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BRIEF-Merrimack is immediately implementing a 22 pct reduction in headcount
October 3, 2016 / 12:01 PM / a year ago

BRIEF-Merrimack is immediately implementing a 22 pct reduction in headcount

Oct 3 (Reuters) - Merrimack Pharmaceuticals Inc

* Merrimack is immediately implementing a 22% reduction in headcount

* Eliminating more than $200 million in expected costs over next two years

* Now anticipates aggregate research and development and selling, general and administrative expenses in 2017 of approximately $190 million

* Reduction in personnel will not impact commercial team or execution of ONIVYDE‘S commercial launch and label expansion

* Now sees $165 million of aggregate research and development and selling, general and administrative expenses in 2017 on a non-GAAP basis

* Merrimack announces major corporate restructuring

* President and CEO Robert Mulroy to resign

* Chairman of board Gary Crocker named interim president and CEO

* Board of directors has accepted resignation of president and CEO Robert Mulroy, effective immediately

* John Dineen, chairman of organization and compensation committee and former CEO of GE Healthcare, will lead CEO search

* Reduction in force was substantially completed on October 3(RD) and is expected to be fully completed by December 3 Source text for Eikon: Further company coverage:

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