Merrimack to call it a day after pocketing Ipsen cash
US biopharma Merrimack Pharmaceuticals (Nasdaq: MACK) has revealed plans to dissolve and hand out cash to shareholders from a newly-announced milestone payment that the company is to receive.
The milestone payment has been a triggered by French firm Ipsen (Euronext: IPN) receiving US Food and Drug Administration (FDA) approval for the supplemental new drug application for Onivyde (irinotecan liposome injection) plus 5 fluorouracil/leucovorin and oxaliplatin (Nalifirox) as a first-line treatment for metastatic pancreatic ductal adenocarcinoma.
"The board plans to hold a special meeting of stockholders to approve a plan for a corporate dissolution"Ipsen acquired US rights to Onivyde in 2017. The $225 million milestone payment for FDA approval was agreed in the deal, and must now be paid by the end of next month.
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