Nektar withdraws oxycodegol application after panel vote, shares down 14%

Shares of Nektar Therapeutics are trading lower after the company announced that it will withdraw its new drug application for oxycodegol and make no further investment into the program following yesterday's FDA panel vote. Nektar estimates the move will brings cost savings of between $75M to $125M in 2020. The FDA's Anesthetic and Analgesic Drug Products Advisory Committee and Drug Safety and Risk Management Advisory Committee voted 27-0 yesterday not to recommend approval of oxycodegol. Nektar shares are down 14%, or $3.96, to $24.00 in premarket trading.