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Mereo BioPharma Group raises USD 50 million in underwritten offering for the pre-launch of setrusumab in Europe
Precision Medicine
Jun 14, 2024
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Precision Medicine

Precision Medicine

Jun 14, 2024

Mereo BioPharma Group raises USD 50 million in underwritten offering for the pre-launch of setrusumab in Europe

Funding

  • Mereo BioPharma Group has announced an underwritten offering of 12,531,300 of its American Depositary Shares (ADSs) at USD 3.99 per ADS, raising approximately USD 50 million in gross proceeds. Investors in direct offering include Frazier Life Sciences, Deerfield Management, and Perceptive Advisors and existing shareholders like Rubric Capital Management, Rock Springs Capital, and Janus Henderson Investors. The closing of the offering is expected to be on or around June 17, 2024, subject to meeting closing conditions.

  • The proceeds are planned to be used for the setrusumab program and its pre-launch activities in Europe as well as for working capital and other general corporate purposes.

  • UK-based Mereo BioPharma Group is a clinical-stage biopharmaceutical company specializing in developing therapeutics for rare diseases and oncology. The company’s pipeline includes two primary rare disease candidates: setrusumab and alvelestat. Setrusumab is an antibody targeting osteogenesis imperfecta (OI), and alvelestat is an oral small molecule aimed at treating severe alpha-1 antitrypsin deficiency-associated lung disease (AATD-LD). The company is also working on oncology candidates such as etigilimab and navicixizumab.

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