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BRIEF-Merrimack announces settlement of convertible note litigation
October 10, 2017 / 8:30 PM / in 13 days

BRIEF-Merrimack announces settlement of convertible note litigation

Oct 10 (Reuters) - Merrimack Pharmaceuticals Inc

* Merrimack announces settlement of convertible note litigation

* Merrimack Pharmaceuticals Inc - ‍agreement resolves outstanding litigation associated with Merrimack’s asset sale to Ipsen​

* Merrimack - ‍agrees to commence tender offer to purchase outstanding convertible notes with potential to eliminate all remaining debt​

* Merrimack Pharmaceuticals Inc - Merrimack does not intend to declare an additional special dividend with any funds from escrow​

* Merrimack-Under terms of settlement,co to pay noteholder plaintiffs $0.90 per $1.00 of convertible notes,plus accrued interest,an amount for legal fees​

* Merrimack Pharmaceuticals -tender offer to acquire all remaining convertible notes at rate $0.90 per $1.00 of convertible notes, plus accrued interest​

* Merrimack -‍settlement payout,amount co expects to pay for remaining notes,expenses related to Delaware action to be about $60 million released from escrow​ Source text for Eikon: Further company coverage:

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