Merrimack raises $150 million

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) raised $150 million in a bumped-up offering comprising a follow-on and notes deal. Merrimack raised $25 million through the sale of 5 million shares at $5 and raised $125 million through the sale of 4.5% convertible senior notes due 2020. The notes initially convert at $6.25, an 11% discount to Merrimack's close of $6.99 on Wednesday, before the company proposed to raise $50 million in the follow-on and $75 million in the notes deal. JPMorgan; BofA Merrill Lynch; and Cowen were underwriters for both offerings. Oppenheimer; Guggenheim Securities; and Brean Capital were also underwriters for the follow-on. Merrimack was up $0.05 to $5.08 on Friday. ...