Merrimack raises $100.1M in IPO

Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) raised $100.1 million through the sale of 14.3 million shares at $7 in an IPO. The price values Merrimack at $646.8 million. JPMorgan; BofA Merrill Lynch; Cowen; and Oppenheimer were underwriters. Merrimack was down $0.96 (14%) to $6.04 in its first day of trading on Thursday.

The company had planned to sell 16.7 million shares at $8-$10 but postponed the offering last month. A $9 price would have raised $150 million and valued the company at $852.8 million (see BioCentury, Feb. 6). ...