Nektar says Pfizer botched Exubera marketing

NEW YORK, Oct 18 (Reuters) - Nektar Therapeutics (NKTR.O) on Thursday said it was given no advance notice about Pfizer Inc's decision to "walk away" from their shared Exubera inhaled insulin drug and said it was disappointed in Pfizer's performance in marketing the unpopular medicine.

"Pfizer has publicly acknowledged its organizational difficulties and resulting poor performance in launching Exubera," Nektar said in a release.

Pfizer earlier on Thursday said it would return Nektar rights to the drug, which was approved in the United States in January 2006 and has been dogged by surprisingly poor sales. The world's first form of inhaled insulin has posted sales during the first nine months of 2007 of only $12 million.

Nektar shares fell as much as 17 percent on the Nasdaq, while New York-based Pfizer rose 1 percent in afternoon trading on the New York Stock Exchange.

Pfizer, the world's largest drugmaker, took a $2.8 billon charge in the third quarter to end its involvement with Exubera. Moreover, Pfizer said it had halted development of second-generation forms of inhaled insulin.