Issue Date: October 10, 2016
Merrimack cuts jobs and its CEO
Merrimack Pharmaceuticals is narrowing its focus to several systems-biology-derived oncology drug candidates and its approved pancreatic cancer drug Onivyde, a liposomal formulation of irinotecan. It intends to eliminate more than $200 million in expenses over the next two years. The company has initiated an immediate 22% reduction in its staff, which was 426 employees as of January. Merrimack’s CEO, Robert Mulroy, also has resigned.
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