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7		-Merrimack Pharmaceuticals is a biopharmaceutical company based in Cambridge, Massachusetts that is outthinking cancer to ensure that patients and their families live fulfilling lives. Merrimack's mission is to transform cancer care through the smart design and development of targeted solutions based on a deep understanding of cancer pathways and biological markers. All its product candidates, including three in clinical studies and several others in preclinical development, fit into its strategy of (1) understanding the biological problems the company is trying to solve, (2) designing specific solutions and (3) developing those solutions for biomarker-selected patients. This three-pronged strategy seeks to ensure optimal patient outcomes.
	7	+Merrimack Pharmaceuticals (MACK) is a biopharmaceutical company based in Cambridge, Massachusetts that is outthinking cancer to ensure that patients and their families live fulfilling lives. Merrimack's mission is to transform cancer care through the smart design and development of targeted solutions based on a deep understanding of cancer pathways and biological markers. All its product candidates, including three in clinical studies and several others in preclinical development, fit into its strategy of (1) understanding the biological problems the company is trying to solve, (2) designing specific solutions and (3) developing those solutions for biomarker-selected patients. This three-pronged strategy seeks to ensure optimal patient outcomes.{{footnote}}https://fintel.io/doc/sec-mack-merrimack-pharmaceuticals-10k-annual-report-2018-march-12-18006{{/footnote}}
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9	9	On April 3, 2017, Merrimack Pharmaceuticals announced that the company commenced operating as a refocused research and clinical development company in connection with the completion of Merrimack's previously announced transaction, or the asset sale, with Ipsen S.A., or Ipsen. Pursuant to the Asset Purchase and Sale Agreement, dated as of January 7, 2017, or the asset sale agreement, between it and Ipsen, Ipsen acquired its right, title and interest in the non-cash assets, equipment, inventory, contracts and intellectual property primarily related to or used in its business operations and activities involving or relating to developing, manufacturing and commercializing ONIVYDE, its first commercial product, and MM-436, or the commercial business. the company received $575.0 million in cash, subject to a working capital adjustment, and are eligible to receive up to $450.0 million in additional regulatory approval-based milestone payments. The working capital adjustment is currently estimated as a $2.2 million receivable expected to be received in the third quarter of 2017. The company also retained the right to receive net milestone payments of up to $33.0 million that may become payable pursuant to the license and collaboration agreement with Baxalta Incorporated, Baxalta US Inc. and Baxalta GmbH, collectively Baxalta, which the company refer to as the Baxalta agreement, for the ex-U.S. development and commercialization of ONIVYDE. As of June 30, 2017, all historical transactions impacting the condensed consolidated statements of operations and comprehensive income (loss) related to the asset sale have been reclassified under discontinued operations.
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25	25	Merrimack Pharmaceuticals has never been profitable and, as of June 30, 2017, the company had an accumulated deficit of $472.9 million. Merrimack's loss from continuing operations before income tax expense was $59.9 million and $89.1 million for the three and six months ended June 30, 2017, respectively. Its loss from continuing operations was $51.6 million and $89.3 million for the three and six months ended June 30, 2016, respectively. The company expect to continue to incur significant expenses and operating losses for at least the next several years. The company expect to continue to incur significant research and development expenses in connection with its ongoing activities, particularly as the company continue the research, development and clinical trials of its product candidates, including multiple simultaneous clinical trials for certain product candidates. Until such time, if ever, as the company can generate sufficient product revenues, the company expect to finance its cash needs through a combination of equity offerings, debt financings, collaborations, licensing arrangements and other marketing and distribution arrangements. The company also could engage in discussions with third parties regarding partnerships, joint ventures, combinations or divestitures of one or more of its businesses as the company seek to further the development of its research programs, improve its cash position and maximize stockholder value. There can be no assurance as to the timing, terms or consummation of any financing, collaboration, licensing arrangement or other marketing and distribution arrangement, partnership, joint venture, combination or divestiture. The company may be unable to raise capital when needed or on attractive terms, which would force it to delay, limit, reduce or terminate its research and development programs. The company will need to generate significant revenues to achieve profitability, and the company may never do so.
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27		-==== Strategic Partnerships, Licenses and Collaborations ====
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29	29	**//Ipsen//**
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43	43	**//Actavis//**
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45	45	In November 2013, Merrimack Pharmaceuticals entered into a development, license and supply agreement with Watson Laboratories, Inc., or Actavis, which the company refer to as the Actavis agreement, pursuant to which the company agreed to develop, manufacture and exclusively supply the bulk form of doxorubicin hydrochloride (HCl) liposome injection to Actavis. On April 3, 2017, in connection with the completion of the asset sale, the Actavis agreement was assigned to Ipsen.
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