Merrimack, Actavis Announce Nanotechnology Collaboration

Merrimack Pharmaceuticals

and Actavis plc today 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. Actavis is a dynamic company with significant expertise marketing specialty products around the globe, and we think they will be a great partner." 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