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Nektar Therapeutics Repurchases $100 Million of Convertible Debt and Reports Third Quarter 2008 Financial Results
Date:11/6/2008

e risk that the sale of the company's pulmonary business assets to Novartis Pharmaceuticals Corporation may not close or the closing may be delayed, (v) the company's patent applications for its proprietary or partner product candidates may not issue, patents that have issued may not be enforceable, or intellectual property licenses from third parties may be required in the future; and (vi) the outcome of any existing or future intellectual property or other litigation related to the company's proprietary product candidates or complex commercial agreements. Other important risks and uncertainties are detailed in the company's reports and other filings with the Securities and Exchange Commission, including its most recent Quarterly Report on Form 10-Q. Actual results could differ materially from the forward-looking statements contained in this press release. The company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.

Stephan Herrera, 415-488-7699

sherrera@nektar.com

Jennifer Ruddock, 650-631-4954

jruddock@nektar.com

NEKTAR THERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share information)

Unaudited Unaudited

Three-Months Ended Nine-Months Ended

September 30, September 30,

2008 2007 2008 2007

Revenue:

Product sales and royalties $9,474 $37,497 $28,855 $159,818

Contract research 11,965 18,824 32,977 47,436

Total revenue 21,439 56,321 61,832 207,254

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SOURCE Nektar Therapeutics
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