Merrimack Pharmaceuticals (MACK) Inks Mega-Deal with Ipsen (IPSEY) for Oncology Assets
Merrimack Pharmaceuticals Inc. (Nasdaq:MACK) said Sunday that it has reached an asset divestiture agreement with French pharma giant Ipsen SA (OTCMKTS:IPSEY) for ONIVYDE – a metastatic pancreatic cancer treatment – and generic doxorubicin hydrochloride (HCI) liposome injection – used to treat metastatic ovarian cancer-.
The deal calls, among other things, for Ipsen to pay Merrimack $575 million in cash at closing and up to $450 million based on the achievement of pre-determined product milestones.
Merrimack plans – after closing the oncology assets deal, expected to be completed in the next couple months – to return minimum $200 million to its shareholders in the form of a special cash dividend of about $1.54 per share.
Shares of Merrimack finished Friday’s trading session in negative territory by 5.26% (or -$0.20) at $3.60
Merrimack Pharmaceuticals, which engages in discovering, developing and commercializing medicines consisting of novel therapeutics paired with diagnostics for the treatment of cancer, has 129.62M shares outstanding and MACK stock 52-week range is from $3.46 to $9.02 per share. At close on Friday, the biopharmaceutical company had a market capitalization of $466.62M.
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