Date: 2013-11-26
Type of information: Collaboration agreement
Compound: nanoliposomal technology platform
Company: Merrimack Pharmaceuticals (USA) Actavis (Ireland)
Therapeutic area: Technology - Services
Type agreement: collaboration
Action mechanism:
Disease:
Details: * On November 26, 2013, Merrimack Pharmaceuticals, a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of cancer, and Actavis plc, a global, integrated specialty pharmaceutical company, have announced that the companies have entered into a collaboration agreement. Under the agreement, Merrimack will utilize its proprietary nanoliposomal technology platform to develop and manufacture various pharmaceutical products for Actavis to commercialize around the world. \"This opportunity further validates Merrimack\'s nanoliposomal technology platform, which we have used to develop MM-398 and MM-302, as well as other preclinical programs,\" stated Edward J. Stewart, Senior Vice President at Merrimack and President of Merrimack Healthcare Solutions. \"Under this collaboration, we are able to advance the development of our commercial infrastructure and utilize our manufacturing capacity to generate upside revenue opportunities to help fund our core R&D programs.\"
Financial terms: Under the terms of the agreement, Merrimack is eligible to receive up to $15.5 million, including $2.0 million upfront and the remainder in committed near-term funding and development, regulatory and commercial milestone payments related to the first product to come out of the collaboration. In addition, Merrimack will receive a double-digit share of profits on future global sales of any commercialized products derived from the collaboration. Merrimack will be responsible for manufacturing bulk product at its Cambridge, Mass. nanoliposomal manufacturing facility.
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