 | |
| Company type | Public |
|---|---|
| Nasdaq: MACK Russell Microcap Index component | |
| Industry | Pharmaceuticals |
| Founded | 2000; 25 years ago (2000) inCambridge, Massachusetts |
| Headquarters | , United States |
Number of employees | 426 (2016) |
| Website | merrimack |
Merrimack Pharmaceuticals, Inc. is a pharmaceutical company based inCambridge, Massachusetts,United States. They specialize in developing drugs for the treatment ofcancer.
Merrimack's firstFDA-approved drug was approved in 2015;Onivyde, aliposome encapsulated version ofirinotecan is used for treatingpancreatic adenocarcinoma. It was approved for use in theEuropean Union the following year.[1][2]
Merrimack was founded by a group of scientists fromMIT andHarvard University in 2000.[3]
In 2016, Merrimack had 426 full-time employees, 103 of which had an MD or PhD.[3]
In October 2016, CEO Robert Mulroy resigned and the company announced they would be laying off 20% of its employees.[4] In January 2017, interim CEO Gary Crocker resigned and the board of directors appointed Richard Peters to be president and CEO. Peters previously worked atSanofi and was a faculty member at Harvard University.[5]
In January 2017, French pharmaceutical companyIpsen announced they would be purchasing Onivyde from Merrimack for approximately $1 billion.[6] Following the close of the deal withIpsen, Merrimack reduced its headcount by about 80%. By May of 2019, Merrimack planned to lay off its entire staff, including the leadership team.[7]
On November 13, 2018, the statistical programming director Songjiang Wang, received "six months in prison and one yearsupervised released" after a guilty verdict was handed down to Wang from aUnited States District Judge in July 2018 for securities fraud and conspiracy to commit securities fraud.[8] Also on December 20, 2019, theUnited States Securities and Exchange Commission charged Wang withInsider trading.[9]
On May 10, 2024, Merrimack announced that the stockholders at a Special Meeting held that day approved the adoption of a Plan of Dissolution. The Board of Directors declared a liquidating cash dividend in the amount of $15.10 per share, expected to be paid on or about May 17, 2024. Merrimack’s Common Stock would continue to trade on NASDAQ through May 17, 2024 and thereafter delist from NASDAQ on May 20, 2024.[10]
Merrimack has four drugs in clinical development.