Nektar Therapeutics Shares Rise After Jury Awards $90 Million Plus Interest Against Eli Lilly
A U.S. jury ruled that Eli Lilly violated an implied covenant of good faith and fair dealing with Nektar Therapeutics, awarding the biotech firm $90 million in damages plus interest. The ruling stems from a legal dispute over their former collaboration on rezpegaldesleukin, a drug candidate developed jointly by both companies before they ended their partnership. The verdict has led to an approximate 5% increase in Nektar's stock price as investors reacted positively to the financial award and potential for further interest. The case highlights ongoing tensions between biotech firms over intellectual property rights and collaboration terms, which can have significant implications on company valuations and investor sentiment. Eli Lilly is expected to review its legal options following the verdict, but Nektar has expressed satisfaction with the jury's decision.
Topics: collaboration agreement intellectual property dispute lawsuit