Merrimack stock rockets 200% after positive trial data on Onivyde pancreatic cancer treatment

Shares of Merrimack Pharmaceuticals Inc.
MACK,
+212.75%
skyrocketed 199.5% toward a 4 1/2-year high in morning trading Wednesday, after the France-based biopharmaceutical company Ipsen
IPSEY,
+3.10%
IPN,
+4.15%
said overnight that its Onivyde pancreatic cancer treatment met the primary endpoint of a Phase 3 trial. Ipsen said it plans to file a supplemental New Drug Application (NDA) with the U.S. Food and Drug Administration for Onivyde. “We are encouraged by these results which indicate progress toward a potential future milestone payment from Ipsen,” said Merrimack Chief Executive Gary Crocker. Ipsen’s U.S.-listed shares rose 1.4% in morning trading Wednesday. Merrimack had announced in January 2017 that it sold Onivyde to Ipsen in a deal valued at up to $1.03 billion, including up to $450 million in regulatory approval-based milestone payments. Merrimack’s stock, which was on track to close at the highest price since March 2018, has soared 206.4% year to date, while Ipsen’s stock has gained 14.5% and the S&P 500
SPX,
-2.08%
has lost 20.0%.