Baxter to market Merrimack's cancer drug outside U.S.

September 24, 2014 12:11 PM

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Sept 24 (Reuters) - Drug developer Merrimack Pharmaceuticals Inc said it would partner with Baxter International Inc to develop and market its pancreatic cancer drug outside the United States, sending its shares up as much as 27 percent premarket.

Merrimack said it would receive a $100-million upfront payment from Baxter in the current quarter and could earn up to $120 million more in milestone payments for the drug, code named MM-398.

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