Nektar Therapeutics (Nasdaq: NKTR), a biotechnology company focused on the discovery and development of novel therapies to treat autoimmune disorders, announced on Monday that it has signed a definitive agreement with Ampersand Capital Partners, a Boston-based private equity firm, to sell its Huntsville, Alabama manufacturing facility and reagent supply business.

Under the agreement, Ampersand will acquire Nektar's commercial-scale manufacturing facility and PEGylation reagent supply business for a total consideration of USD90m, which includes USD70m in cash proceeds and USD20m in a retained equity position for Nektar in a newly-created Ampersand portfolio company. Ampersand is also planning to invest additional growth equity capital in the new portfolio company. Following the closing of the deal, Nektar will be qualified to appoint a representative to the board of the new Ampersand portfolio company.

Nektar will retain all rights to current and future royalty streams and milestones related to existing PEGylated product licence agreements.

Subject to customary closing conditions and costs, the transaction is is expected to be completed by 2 December 2024.