Nektar Therapeutics (NKTR), Monday announced a decision to sell its Alabama-based commercial-scale manufacturing facility and PEGylation reagent supply business to Ampersand Capital Partners for $90 million.
Of the total consideration, the biotechnology company will receive $70 million in cash and $20 million in a retained equity position in a newly-created Ampersand portfolio company.
Also, Nektar will be able to appoint a representative to the board of the portfolio company after the completion of the deal.
The company expects the deal to extend its cash runway into the fourth quarter of 2026.
The transaction is expected to close by December 2.
Currently, Nektar's stock is trading at $1.39, up 12.38 percent on the Nasdaq.
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