You may recall that Pfizer and Nektar trumpted a $135 million deal to seemlingly end their relationship over Exubera, the colossal marketing failure otherwise known as an insulin inhaler. The announced appeared to put an end, once and for all, to what was a stormy partnership. But a close read of Nektar’s filing with the Securities and Exchange Commission reveals that Pfizer is still involved, for now, with Exubera’s fate.

For one, there’s an interesting ‘non-disparagment’ clause, which may mean Nektar ceo Howard Robin can no longer dis Pfizer ceo Jeff Kindler and his team. More importantly, although the big drugmaker has agreed to transfer its rights, Pfizer has considerable say in Nektar’s choice of a new marketing partner, should another company even want to sell Exubera. To wit, “if a new marketing and development partner…is selected and is acceptable to Pfizer (after consultation with Nektar), then Pfizer will transfer all or substantially all of Pfizer’s rights to Exubera” and a next-generation inhaler to the new partner.

In other words, Robin isn’t yet free of Pfizer’s clutches. But to ensure Pfizer’s cooperation, their deal includes a ‘transition assistance’ program should a new partner sign on. This is another way of saying that Pfizer must meet certain stipulations, such as transferring technology and assets, as well as unspecified manufacturing activities and ‘maintenance’ activities relating to the next-generation product.

The optimistic Robin also included a clause that requires Pfizer to continue a ‘reasonable level’ of product distribution and continue clinical studies beyond Jan. 16 - about the time Pfizer expects to withdraw Exubera - should a marketing partner appear on the horizon. The idea, of course, is to create a bridge to any transition to a new Nektar partner.

Whether Nektar will attract a new partner is very unclear. To some extent, the Exubera failure can be blamed on Pfizer’s poor marketing effort, a point that Robin complained about ceaselessly since becoming Nektar ceo earlier this year. The other issue, however, is the bong-like product design, which isn’t going to change by mid-January, no matter how many companies Robin contacts.