Merrimack Pharmaceuticals and Sanofi-Aventis Sign Licensing Agreement for Potential Cancer Drug
Under the agreement, sanofi-aventis will pay Merrimack $60 million upfront and will be responsible for all development costs. Merrimack is eligible for an additional $470 million in milestone payments as well as tiered double-digit royalties on sales of MM-121. Merrimack will execute the development of MM-121 (which is currently in Phase 1 clinical testing), for each indication and sanofi-aventis will be responsible for development thereafter. Merrimack also retains the right to co-promote the therapy in the United States.
WilmerHale represented Merrimack in this matter. David Redlick led the WilmerHale team, which also included Steven Barrett and Soojin Chung.