Merrimack recruits Sanofi vet Richard Peters for the top job; ObsEva and Braeburn detail their IPO shots
• Now that Merrimack Pharmaceuticals $MACK has auctioned off its sole commercial drug to Ipsen and focused squarely on a set of top clinical candidates, the Cambridge, MA-based biotech has recruited longtime industry veteran Richard Peters to take the helm. The Harvard-trained physician is coming over from Sanofi Genzyme, where he was SVP of global rare diseases, a $3 billion per year business. “With the support of the Board of Directors and the expected near-term infusion of capital, several compelling clinical assets are now primed to realize their full potential,” said Peters in a statement. “Together with the rest of the management team, we plan on continuing to take substantial steps to grow our robust pipeline to its full potential, with an eye toward early data read-outs, to maximize value creation for patients and stockholders.”
• Geneva-based ObsEva has set the terms for its IPO. The women’s health biotech is planning to sell 6.5 million shares at $14 to $16 apiece, the latest in a string of new offerings testing some chilly waters. If successful, they would be about to raise about $97 million, looking for a market value of around $444 million.
• Braeburn Pharmaceuticals, meanwhile, is shooting for around $150 million with an IPO designed to sell 7.7 million shares at a range of $18 to $21. Insiders plan to take about $50 million of that.
• Germantown, MD-based Psyadon reported that its Phase IIb study of a new drug for Tourette syndrome “caused significant reductions in the YGTSS-TTS at both two- and four weeks after initiating treatment….Ecopipam works by blocking the dopamine D1 receptor which differentiates it from any other drug either on the market or currently in development. Since there hasn’t been a mechanistically new drug for the treatment of Tourette’s in over 30 years, this could offer a better option for people who suffer with the disease,” said CEO Richard Chipkin.