Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CHESS ROBERT
   2. Issuer Name and Ticker or Trading Symbol
NEKTAR THERAPEUTICS [NKTR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman, Pres. & CEO
(Last)
(First)
(Middle)
150 INDUSTRIAL ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
01/03/2007
(Street)

SAN CARLOS, CA 94070		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/08/2007   S   3,592 (1) D $ 14.51 208,619 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 15.24 01/03/2007   A   17,000     (2) 01/03/2015 Common Stock 17,000 $ 15.24 934,964 D  
Stock Option (Right to Buy) $ 15.24 01/03/2007   A   12,500     (2) 01/03/2015 Common Stock 12,500 $ 15.24 947,464 D  
Restricted Stock Unit $ 0.01 01/03/2007   A   8,333     (3)   (5) Common Stock 8,333 $ 0.01 57,638 D  
Restricted Stock Unit $ 0.01 01/03/2007   A   4,167     (4)   (5) Common Stock 4,167 $ 0.01 61,805 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CHESS ROBERT
150 INDUSTRIAL ROAD
SAN CARLOS, CA 94070		   X     Chairman, Pres. & CEO  

Signatures

 /s/ Gil Labrucherie, by power of attorney   01/09/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The Reporting Person will use the proceeds from the sale of these shares to satisfy a tax obligation owed by the Reporting Person in connection with the delivery of 8,334 shares of a restricted stock award as reported by the Reporting Person on a Form 4 filed January 5, 2007.
(2) The shares shall vest monthly over one year commencing January 3, 2007.
(3) The shares of common stock are issued upon the vesting of restricted stock units granted to the holder. All of the restricted stock units shall vest on March 17, 2007.
(4) The shares of common stock are issued upon the vesting of restricted stock units granted to the holder. All of the restricted stock units shall vest on January 3, 2008.
(5) Not Applicable.

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