05:30 PM EDT, 03/27/2024 (MT Newswires) -- Merrimack Pharmaceuticals ( MACK ) said late Wednesday it has received a $225 million milestone payment from Ipsen and called for a special stockholder meeting on May 10 to approve a plan of dissolution.

The milestone payment was due from Ipsen after the US Food and Drug Administration approved Onivyde as a first-line treatment of metastatic adenocarcinoma on the pancreas, the company said.

Merrimack said it's unlikely that any additional milestone payments from either the Ipsen deal or its 2019 agreement with Elevation Oncology ( ELEV ) will become payable.

The company said the dissolution plan includes plans for a liquidating dividend payable to stockholders. It expects the initial liquidating dividend of $14.68 to $15.30 per share.

Price: 14.8, Change: +0.05, Percent Change: +0.34