Sanofi returns rights for cancer candidate MM-121 to Merrimack

20 June 2014

USA-based Merrimack Pharmaceuticals (Nasdaq: MACK) says it has reached an agreement with French drug major Sanofi (Euronext: SAN) to regain worldwide rights to develop and commercialize MM-121, a monoclonal antibody designed to block ErbB3 (HER3) activation in patients with heregulin-positive tumors and improve response to standard of care treatments.

The news, announced after markets closed, saw Merrimack’s shares plunge 10.8% to $7.04 in after-hours trading yesterday.

In partnership with Sanofi, Merrimack completed an extensive Phase II program for MM-121 which was designed to assess the role of ErbB3 in a number of cancer indications in both the metastatic and neoadjuvant settings.

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