Trinity Delta Lighthouse: Mereo BioPharma
Trinity Delta view: Setrusumab, previously known as BPS-804, is the largest element in our valuation of Mereo BioPharma; amounting to £389m or $299m, equivalent to 305p per share or $15.26/ADS (see our recent Outlook note for further details). These encouraging data support our positive stance and help underline the inherent value within the company. The strategy is to develop a portfolio of innovative rare disease products. We believe management is actively progressing further partnering discussions that will provide near-term funding, yet still retain a sizeable element of longer-term commercial upside.We maintain our valuation of Mereo BioPharma at £442m ($574m), equivalent to 412p/share or $20.60/ADS (fully diluted).
Mereo Biopharma Group is engaged in the research and development of novel biopharmaceuticals for the treatment of rare and specialty diseases. Co. operates through three segment which are the respiratory unit, endocrinology disorders unit, orphan diseases unit. Respiratory unit develops drugs to treat respiratory diseases. Endocrinology disorders unit develops drugs to treat endocrine disorders. Orphan diseases unit develops drugs to treat various orphan diseases. Co. has two products which called BPS-804 and BGS-649.
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