![]() Its mission is to transform cancer care through the smart design and development of targeted solutions based on a deep understanding of cancer pathways and biological markers. Merrimack is a biopharmaceutical company based in Cambridge, Massachusetts that is outthinking cancer to ensure that patients and their families live fulfilling lives. Further details on the settlement agreement are available in Merrimack's Form 8-K filed today with the Securities and Exchange Commission. This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security. "We are focused on our deep research pipeline and three assets in clinical development as we march towards a data-rich 2018." "We are pleased to move past this litigation, allowing us to simplify our capital structure and potentially emerge with a clean balance sheet," said Richard Peters, M.D., Ph.D., President and Chief Executive Officer. Together, the settlement payout, the amount Merrimack expects to pay to acquire the remaining Convertible Notes and Merrimack's expenses related to the Delaware Action will approximate the $60 million now released from escrow, and as a result Merrimack does not intend to declare an additional special dividend Additionally, in connection with the settlement, Merrimack has agreed to commence a tender offer to acquire all remaining Convertible Notes at the same rate of $0.90 per $1.00 of Convertible Notes, plus accrued interest, which would eliminate all of Merrimack's remaining debt if all of the noteholders participate. Under the terms of this settlement, Merrimack will pay the Noteholder Plaintiffs $0.90 per $1.00 of Convertible Notes, plus accrued interest, and an amount towards the plaintiffs' legal fees. As also disclosed previously, in connection with the decision to proceed directly to trial and the plaintiffs' withdrawal of their motion for a preliminary injunction, Merrimack deposited $60 million into an escrow account as security for the plaintiff's claims. pending in the Court of Chancery in the State of Delaware (theĪs disclosed previously, the Noteholder Plaintiffs alleged in the Delaware Action, filed March 15, 2017, that Merrimack was obligated to offer to repurchase its outstanding 4.50% Convertible Notes due 2020 (the "Convertible Notes") in connection with Merrimack's asset sale to Ipsen S.A. (collectively, "Noteholder Plaintiffs") and Wells Fargo Bank, National Association, to resolve the previously disclosed lawsuit captioned Wells Fargo Bank, N.A., et. and 1992 Tactical Credit Master Fund, L.P. 10, 2017 /PRNewswire/ - Merrimack Pharmaceuticals (NASDAQ: MACK) today announced that it has reached a settlement agreement with Wolverine Flagship Fund Trading Limited, 1992 MSF International Ltd.
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