Merrimack Pharmaceuticals Inc. Scraps IPO Plans
Published: Feb 02, 2012
Merrimack Pharmaceuticals has postponed its $166 million IPO, originally scheduled for this week, according to IPO tracker Renaissance Capital, due to poor market conditions.
The Cambridge, Mass-based company, which is developing potential treatments for cancer, planned to sell 16,666,667 shares of common stock at an estimated initial offering price of between $8 and $10. The company is also granting underwriters the option to purchase up to 2.5 million additional shares for 30 days. The company first filed to go public in July.
Merrimack, which was founded in 2000, plans to list on the Nasdaq under the symbol MACK. J.P. Morgan is the lead underwriter on the deal.
The company has five products in clinical trials. Its lead product is a potential treatment for pancreatic cancer which the company licensed from a Taiwanese firm this past May.