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Merrimack, Actavis announce nanotechnology collaboration

Merrimack and Actavis plc announced that the companies have entered into a collaboration agreement. Under the agreement, Merrimack will utilize its proprietary nanoliposomal technology platform to develop and manufacture various pharmaceutical products for Actavis to commercialize around the world. Under the terms of the agreement, Merrimack is eligible to receive up to $15.5M, including $2M upfront and the remainder in committed near-term funding and development, regulatory and commercial milestone payments related to the first product to come out of the collaboration. In addition, Merrimack will receive a double-digit share of profits on future global sales of any commercialized products derived from the collaboration. Merrimack will be responsible for manufacturing bulk product at its Cambridge, MA nanoliposomal manufacturing facility.