NEKTAR THERAPEUTICS (NASDAQ:NKTR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 20, 2017, Nektar Therapeutics, a Delaware corporation (the “Company”), promoted Stephen K. Doberstein, Ph.D., who previously served as Senior Vice President and Chief Scientific Officer, to the position of Senior Vice President Research and Development and Chief Research and Development Officer. The full biography and other information of Dr. Doberstein required by Item 5.02(c) of Form 8-K are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2017 and the Company’s proxy statement on Schedule 14A for the 2017 annual meeting of stockholders filed with the SEC on May 1, 2017, and such biography and information are incorporated by reference into this Item 5.02.
In connection with the promotion, the compensation committee (the “Compensation Committee”) of the board of directors of the Company approved an increase of Dr. Doberstein’s 2017 annual base salary from $519,600 to $600,000 with an annual performance bonus target of at least 50% of his annual base salary. The actual amount of such performance bonus will range from 0% to 200% based on the Compensation Committee’s assessment of a combination of corporate and personal objectives.
On November 16, 2017, in connection with its focus on expanding development of its immuno-oncology pipeline, the Company decided to conclude its employment relationship with Ivan Gergel, M.D., who currently serves as the Senior Vice President, Drug Development and Chief Medical Officer. The Company recognizes Dr. Gergel for his contribution to the successful Phase 3 clinical trials for NKTR-181. The expected date of Dr. Gergel’s departure is December20, 2017 (the “Departure Date”). to the terms set forth in Dr. Gergel’s offer letter dated as of May 14, 2014 (the “Offer Letter”), Dr. Gergel and the Company agreed to enter into a separation and general release agreement in the event of a termination without cause. The Offer Letter was filed as Exhibit10.16 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on February 26, 2015. to the terms of the Offer Letter, Dr. Gergel is expected to enter into such separation and general release agreement.
About NEKTAR THERAPEUTICS (NASDAQ:NKTR)
Nektar Therapeutics is a biopharmaceutical company. The Company is engaged in the development of a pipeline of drug candidates that utilize its PEGylation and advanced polymer conjugate technology platforms, which are designed to enable the development of new molecular entities that target known mechanisms of action. The Company’s pipeline consists of drug candidates for therapeutic areas, including oncology, pain, anti-infectives and immunology. The Company’s drugs include MOVANTIK (naloxegol) tablets, MOVENTIG, AdYnoVATE, NKTR-102 (next-generation topoisomerase I inhibitor), BAY41-6551 (Amikacin inhale, formerly NKTR-061), NKTR-181 (orally-available mu-opioid analgesic molecule), NKTR-102, NKTR-214 and MoVAnTiK fixed-dose combinations (opioid/naloxegol combinations). Its drugs also include Neulasta (pegfilgrastim), PEGASYS (peginterferon alfa-2a), PEG-INTRON (peginterferon alfa-2b), Somavert (pegvisomant) and Macugen (pegaptanib sodium injection).