Trinity Delta Lighthouse: Mereo BioPharma
Trinity Delta view: Mereo BioPharma continues to deliver on its promises. We view Ultragenyx as an ideal partner to complete development of setrusumab, with its established infrastructure boding well for its commercialisation in the US and rest of the world. The terms of the deal reflect the quality of the clinical package to date and underscores the value of retaining commercialisation rights for Europe. Despite this positive news, we emphasise that investor attention will focus on its anti-TIGIT programme. Etigilimab will start a key Phase Ib/II PD-1 combination trial in a variety of solid tumours shortly, with top line results expected during H221. Pending an update following this deal, we suspend our valuation and forecasts with the intention of reinstating them as soon as practicable. For context, our prior valuation of Mereo BioPharma was $741m, equivalent to $5.06/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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