NEKTAR ANNOUNCES CLOSING OF AEROGEN ACQUISITION

Nektar Therapeutics (Nasdaq:NKTR) announced today that it has closed the acquisition of Aerogen, Inc. (OTCBB:AEGN) under the definitive merger agreement announced on August 15, 2005. Aerogen stockholders approved the acquisition during a special meeting held October 19, 2005. The acquisition will broaden Nektar's pulmonary technology base by adding capabilities in aerosolized liquid drugs to Nektar's leadership position with inhaleable powdered drugs. Initially, Nektar will incorporate Aerogen technology into its proprietary inhaled ICU antibiotics product, which is in clinical trials for the prevention of pneumonia in mechanically-ventilated patients.

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