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                                  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

         Date of Report (Date of earliest event reported): July 26, 2005


                               NEKTAR THERAPEUTICS
             (Exact name of Registrant as specified in its charter)



          Delaware                      0-23556                 94-3134940
(State or other jurisdiction          (Commission              (IRS Employer
      of incorporation)              File Number)           Identification No.)


                               150 Industrial Road
                          San Carlos, California 94070
              (Address of principal executive offices and Zip Code)


       Registrant's telephone number, including area code: (650) 631-3100


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))

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Item 5.02      Departure  of  Directors  or  Principal  Officers;   Election  of
               Directors; Appointment of Principal Officers.

(b)  On July 26, 2005, the registrant announced that its current Chief Financial
Officer,  Mr. Ajay Bansal,  would be  transitioning  from his current  duties as
Chief Financial  Officer and Vice President,  Finance and  Administration to the
position  of  General  Manager,  Diabetes  Group.  In  connection  with  his new
position,  among other matters,  Mr. Bansal will be  responsible  for overseeing
product  decisions,  resource  allocation  and partner  relationships.  Further,
effective  July 26, 2005,  the registrant is commencing a search for a new Chief
Financial  Officer to succeed Mr.  Bansal.  Mr. Bansal will continue to serve in
the position of Chief  Financial  Officer until his successor is identified  and
retained by the registrant.


Item 9.01.     Financial Statements and Exhibits.

(c)  Exhibits

       99.1    News release dated July 26, 2005 of the registrant.


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                                   SIGNATURES

Pursuant  to the  requirement  of the  Securities  Exchange  Act  of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                       By:           /s/ Nevan Elam
                                               ---------------------------------
                                                        Nevan Elam
                                                 Senior Vice President Corporate
                                                           Operations
                                                      and General Counsel

                                       Date:   July 26, 2005


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                                INDEX TO EXHIBITS

99.1              News release dated July 26, 2005 of the registrant.


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