Why PureTech Health (PRTC) Shares Are Plunging Today - Nektar Therapeutics (NASDAQ:NKTR)

PureTech Health plc PRTC has confirmed that it is in talks about a possible tie-up with Nektar Therapeutics NKTR.
In April, Nektar Therapeutics announced a new strategic plan to prioritize key research and development efforts and cut 70% of its workforce, including several changes to its executive team.
Nektar and Bristol Myers Squibb Co BMY jointly decided to end the global clinical development program for bempegaldesleukin after disappointing renal cell carcinoma and bladder cancer studies.
Responding to press speculation, PureTech said it has exchanged indicative, non-binding proposals with Nektar Therapeutics regarding a possible combination, which may include an offer for the share capital of PureTech.
“PureTech and Nektar remain in discussions regarding the proposal. There can be no certainty that any firm offer will be made, nor as to the terms of any such offer. A further announcement will be made as and when appropriate,” the company said.
Nektar will have until Nov. 3 to make a formal offer.
Price Action: PRTC shares are down 20.03% at $24.80, and NKTR shares are down 1.03% at $3.34 on the last check Friday.

PureTech Health Confirms 'Possible' Merger With Nektar Therapeutics