Shares of Nektar Therapeutics NKTR plunged more than 30% in the extended session Thursday after the biopharma company reported that a study did not meet goals and that partner Eli Lilly & Co. LLY decided not proceed with a phase-3 development of the investigational treatment, called REZPEG for short. The study looked at REZPEG for the treatment of severely active lupus in adults not responding to standard treatments. “Nektar and Lilly plan to work together to determine next steps for the planned Phase 2b study in atopic dermatitis,” Nektar said. Shares of Lilly edged 0.2% higher in after hours.
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