Merck takes $30M hit in fresh vernakalant write-off

Merck ($MRK) has agreed to write off $30 million of the $50 million its one-time partner Cardiome Pharma owed the pharma giant. Cardiome borrowed the money under a credit facility that Merck set up when they partnered on vernakalant, which had been designed to treat atrial fibrillation. The biotech will now pay $20 million to resolve the debt. "Complete resolution of our $50 million debt obligation to Merck removes a significant financial and operational overhang for Cardiome," said William Hunter, interim CEO of Cardiome. Cardiome axed 85% of its staff last July, when Merck made clear it wouldn't push ahead on the program. Story

 

Suggested Articles

Across its 15-year history, Omega Funds has a hand in a clutch of high-profile biotechs such as Editas Medicine and Juno Therapeutics.

After Novartis’ near $10 billion buyout of The Medicines Company, many thought cardiovascular therapies were hot again.

Mutations in RIPK1 can cause uncontrolled cell death and inflammation, researchers discovered by studying families with an autoimmune disorder.