French drugmaker Ipsen SA (IPN.PA) said on Monday it would buy some assets of U.S. peer Merrimack Pharmaceuticals Inc (MACK.O), including its pancreatic cancer treatment Onivyde, for up to $1 billion.
Ipsen will pay $575 million at the closing of the deal and up to $450 million more, contingent on some approvals for Onivyde in the United States.
The deal would give Merrimack the resources to fund the development of three new compounds targeting pancreatic, lung, and other types of cancers. It would boost Ipsen’s portfolio, which has traditionally focused on endocrinology.