Merrimack to call it a day after pocketing Ipsen cash

15 February 2024

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.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK