Merrimack Pharmaceuticals

Merrimack Pharmaceuticals is a pharmaceutical company based in Cambridge, Massachusetts, United States. They specialize in developing drugs for the treatment of cancer.

Merrimack Pharmaceuticals
Public
Traded asNASDAQ: MACK
Russell Microcap Index component
IndustryPharmaceuticals
Founded2000 in Cambridge, Massachusetts
Headquarters
Cambridge, Massachusetts
,
United States
Number of employees
426 (2016)
Websitewww.merrimack.com

Merrimack's first FDA-approved drug was approved in 2015; Onivyde, a liposome encapsulated version of irinotecan is used for treating pancreatic adenocarcinoma. It was approved for use in the European Union the following year.[1][2]

History

Merrimack was founded by a group of scientists from MIT and Harvard 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 at Sanofi and was a faculty member at Harvard University.[5]

In January 2017, French pharmaceutical company Ipsen announced they would be purchasing Onivyde from Merrimack for approximately $1 billion.[6]

On November 13, 2018, the statistical programming director Songjiang Wang, received "six months in prison and one year supervised released" after a guilty verdict was handed down to Wang from a United States District Judge in July 2018 for securities fraud and conspiracy to commit securities fraud.[7] Also on December 20, 2019, the United States Securities and Exchange Commission charged Wang with Insider trading.[8]

Pipeline

Merrimack has four drugs in clinical development.

References
  1. "Investors - Merrimack".
  2. "Onivyde pegylated liposomal EPAR". European Medicines Agency (EMA). Retrieved 19 June 2020.
  3. "Merrimack - Annual Report".
  4. Jamerson, Joshua (3 October 2016). "Merrimack Pharmaceuticals Cuts Jobs; CEO Resigns Amid Restructuring Effort" – via Wall Street Journal.
  5. "Merrimack - Current Report".
  6. "Ipsen to buy some Merrimack assets for about $1 billion". 9 January 2017 – via Reuters.
  7. "Former Biopharma Statistical Programmer Sentenced for Insider Trading". United States Department of Justice. November 13, 2018. Retrieved December 20, 2019.
  8. "Former Biopharmaceutical Executive Charged with Insider Trading". U.S. Securities and Exchange Commission. December 20, 2019. Retrieved December 20, 2019.
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