Biotech Values

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MACK - France's Ipsen to buy some Merrimack assets for up to $1 billion
http://reut.rs/2i5ICH4

French drugmaker Ipsen SA (IPN.PA) said on Monday it would buy some assets of U.S. peer Merrimack Pharmaceuticals Inc (MACK.O), including its pancreatic cancer treatment Onivyde, for up to $1 billion.

Ipsen will pay $575 million at the closing of the deal and up to $450 million more, contingent on some approvals for Onivyde in the United States.

The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen's portfolio, which has traditionally focused on endocrinology.

Ipsen will get exclusive commercialization rights for Onivyde in the United States, the current licensing agreements with Shire Plc (SHP.L) for commercialization rights excluding the United States and with PharmaEngine Inc (4162.TWO) for Taiwan.