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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WAIPpGItj7HuIku6X4Fc+pz1qkp9vAqriMuXMArOM5BbNraFFtg57eRFrAxYrH0I
 nv3t9OOyboLcTdaBG50eCg==

<SEC-DOCUMENT>0001179110-06-005680.txt : 20060307
<SEC-HEADER>0001179110-06-005680.hdr.sgml : 20060307
<ACCEPTANCE-DATETIME>20060307143107
ACCESSION NUMBER:		0001179110-06-005680
CONFORMED SUBMISSION TYPE:	3/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060117
FILED AS OF DATE:		20060307
DATE AS OF CHANGE:		20060307

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:		150 INDUSTRIAL RD
		CITY:			SAN CARLOS
		STATE:			CA
		ZIP:			94070
		BUSINESS PHONE:		6506313100

	MAIL ADDRESS:	
		STREET 1:		150 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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DRAPEAU  LOUIS
		CENTRAL INDEX KEY:			0001248091

	FILING VALUES:
		FORM TYPE:		3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24006
		FILM NUMBER:		06669720

	BUSINESS ADDRESS:	
		STREET 1:		C/O BIOMARIN PHARMACEUTICAL INC.
		STREET 2:		371 BEL MARIN KEYS BLVD., SUITE 210
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94949
		BUSINESS PHONE:		415-506-6700

	MAIL ADDRESS:	
		STREET 1:		C/O  BIOMARIN PHARMACEUTICAL INC.
		STREET 2:		371 BEL MARIN KEYS BLVD., SUITE 210
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94949
</SEC-HEADER>
<DOCUMENT>
<TYPE>3/A
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3/A -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3/A</documentType>

    <periodOfReport>2006-01-17</periodOfReport>

    <dateOfOriginalSubmission>2006-01-17</dateOfOriginalSubmission>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001248091</rptOwnerCik>
            <rptOwnerName>DRAPEAU  LOUIS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NEKTAR THERAPEUTICS</rptOwnerStreet1>
            <rptOwnerStreet2>150 INDUSTRIAL ROAD</rptOwnerStreet2>
            <rptOwnerCity>SAN CARLOS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94070</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr. VP Finance, CFO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>19.59</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-01-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>90000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">1/5th of the option shares shall vest on January 17, 2007; the remaining shares shall vest monthly thereafter so that all of the shares shall be fully vested on January 17, 2011.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Louis Drapeau</signatureName>
        <signatureDate>2006-03-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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