Merrimack Pharmaceuticals and its partners at Sanofi are back with another trial failure to report on the biotech's lead drug, MM-121. Combined with exemestane, the drug failed to improve progression-free survival among a group of ER/PR+, HER2 negative breast cancer patients.
Seven months after a mid-stage cancer drug from Sanofi and Merrimack Pharmaceuticals flunked its first mid-stage test, researchers are back with another failure to report. The Cambridge, MA-based biotech said that MM-121 (SAR256212), partnered with Sanofi in a $530 million deal, failed to hit the primary endpoint on progression free survival for ovarian cancer when combined with Taxol. Once again, though, the investigators are pointing to a subpopulation which benefited from the drug.
Merrimack Pharmaceuticals has nailed down the top-line results for one group of cancer patients in a mid-stage trial of Tarceva combined with its lead drug MM-121, partnered with Sanofi. And it's not good.
After taking a beating in previous years, biotech has been hot sector on Wall Street this year. The Nasdaq Biotech Index has shot up 30% this year compared with 15% growth in the broader market. And the fact that this year's total number of biotech IPOs already matches that of 2011 indicates that there could be a growing appetite for these types of investments. But there's no indication that we're on the verge of, or will ever, return to the go-go years of the 1990s when biotechs more easily went public at lofty values. Here's the full report >>
Supernus Pharmaceuticals came out of the IPO gate this morning, pricing its shares at a hefty discount in order to complete its long-planned effort to go public.
Merrimack's shares fell 13.7% from the opening price of $7 per share, giving the developer of cancer drugs a lackluster public debut.
Merrimack Pharmaceuticals, a Cambridge, MA-based developer with 5 cancer therapies in the pipeline, is hoping that it can finally pull off an IPO.
After burning through more than $122 million, the late-stage osteoporosis drug developer Radius Health is filing to go public in the hope of raising up to $86 million. Radius is betting that it can
Merrimack Pharmaceuticals ' attempt to buck the trend on IPOs ended in failure today. The developer, a 2011 Fierce 15 company, has 5 drugs in the clinic and reportedly scrapped its offering saying
As today's report on 2011's small class of biotech IPOs makes clear, this is a lousy time for a drug developer to go public--even if it has a compelling late-stage program to boast about. But