by 60% in San Francisco, where the company is based, and shifting its focus to immunology drugs in a partnership with Eli Lilly & Co. LLY, -0.64%. Nektar shares popped as much as 7% in the extended session, after they closed the regular session up 6.3% at 98 cents a share.
The company said that it plans to keep current staff at its Huntsville, Ala., manufacturing plant, and said it expects the restructuring to be “substantially” complete by June.
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