Propel fails to propel Nektar

Nektar Therapeutics had hoped that data from the Propel study of bempegaldesleukin could help it revive its fortunes. In the event top-line results, disclosed during the group’s third-quarter earnings call last week, underwhelmed and shares fell 19% on Friday.

The latest data concern bempeg plus Merck & Co's Keytruda in first-line metastatic non-small cell lung cancer. Propel is an uncontrolled study, but Nektar had previously set out its expectations based on historic response rates achieved with Keytruda alone. Propel largely failed to meet these; the group will present more detailed data at the Esmo-IO meeting in December, but hopes will not now be high.