Merrimack to shelve lead cancer drug, lay off most of workforce

Cambridge biotech Merrimack Pharmaceuticals plans to end development of its lead cancer drug and lay off 60 percent of its workforce as part of a corporate restructuring. Merrimack (Nasdaq: MACK) said during its third quarter earnings report on Wednesday that it will lay off approximately 40 employees by February, bringing its headcount down to 27 people. The company is also shelving what had been its most advanced drug in development, called MM-121, following disa ppointing trial results last month. The…
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