Business & Finance
Merrimack announces milestone payment from Ipsen and authorises special dividend
4 December 2019 -

Biopharmaceutical company Merrimack Pharmaceuticals Inc (Nasdaq:MACK) reported on Tuesday the receipt of USD5m in milestone payment from Ipsen,

The milestone payment was triggered by Ipsen's decision to progress the ongoing multi-part clinical trial evaluating Merrimack's ONIVYDE in patients with small-cell lung cancer into the second randomised portion of the trial focused on efficacy assessment.

In conjunction with this milestone payment, Merrimack's board declared its special cash dividend of USD6.7m on its common stock.

Stockholders of record at the close of business as of 16 December 2019 will receive the special dividend on 23 December 2019. The ex-dividend date for the Special Dividend will be 13 December 2019, the first business day preceding the record date.