Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  Labrucherie Gil M
 2. Date of Event Requiring Statement (Month/Day/Year)
04/02/2007		 3. Issuer Name and Ticker or Trading Symbol
NEKTAR THERAPEUTICS [NKTR]
(Last)
(First)
(Middle)
C/O NEKTAR THERAPEUTICS, 150 INDUSTRIAL ROAD		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
General Counsel and Secretary
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SAN CARLOS, CA 94070		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   (1) 10/24/2013 Common Stock 20,000 $ 15.01 D  
Restricted Stock Unit   (2)   (5) Common Stock 3,300 $ 0.01 D  
Stock Option (Right to Buy)   (3) 03/16/2015 Common Stock 9,900 $ 11.38 D  
Stock Option (Right to Buy)   (4) 04/02/2015 Common Stock 10,500 $ 13.02 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Labrucherie Gil M
C/O NEKTAR THERAPEUTICS
150 INDUSTRIAL ROAD
SAN CARLOS, CA 94070		       General Counsel and Secretary  

Signatures

/s/ Gil M. Labrucherie 04/04/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) 1/5th of the shares shall vest on October 24, 2006; the remaining shares shall vest monthly thereafter so that all of the shares shall be fully vested on October 24, 2010.
(2) 1/3rd of the shares shall vest on March 16, 2008; 1/3rd of the shares shall vest on March 16, 2009; and 1/3rd of the shares shall vest on March 16, 2010.
(3) The shares shall vest monthly pro-rata over a period of four (4) years from March 16, 2007.
(4) The shares shall vest monthly pro-rata over a period of four (4) years from April 2, 2007.
(5) Not Applicable.

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