Biotech Values

[DewDiligence]

NKTR—I listened to the JPM/Q&A replay. Evidently, the PROPEL (bempeg + Keytruda) study in 1L-NSCLC does not violate the “Competing Combination” clause from the amended BMY-NKTR agreement you excerpted in #msg-153233793 because NKTR is characterizing PROPEL as a 100%-NKTR study rather than a collaboration with MRK. (Note that MRK is not displayed as a NKTR partner anywhere in the JPM slide set.)

All told, the NKTR 20-minute Q&A session was unusually informative, IMO. It revealed how colossally chaotic the bempeg development program has become and how much time and expense has been squandered by the manufacturing screw-up and the various changes in trial design.

Despite all the hiccups, I still think bempeg is likely to be an approvable drug. Do you agree?