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Merrimack Pharmaceuticals Inc Prices Concurrent Public Offerings Of 5,000,000 Shares Of Common Stock And $125,000,000 Aggregate Principal Amount Of Convertible Senior Notes


Thursday, 11 Jul 2013 11:53pm EDT 

Merrimack Pharmaceuticals Inc announced that it has priced concurrent public offerings of 5,000,000 shares of its common stock at a price to the public of $5.00 per share and $125,000,000 aggregate principal amount of its 4.50% convertible senior notes due 2020 (the Notes). Merrimack has granted to the underwriters in the common stock offering an option, exercisable for 30 days, to purchase up to an additional 750,000 shares of its common stock and granted to the underwriters in the Notes offering an option, exercisable for 30 days, to purchase up to an additional $18,750,000 in aggregate principal amount of Notes. Merrimack expects to use the net proceeds from both offerings to complete the clinical development of, seek marketing approval for and fund pre-approval commercial efforts for MM-398 for the treatment of patients with metastatic pancreatic cancer, to partially fund the clinical development of other clinical stage product candidates, to fund pre-clinical and research and development efforts and for other general corporate purposes. J.P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint book-running managers of these proposed offerings. Cowen and Company, LLC is acting as lead manager of the proposed common stock offering and co-manager of the proposed Notes offering. Oppenheimer & Co. Inc., Guggenheim Securities, LLC and Brean Capital, LLC are acting as co-managers of the proposed common stock offering. 

Company Quote

9.76
0.23 +2.41%
26 Nov 2014