Fundraisings and IPOs

Date: 2018-04-26

Type of information: IPO

Company: Mereo BioPharma (UK)



Funding type: IPO

Planned used:    


  • • On April 26, 2018, Mereo BioPharma announced that the company has withdrawn the global offering and postponed its proposed listing of its American Depositary Shares ("ADSs") on the Nasdaq Global Market that was previously announced on April 9, 2018. The company believes that current market conditions are not conducive for an offering on terms that would be in the best interests of its shareholders.
  • The company remains well funded, with a net cash, short-term deposits and short-term investment balance of £52.5 million at December 31, 2017. The development of the company's clinical assets remains on track. In December 2017, the company reported positive top-line data from its completed phase 2 dose-ranging clinical trial for BCT-197 for the treatment of acute exacerbations of chronic obstructive pulmonary disease. In March 2018, the company reported positive top-line data from its phase 2b dose-ranging clinical trial for BGS-649, a once a week oral treatment for hypogonadotropic hypogonadism (HH) in obese men. The development of the company's two other clinical assets, BPS-804, a novel antibody the company is developing as a treatment for osteogenesis imperfecta (OI), and AZD-9668, for patients with severe AATD, also remains on track. • On April 9, 2018, Mereo BioPharma announced the commencement of an underwritten public offering of ordinary shares in the capital of the company in a global offering, comprising a registered offering of Ordinary Shares in the form of American Depositary Shares in the United States and a concurrent private placement of ordinary shares in Europe and other countries outside of the United States and Canada.  The company has applied to have its ADSs listed on the Nasdaq Global Market under the symbol “MREO”. Upon completion of the Global Offering, the Ordinary Shares will continue to be admitted to trading on the AIM market of the London Stock Exchange plc under the symbol “MPH”. An application will be made to admit all of the Ordinary Shares to be issued in the Global Offering to trading on AIM.
  • Cowen and Company, LLC, BMO Capital Markets Corp. and RBC Capital Markets, LLC are acting as book-running managers for the Global Offering. JMP Securities LLC is acting as lead manager and Cantor Fitzgerald Europe is acting as co-manager.
  • • On December 18, 2017, Mereo BioPharma announced that it plans to conduct a registered initial public offering in the United States. The number of shares and price of the proposed offering have not yet been determined. The proposed offering is expected to commence in the first half of 2018, after the U.S. Securities and Exchange Commission completes its review process of the registration statement relating to the proposed offering and subject to market and other conditions.

Therapeutic area: Rare diseases - Genetic diseases

Is general: Yes