On March 30, 2017 Merrimack Pharmaceuticals, Inc. (NASDAQ: MACK) ("Merrimack") reported that, at its Special Meeting of Stockholders held today, its stockholders voted to approve the asset sale with Ipsen S.A (Press release, Merrimack, MAR 30, 2017, View Source [SID1234518337]). Schedule your 30 min Free 1stOncology Demo! Merrimack will:
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Sell to Ipsen its first commercial product ONIVYDE, including U.S. commercialization rights and its licensing agreement with Shire plc; and
Sell to Ipsen its generic version of doxorubicin hydrochloride (HCI) liposome injection ("generic DOXIL") marketed in the United States as DOXIL and advanced under a development, license and supply agreement with Actavis LLC.
Richard Peters, M.D., Ph.D., Merrimack’s President and Chief Executive Officer, said, "I would like to thank our stockholders for their strong support. This compelling transaction will deliver significant and immediate cash value for stockholders while also providing them with the opportunity to participate in the significant potential upside of Merrimack. We are excited to move forward as a more focused, well-funded research and development company targeting three highly promising clinical stage assets, MM-121, MM-141 and MM-310. We will continue to work closely with Ipsen to complete the transaction and achieve a smooth transition."
Merrimack expects the transaction to be completed in the coming days.