Merrimack Pharmaceuticals buys drug rights
Merrimack Pharmaceuticals Inc. of Cambridge and PharmaEngine Inc. of Taiwan said they have signed an agreement that gives Merrimack the rights to develop and commercialize a drug candidate in Europe and Asia.
The drug candidate is MM-398, and it is believed to have the potential to treat some forms of cancer, the two companies said in a press release.
Under the agreement, PharmaEngine will receive a $10 million upfront payment and is eligible to receive up to an additional $210 million upon achievement of certain development, regulatory, and sales milestones as well as tiered royalties on sales of MM-398 in Europe and Asia, the release said.
Previously, the development and commercialization rights to MM-398 in Europe and Asia had been licensed to PharmaEngine, the release said.
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