Merrimack names former Sanofi Genzyme executive CEO
The fully integrated biopharma company Merrimack appointed a new president and CEO: Richard Peters, M.D., Ph.D.. He additionally became a member of Merrimack Pharmaceuticals’ board of directors.
Dr. Peters joined Merrimack from Sanofi Genzyme, where he was senior VP and head of Global Rare Diseases. He replaces Gary Crocker, chairman and interim president and CEO, who guided Merrimack during a recent restructuring process and search for a permanent CEO and will remain chairman of the board.
Executives say Dr. Peters assumed the leadership of a restructured and more financially disciplined Merrimack as a result of the company’s announcement on Jan. 9 that it has entered into an agreement with Ipsen to sell its first product Onivyde and its generic version of doxorubicin hydrochloride (HCI) liposome injection for up to $1.03 billion. Merrimack intends to use the proceeds to extinguish its senior secured debt notes, pay a special cash dividend to stockholders and fully fund its clinical development-focused operations into the second half of 2019.
“I am excited for the opportunity to join Merrimack at a time of renewed company focus,” Dr. Peters says. “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. 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.”
Dr. Peters is a veteran healthcare executive with 25 years of biopharmaceutical industry experience and a proven record of building and leading organizations in diverse settings and life cycle phases: from development stage companies to large, global pharmaceutical companies. In his role at Sanofi Genzyme, he is responsible for a global, $3 billion per year business with 10 commercialized products and a robust, multi-product development pipeline focusing on several therapeutic areas. He is an expert in the field of oncology, previously serving as division medical officer at Sanofi Oncology, and is the former head of global and U.S. medical affairs at Genzyme Transplant/Oncology.
He has also served as a senior director at Onyx Pharmaceuticals, as a director at Amgen, and as CEO of Mednav, a venture capital-backed healthcare information technology startup.
A Harvard-trained physician-scientist, Dr. Peters has served on the faculty at the Massachusetts General Hospital and completed a Howard Hughes Medical Institute Fellowship in biophysics at Harvard Medical School. He is an active founder and angel biotech investor in start-up Biopharma companies.
“Dr. Peters is a highly respected industry veteran and thought leader, with the vision and experience necessary to oversee Merrimack’s successful execution as a refocused clinical stage and R&D company,” Crocker says. “Dr. Peters has deep expertise in advancing oncology pipeline assets from early stage research through development and commercialization, and his experience and medical background will bring important new perspective to the company’s development pipeline. We are confident that he is the right leader to oversee the advancement of Merrimack’s portfolio, which as we recently announced, will focus on our three highest potential assets, MM-121, MM-141 and MM-310. On behalf of the board and management team, we look forward to working closely with Dr. Peters to achieve our objectives for the new Merrimack.”
