8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

May 2, 2006

Date of Report (Date of earliest event reported)

NPS PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-23272	87-0439579
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

383 Colorow Drive

Salt Lake City, Utah 84108

(Address of principal executive offices)

(801) 583-4939

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On May 2, 2006, NPS Pharmaceuticals issued a press release announcing that the lead compound in development by partner GlaxoSmithKline successfully completed a proof of concept trial and would expand the development of the compound. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1     Press Release issued by NPS Pharmaceuticals on May 2, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 2, 2006	NPS PHARMACEUTICALS, INC.
	By:	/s/ KEVIN J. ONTIVEROS
		Kevin J. Ontiveros, Vice President Corporate Law and Assistant Corporate Secretary

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release issued by NPS Pharmaceuticals on May 2, 2006.

EX-99.1

Exhibit 99.1

For Immediate Release Contact: Brandi Simpson Sr. Director, Investor Relations NPS Pharmaceuticals, Inc. (801) 583-4939

NPS ANNOUNCES CLINICAL ADVANCEMENT OF CALCILYTICS PROGRAM BY ITS

COLLABORATOR GLAXOSMITHKLINE

Salt Lake City — May 2, 2006 — NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) today confirmed that the lead calcilytic compound under development by partner GlaxoSmithKline (GSK) has successfully completed a proof-of-concept trial and should be advanced into later stage studies.

GSK has been developing orally active, small molecule calcilytic compounds, which are targeted at bone and mineral disorders, such as osteoporosis. These compounds are the result of a 1993 Collaborative Research and License Agreement between NPS and GSK. Calcilytics work by antagonizing calcium-sensing receptors on the surface of the parathyroid gland, thereby triggering a transient release of the body’s own stores of parathyroid hormone (PTH). This release of PTH may have the potential to rebuild some of the bone mass lost as a result of osteoporosis and improve overall bone microarchitecture in these patients. Calcilytics potentially represent a new and very important class of drug. NPS and GSK have previously disclosed that, in animal models, daily oral administration of a calcilytic compound was shown to stimulate new bone formation, increase BMD at vertebral and non-vertebral skeletal sites, and increase biomechanical parameters of bone strength.

The proof of concept trial was a 28 day, multi-dose trial conducted in otherwise healthy, non-osteoporotic, post-menopausal women. The trial was designed to evaluate overall safety, as well as, surrogate efficacy biomarkers, including PTH levels and bone turnover biomarkers which may be indicative of net bone formation. Based on the results of this trial, GSK concluded that further clinical investigation is appropriate and is considering further study options.

Under the terms of the Collaborative Research and License Agreement with GSK, NPS will receive royalties on global product sales and has the right to co-promote certain products resulting from the collaboration with GSK in North America.

ABOUT NPS

NPS discovers, develops and commercializes small molecules and recombinant proteins as drugs, primarily for the treatment of metabolic, bone and mineral, and central nervous system disorders. The company markets products and has drug candidates in various stages of clinical development backed by a strong discovery research effort. Additional information is available on the company’s website, http://www.npsp.com.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions

of the Private Securities Litigation Reform Act of 1995

Note: Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include: We have no control over and are entirely dependent on GlaxoSmithKline to develop, seek regulatory approval and commercialize calcilytics; if GlaxoSmithKline does not complete development of calcilytics, is unable to obtain regulatory approval or in not successful in its commercialization efforts, our profitability will be adversely impacted; our product candidates may not prove to be safe or efficacious; and, we may not have or be able to secure sufficient capital to fund development and commercialization of our product candidates. All information in this press release is as of May 2, 2006 and we undertake no duty to update this information. A more complete description of these risks can be found in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the first quarter 2006 and our Annual Report on Form 10-K for the year ended December 31, 2005.