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Biotech / Medical : NKTR Drug delivery Company

NKTR 53.98

-6.5%

Nov 13 3:59 PM EST

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From: Saulamanca	12/4/2006 6:47:14 PM
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11:54 NKTR Nektar Therapeutics: WR Hambrecht estimates NKTR's value to PFE at $35 to $40 (17.00 +0.82) -Update- *** WR Hambrecht notes that while their fundamental analysis of NKTR shares on rapidly improving Exubera visibility over the next few months remains unchanged, they say news of Exubera partner Pfizer's most visible late stage pipeline product is nothing less than shocking and raised the obvious question: What can PFE do to close this strategic gap where some $10 bln in future potential revenues is suddenly removed from everybody's models. Firm believes Pfizer senior management is now more likely to look outside the co for growth which should include potential acquisitions that will increase earnings in the 2008 + timeframe. Valuing NKTR via discounting 2010 earnings ($2.00) or the NPV of PFE's lost Exubera earnings it would have by owning NKTR, they estimate NKTR value to PFE at $35 to $40 which does not include a potential premium for NKTR's pipeline which now has 10 products in clinical trials or the potential strategic value of a San Francisco Bay Area footprint to amplify PFE's R&D capability briefing.com Hambrecht Report** wrhambrecht.com

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