Merrimack stock rockets 200% after positive trial data on Onivyde pancreatic cancer treatment

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Shares of Merrimack Pharmaceuticals Inc. MACK, +197.75% skyrocketed 199.5% toward a 4 1/2-year high in morning trading Wednesday, after the France-based biopharmaceutical company Ipsen IPSEY, +1.39% IPN, +3.95% said overnight that its Onivyde pancreatic cancer treatment met the primary endpoint of a Phase 3 trial. Ipsen said it plans to file a supplemental New Drug Application (NDA) with the U.S. Food and Drug Administration for Onivyde. “We are encouraged by these results which indicate progress toward a potential future milestone payment from Ipsen,” said Merrimack Chief Executive Gary Crocker. Ipsen’s U.S.-listed shares rose 1.4% in morning trading Wednesday. Merrimack had announced in January 2017 that it sold Onivyde to Ipsen in a deal valued at up to $1.03 billion, including up to $450 million in regulatory approval-based milestone payments. Merrimack’s stock, which was on track to close at the highest price since March 2018, has soared 206.4% year to date, while Ipsen’s stock has gained 14.5% and the S&P 500 SPX, -0.78% has lost 20.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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