A jury awarded Nektar Therapeutics $90 million in its dispute with Eli Lilly over the development of rezpeg, a Treg stimulator. The verdict found Lilly breached the implied covenant of good faith and fair dealing in a fractured licensing deal. The ruling matters beyond the damages number: it can influence how biopharma partners structure governance, development obligations, and information-sharing for co-development programs—especially in immunology where cross-company decision rights are frequently contested. For competitors and dealmakers, the outcome serves as a concrete reminder that implied duties under collaboration agreements can become focal points during partner turnarounds.