West Pharma concludes agreement with Nektar

Published: 19-Feb-2008

Agreement relates to manufacture and assembly of components for the Exubera device


West Pharmaceutical Services has concluded an agreement with Nektar Therapeutics relating to the manufacture and assembly of components for the Exubera inhalable insulin device.

Production of the device was suspended in Octo-ber 2007 following Pfizer's decision to discontinue marketing the product, returning the marketing rights to Nektar. Financial terms of the agreement were not disclosed.

Under the new agreement, West will be reim-bursed for facility, inventory, raw materials and per-sonnel costs at levels that are consistent with its pre-viously announced expectations. To assure Nektar of a reliable source of supply as it resolves its plans for the Exubera product, West has agreed to maintain the facility for a period of 2-10 months.

West expects to recognise an impairment charge of US$12.9m, in line with its previously disclosed esti-mate of between $11.0m and $13.1m, in the fourth quarter of 2007 for its investment in the Nektar con-tract.

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