-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 RNpXM92J3LsESrofUw5p3Olk23pLOlsQmuTJASe0HO36a/MoqE5Sf8wCaVOIfgoK
 ZtOU4G88ztgsVmVrWH2iyQ==

<SEC-DOCUMENT>0001181431-10-046934.txt : 20100916
<SEC-HEADER>0001181431-10-046934.hdr.sgml : 20100916
<ACCEPTANCE-DATETIME>20100916140634
ACCESSION NUMBER:		0001181431-10-046934
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100914
FILED AS OF DATE:		20100916
DATE AS OF CHANGE:		20100916

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WHITFIELD ROY A
		CENTRAL INDEX KEY:			0000936728

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24006
		FILM NUMBER:		101075640

	MAIL ADDRESS:	
		STREET 1:		C/O INCYTE CORPORATION
		STREET 2:		3160 PORTER DRIVE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			93404

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEKTAR THERAPEUTICS
		CENTRAL INDEX KEY:			0000906709
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				943134940
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		201 INDUSTRIAL ROAD
		CITY:			SAN CARLOS
		STATE:			CA
		ZIP:			94070
		BUSINESS PHONE:		6506313100

	MAIL ADDRESS:	
		STREET 1:		201 INDUSTRIAL ROAD
		CITY:			SAN CARLOS
		STATE:			CA
		ZIP:			94070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INHALE THERAPEUTIC SYSTEMS INC
		DATE OF NAME CHANGE:	19980723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INHALE THERAPEUTIC SYSTEMS
		DATE OF NAME CHANGE:	19940303
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd286516.xml
<DESCRIPTION>ANNUAL DIRECTOR EQUITY COMPENSATION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-09-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000906709</issuerCik>
        <issuerName>NEKTAR THERAPEUTICS</issuerName>
        <issuerTradingSymbol>NKTR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000936728</rptOwnerCik>
            <rptOwnerName>WHITFIELD ROY A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NEKTAR THERAPEUTICS</rptOwnerStreet1>
            <rptOwnerStreet2>201 INDUSTRIAL ROAD</rptOwnerStreet2>
            <rptOwnerCity>SAN CARLOS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94070</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>14.05</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-09-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.05</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-09-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person is receiving this equity compensation under the Amended and Restated Compensation Plan for Non-Employee Directors.</footnote>
        <footnote id="F2">1/12th of the shares shall vest per calendar month following September 30, 2010 (with all of such shares subject to the stock option becoming vested at September 30, 2011), provided that the Reporting Person continues his or her service as a director.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Gil M. Labrucherie, Attorney-in-Fact</signatureName>
        <signatureDate>2010-09-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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