Stephen Sondheim and George Furth’s legendary musical, which runs backwards in time from 1980 to 1955, examines the lives of three friends whose friendship is tested by time, events, ambition and fate.

It charts the rise of a songwriting team during the years of Sondheim’s own young career, and includes some of his most brilliant and bruising songs, including “Not a Day Goes By,” “Old Friends,” “Our Time” and “Opening Doors.”

Although unsuccessful in its original 1981 Broadway production (which ran 16 performances at the Alvin Theatre), Merrily has gained stature and reputation over the ensuing years, beginning with a reconfigured version of the piece at the La Jolla Playhouse in California in 1985, directed by frequent Sondheim collaborator James Lapine. Mr. Lapine will return to the project as director of the Encores! production.