Merrimack shares rise 200% after positive trial data of pancreatic cancer treatment Onivyde
Shares of Merrimack Pharmaceuticals Inc.
MACK,
spiked 199.5% to a 4 1/2-year high in Wednesday morning trading, after France-based biopharmaceutical company Ipsen
IPSEY,
IPN,
said overnight that its pancreatic cancer treatment Onivyde met the primary criteria of the Phase 3 trial. Ipsen said it plans to submit an additional New Drug Application (NDA) to the Agency. US Food and Drug Administration for Onivyde. “We are encouraged by these results indicating progress toward a potentially significant future payment from Ipsen,” said Merrimack CEO Gary Crocker. U.S.-listed shares of Ipsen were up 1.4% in Wednesday morning trading. Merrimack announced in January 2017 that it sell Onivyde to Ipsen in a deal valued at up to $1.03 billion, including up to $450 million in significant payments based on regulatory approval. Shares of Merrimack, which was on track to close at its highest price since March 2018, were up 206.4 percent year-over-year, while shares of Ipsen were up 14.5 percent and the S&P 500 index rose 14.5 percent.
SPX,
lost 20.0%.