Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) announced that, at its Special Meeting of Stockholders held today, its stockholders voted to approve the asset sale with Ipsen S.A. under which Merrimack will:
- 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.”
Shares of Merrimack are currently trading at $3.06, up $0.02 or 0.66% in Thursday’s trading session. MACK has a 1-year high of $9.02 and a 1-year low of $2.83. The stock’s 50-day moving average is $3.13 and its 200-day moving average is $4.45.
On the ratings front, Merrimack has been the subject of a number of recent research reports. In a report issued on March 1, Cowen analyst Eric Schmidt reiterated a Hold rating on MACK. Separately, on January 10, Baird Michael Ulz reiterated a Hold rating on the stock and has a price target of $5.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Schmidt and Michael Ulz have a yearly average return of 30.5% and 22.2% respectively. Schmidt has a success rate of 60% and is ranked #39 out of 4555 analysts, while Ulz has a success rate of 71% and is ranked #727.
Merrimack Pharmaceuticals, Inc. engages in discovering, developing and preparing to commercialize innovative medicines consisting of novel therapeutics paired with diagnostics for the treatment of cancer. Its offers its first commercial product, Onivyde, which is a novel encapsulation of the marketed chemotherapy drug irinotecan in liposomal formulation.