Mereo BioPharma
London, United Kingdom

Mereo BioPharma develops and commercialises innovative therapeutics addressing oncology and rare diseases. It also has specialty pharmaceutical products that it will partner. The assets are acquired or licensed in at clinical stages from large pharmaceutical companies. The portfolio consists of six compounds that are in clinical development.

Investment Perspective

Mereo BioPharma is progressing the promising anti-TIGIT antibody, etigilimab, into Phase Ib/II trials for multiple solid tumour types in Q420 and intends to host an investor webinar focusing on this asset in a similar timeframe. Partnering discussions for setrusumab (osteogenesis imperfecta, OI), are ongoing with options sought to retain certain commercialisation rights. Clinical trials are underway again, with Phase II data for alvelestat in anti-alpha trypsin deficiency (AATD) is expected in H221. Financing options for acumapimod and leflutrozole are also being explored. Although its early stage means its contribution to our rNPV model is currently modest, success with etigilimab would be transformative for the company. Using conservative assumptions our current valuation is 101p/share or $5.06/ADS (fully diluted).

Market information



H120 results and corporate review
Update | 12 Oct 2020
TIGIT programme starts the next chapter
Outlook | 02 Sep 2020
Private placement raises $70m (£56m)
Lighthouse | 04 Jun 2020

Recent News

Appointment of SVP of Clinical Development
23 Nov 2020
Intended cancellation of AIM listing
11 Nov 2020
Additions to management team
20 Oct 2020
FDA clearance for Phase Ib/II etigilimab anti-TIGIT study
19 Oct 2020