BTIG Affirms Merrimack Pharma (MACK) at 'Neutral' Amid Restructuring Plans
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Merrimack Announces Major Corporate Restructuring
October 3, 2016 7:15 AM EDTCAMBRIDGE, Mass., Oct. 3, 2016 /PRNewswire/ -- Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) today announced a major corporate restructuring with the objective of prioritizing its research and development on a focused set of systems biology-derived oncology products and strengthening its financial runway. As part of this move, Merrimack is immediately implementing a 22% reduction in headcount and eliminating more than $200 million in expected costs over the next two years. In line with this restructuring, the Board of Directors has accepted the resignation of President and CEO Robert Mulroy, effective immediately.
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