Merrimack Inks $220M Deal for PharmaEngine Drug

Cambridge, MA-based drug developer Merrimack Pharmaceuticals said today that it has paid Taiwan-based PharmaEngine $10 million upfront for the rights to develop and commercialize one of its drugs in Europe and Asia. Merrimack could pay another $210 million in development, regulatory, and sales milestones and royalties tied to MM-398, a treatment for gastric, colorectal, and pancreatic cancer that was originally developed by Hermes BioSciences, which was acquired by Merrimack in 2009. Merrimack raised $77 million in a Series G financing last month.

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