Merrimack Secures $225M Milestone Payment From Ipsen; Says It Is Unlikely That Any Additional Milestone Payments Will Become Payable
Portfolio Pulse from Benzinga Newsdesk
Merrimack Pharmaceuticals received a $225 million milestone payment from Ipsen for FDA approval of ONIVYDE for metastatic adenocarcinoma of the pancreas. Merrimack's Board sees no further payments from Ipsen or Elevation Oncology agreements likely and plans a dissolution meeting for May 10, 2024, to discuss a liquidating dividend.
March 27, 2024 | 8:34 pm
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POSITIVE IMPACT
Merrimack received a significant $225M payment from Ipsen, but anticipates no further payments and plans for dissolution.
The $225M payment is a significant financial boost for Merrimack, but the announcement of no further payments and plans for dissolution could lead to mixed short-term impacts. The liquidating dividend may attract short-term investors looking for payouts.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Ipsen's payment to Merrimack for ONIVYDE approval may impact its short-term financial outlook.
The payment to Merrimack represents a significant outflow of cash for Ipsen, which could have a short-term negative impact on its financials. However, the approval of ONIVYDE could lead to long-term gains.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 50