Shares in Nektar Therapeutics plunged following the company’s disclosure that it administered inactive doses of its experimental drug bempegaldesleukin in clinical trials due to manufacturing issues. Cancer patients in a combination trial with Bristol-Myers Squibb’s Opdivo progressed more quickly after receiving the suboptimal doses than those treated with active bempegaldesleukin. The ineffective drug also was used in a lung cancer trial in combination with Merck & Co.’s Keytruda. Nektar executives also announced that Bristol-Myers has cut back its commitment to the partnership. Alert readers will recall that Bristol-Myers paid nearly $1.9 billion up front to secure rights to the agent. Learn More