Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) (“Merrimack” or
the “Company”) announced that the stockholders at a Special Meeting
held today overwhelmingly approved adopting a Plan of Dissolution.
Following that announcement, the Board of Directors declared a
liquidating cash dividend in the amount of $15.10 per share. The
dividend is expected to be paid on or about May 17, 2024.
Merrimack’s Common Stock will trade on NASDAQ through May 17, 2024
and will delist from NASDAQ on May 20, 2024.
“We appreciate shareholder support for the plan of dissolution
and the opportunity to fulfill our commitment to return milestone
proceeds to the shareholders” said Gary Crocker, CEO and Chairman
of Merrimack’s Board of Directors.
It is also possible that any distribution could be followed in
the future by additional distributions, if it is determined that
any reserved amounts no longer need to be reserved. Also, although
not anticipated currently, additional amounts could be distributed
in the event additional milestones are achieved under the Ipsen and
Elevation Oncology agreements.
ABOUT MERRIMACK
Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company
based in Cambridge, Massachusetts that is entitled to receive up to
$450.0 million in contingent milestone payments related to its sale
of Onivyde® to Ipsen S.A. in April 2017. Merrimack received $225
million of these potential milestone payments which were tied to
the first line metastatic pancreatic ductal adenocarcinoma
potential indication on March 27, 2024. The remaining contingent
milestone payments consist of $150 million tied to the small cell
lung cancer potential indication and $75 million tied to other
potential applications Ipsen may elect to pursue. These contingent
milestone payments would be payable by Ipsen upon approval by the
U.S. Food and Drug Administration (“FDA”) of Onivyde for certain
additional clinical indications. Merrimack’s agreement with Ipsen
does not require Ipsen to provide Merrimack with any information on
the progress of Onivyde clinical trials that is not publicly
available. Merrimack is also entitled to receive up to $54.5
million in contingent milestone payments related to its sale of
anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology,
Inc.) in July 2019.
FORWARD LOOKING STATEMENTS
Any statements made in this press release relating to future
financial, business, conditions, plans, prospects, impacts, shifts,
trends, progress, or strategies and other such matters, including
without limitation, Merrimack’s proposed Dissolution pursuant to
its proposed Plan of Dissolution, the timing of filing of the
Certificate of Dissolution, , the amount, number, and timing of
liquidating distributions, if any, to its stockholders, the amount
of reserves, and similar statements, are forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. In addition, when or if used in this press release,
the words “may,” “could,” “should,” “might,” “show,” “adjourn,”
“hold,” “approve,” “receive,” “determine,” “file,” “describe,”
“entitle,” “present,” “solicit,” “continue,” “conduct,” “reduce,”
“report,” “seek,” “conserve,” “distribute,” “dissolve,”
“encourage,” “discontinue,” “terminate,” “wind down,” “additional,”
“announce,” “anticipate,” “believe,” “sufficient,” “estimate,”
“expect,” “intend,” “plan,” “potential,” “will,” “evaluate,” “aim,”
“meet,” “support,” “look forward,” “develop,” “promise,” “provide,”
“necessary,” “appropriate,” “affirmative,” “opportunity,” “reduce,”
“suggest,” and similar expressions and their variants, as they
relate to Merrimack or any of Merrimack’s partners, or third
parties, may identify forward-looking statements. Merrimack
cautions that these forward-looking statements are subject to
numerous assumptions, risks, and uncertainties, which change over
time, often quickly, and in unanticipated ways. Important factors
that may cause actual results to differ materially from the results
discussed in the forward-looking statements or historical
experience include; the amount of proceeds that might be realized
from the sale or other disposition of any remaining Merrimack
assets; the application of, and any changes in, applicable tax and
other laws, regulations, administrative practices, principles and
interpretations; the ability of the Merrimack Board to abandon,
modify or delay implementation of the proposed Dissolution, even
after stockholder approval; the Company’s ability to settle, make
reasonable provision for or otherwise resolve its liabilities and
obligations, including the establishment of an adequate contingency
reserve; and the uncertain macroeconomic and political
environment.
In addition to forward-looking statements regarding the proposed
Plan of Dissolution, Merrimack’s forward-looking statements
include, among others, (i) Merrimack’s rights to receive payments
related to certain future milestone events or whether such
milestones will be achieved, if at all, or whether Ipsen and
Elevation Oncology will resume efforts under the remaining programs
for which milestone payments may occur, (ii) substantial risks and
uncertainties about pre-clinical and early-stage clinical trial
results does not ensure that later stage or larger scale clinical
trials will be successful as, for example, these additional
indications for which milestone payments could occur may not
demonstrate promising therapeutic effect or appropriate safety
profiles in current or later stage or larger scale clinical trials
as a result of known or as yet unanticipated side effects; (iii)
the results achieved in later stage trials may not be sufficient to
meet applicable regulatory standards or to justify further
development; (iv) problems or delays may arise prior to the
initiation of planned clinical trials, during clinical trials or in
the course of developing, testing, or manufacturing that could lead
Ipsen and Elevation Oncology and their partners and collaborators
to fail to initiate or to discontinue development; (v) even if
later stage clinical trials are successful, unexpected concerns may
arise from subsequent analysis of data or from additional data;
(vi) obstacles may arise or issues may be identified in connection
with review of clinical data with regulatory authorities; (vii)
regulatory authorities may disagree with Ipsen and Elevation
Oncology’s view of the data or require additional data or
information or additional studies; (viii) the planned timing of
initiation and completion of future clinical studies, if any, are
subject to the ability of each of Ipsen and Elevation Oncology,
respectively, to enroll patients, enter into agreements with
clinical trial sites and investigators, and overcome technical
hurdles and other issues related to the conduct of the trials for
which each of them is responsible; (ix) each of Ipsen and Elevation
Oncology are subject to the risk that they may not successfully
commercialize these development programs; and (x) press releases
and other public statements by Ipsen and Elevation Oncology may
contain forward-looking statements. Merrimack undertakes no
obligation to update or revise any forward-looking statements.
Forward-looking statements should not be relied upon as
representing Merrimack’s views as of any date subsequent to the
date hereof. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to Merrimack’s business in general, see the “Risk Factors”
section of Merrimack’s Annual Report on Form 10-K filed with the
SEC on March 7, 2024, any subsequent quarterly report on Form 10-Q
filed by Merrimack and the other reports Merrimack files with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20240510857372/en/
Tim Surgenor ir@merrimack.com
Merrimack Pharmaceuticals (NASDAQ:MACK)
過去 株価チャート
から 10 2024 まで 11 2024
Merrimack Pharmaceuticals (NASDAQ:MACK)
過去 株価チャート
から 11 2023 まで 11 2024
