Trinity Delta: Mereo BioPharma
Trinity Delta view: Mereo BioPharma has an innovative rare disease portfolio with four key assets, two of which it plans to commercialise (at least in part) itself. These include the lead programme, setrusumab for OI (osteogenesis imperfecta), which is on track to initiate a pivotal Phase IIb/III paediatric study in Europe this year. An important FDA meeting, expected in Q120, should help define the US approval pathway.Mereo BioPharma faced a clear funding requirement as the cash runway extends to end-H120; however, the overhang of the Woodford stake (19.55%, now held by Link) was seen as an impediment. These new deals with Novartis and Aspire Capital provide short term funding and flexibility towards the medium-term funding requirement.
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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