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Merrimack Pharma Prices IPO Of 14.3 Mln Shares At $7/Share

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Biopharmaceutical company Merrimack Pharmaceuticals, Inc. announced the pricing of its initial public offering of 14.3 million common shares at $7.00 per share. All of the shares in the offering are being sold by Merrimack.

The Cambridge, Massachusetts based company common stock has been approved for listing on the NASDAQ Global Market and is expected to begin trading under the symbol "MACK" on March 29, 2012.

In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had lanned to offer 16.67 million shares at a range of $8-$10 per share.

The underwriters also have an option to buy 2.145 million additional shares from Merrimack for a period of 30 days to cover over-allotments.

J.P. Morgan Securities LLC is acting as sole book-running manager for the offering. BofA Merrill Lynch is acting as lead-manager for the offering, and Cowen and Company, LLC and Oppenheimer & Co. Inc. are acting as co-managers for the offering.

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by RTT Staff Writer

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