美国百特宣布，公司将斥资购买Merrimack Pharmaceutical旗下胰腺癌新药MM-398，代价总计最高或为10亿美元。但是业界均认为这是一桩划算的买卖，因为MM-398瞄准的是“癌王”——胰腺癌市场，这是一种纳米脂质体密封的伊立替康，而且FDA和欧洲药监局授予孤儿药的权益。Merrimack公司是一家新兴的美国生物技术企业，目前在研产品为6个抗肿瘤药物。

根据双方签署的协定，美国百特将预付Merrimack公司1亿美元，后者将会在新药第一个和第二个适应症研究和批准达到预期目标之后额外获得总计4亿美元。

此外，Merrimack公司在额外拓展MM-398两个适应症之后获得2.2亿美元，并在产品上市之后获得2.5亿美元销售分成。

收购完成后，美国百特将拥有MM-398在除美国和台湾之外所有地区的使用权。Merrimack Pharmaceutical负责美国市场，而台湾地区的销售权则被智擎生技股份有限公司（Pharma Engine）在2011年以2.2亿美金的价格获得。

据悉，Merrimack公司计划在2014年向FDA提交MM-398的新药申请。百特将会在2015年启动其他地区新药申请。

作为一家以医疗产品为主的公司，百特大手笔收购药品并不常见。结合公司3月27日宣布拆分生物制药业务单独上市的消息，尽管公司宣称相信制药业务能够自立门户，祭出此举或仍可视做为分拆做最后的铺垫。

资料显示，2013年，百特制药业务单元年销售收入为60亿美元，大约是艾伯维的三分之一。其主要产品以血友病药物、免疫肿瘤产品为主，其中血友病产品Advate、Rixubis及Feiba实现销售收入34亿美元，衍生出来的血浆生物治疗药物如Gammagard，实现销售收入21亿美元。值得一提的是，在2014年7月30日以前，疫苗业务也是百特制药的组成部分之一，如今该业务单元被辉瑞以6.35以美元的价格打包收购。

Merrimack Licenses MM-398 - Value Potential Dramatically Improves

Summary
Merrimack announces a license agreement with Baxter for MM-398.
I amend my bear thesis to "hold" given that the arrangement helps validate the legitimacy of MM-398 for pancreatic cancer.
This partnership deal comes rather expected. In my initial report, I emphasized that MM-398 could become the standard of care for pancreatic cancer.

In early July, I wrote a bear article on Merrimack (NASDAQ:MACK), with a thesis stating that the company's prospects could be limited. In highlighting the implications of Sanofi's (NYSE:SNY) recent action to sever ties to MM-121, I argued that MM-121's poor clinical success rate could have prompted Sanofi to conclude the license agreement because it anticipates further clinical failure. Deeper under the hood, Merrimack's remaining assets are still in early stage trials, which, in fact, have an inherently low success rate. However, the company announced today a license agreement with Baxter (NYSE:BAX) for MM-398, sending shares as much as 27% higher in pre-market trading. As a result, I amend my bear thesis to "hold"since Merrimack is on course to continue developing and eventually commercialize MM-398 under a lucrative partnership arrangement.

Some key highlights of the license agreement with Baxter are as follows:
Baxter agrees to develop and market MM-398 outside the United States.
Merrimack will receive $100 million upfront from Baxter in the current quarter and it now has the opportunity to unlock $120 million in milestone payments.
Merrimack could receive another $280 million in development and milestone payments from Baxter if MM-398 shows potential in a second pancreatic cancer indication.
The approval process for MM-398 is currently underway. Baxter anticipates regulatory approval submissions outside the United States in 2015.
Merrimack retains commercial rights to the U.S. and Taiwan.

I have amended my bear thesis on Merrimack to "hold" for reasons two-fold. First, I expect that Merrimack will benefit from enhanced earnings growth going forward into next year. For in addition to the $120 million in milestone payments for the initial indication of MM-398, the company established a lucrative $280 million auxiliary agreement if the compound shows promise in a second pancreatic cancer indication. Merrimack will also receive tiered royalties and $100 million upfront from Baxter, which should benefit earnings for Q3 2014. Second, I maintain that MM-398 could become the standard of care for pancreatic cancer, which resembles a $1.2 billion market opportunity going into 2015. I believe Merrimack's ability to license the drug to a proven winner in Baxter demonstrates the drug's viability. However, I continue to be skeptical about the viability of Merrimack's other cancer treatment in MM-121. As a reminder, Sanofi spent in upwards of $400 million developing MM-121 before walking away from it. Thus, until we learn more about the conditions of the termination, as well as Merrimack's plans to acquire another partner, I will maintain coverage at "hold."