Nektar Therapeutics says it will lay off 70% of its 700-plus employees. The news follows the April 14 announcement that Nektar and partner Bristol Myers Squibb were halting development of the interleukin-2 (IL-2) therapy bempegaldesleukin. The drug was intended to stimulate growth of T cells, which can attack cancer, but it failed in late-stage trials. Nektar, which focuses on immune modulation, says it will keep working on other drugs in its pipeline.
Best wishes to those affected.