https://seekingalpha.com/news/...imack-minus-2_6-percent-decides-sale
"Merrimack -2.6% as it decides against sale
May 30, 2019 5:20 PM ET|About: Merrimack Pharmaceuticals,... (MACK)|By: Jason Aycock, SA News Editor
Merrimack Pharmaceuticals (NASDAQ:MACK) is 2.6% lower in postmarket trading after the company says it wrapped a strategic review by deciding not to move forward with a sale.
It says it contacted more than 100 potential companies and narrowed those to a handful.
But management and the board decided not to go forward with any for reasons including "not being able to agree on acceptable terms, offering what the board deemed to be insufficient value to Merrimack shareholders and/or not providing for the assumption of the responsibility to capture and distribute the potential long-term ONIVYDE milestones to the Company's pre-transaction shareholders."
Those milestone payments, related to a 2017 asset sale to Ipsen SA, were considered important to preserve in the strategic review.
It's authorizing a near-term special cash dividend of $16.9M-$18.9M if it can close an asset sale to 14ner Oncology: Merrimack's anti-Her3 monoclonal antibody programs, MM-121 and MM-111, for up to $58M in total consideration.
It will also pursue a workforce reduction to be substantially complete by June 28, and shrink the board."
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