- AstraZeneca plc (NASDAQ: NASDAQ:AZN) is rumored to be eyeing take over of Mereo BioPharma Group plc (NASDAQ: MREO), according to a report in The Times.
- The Times' report says that "Mereo would accept $5, equating to $500 million including American depositary receipts or ADRs. Evercore and Citigroup (NYSE:C) are said to be involved as advisers."
- Mereo's lead drug, a TIGIT called etigilimab, is putting them in a race that disappointed after Roche Holdings AG (OTC: RHHBY) suffered failures.
- The company reported at ASCO an overall response rate (ORR) of 11% and disease control rate (DCR) of 44%, including a complete response among 27 evaluable patients.
- Mereo in-licensed AstraZeneca's orally-active neutrophil elastase inhibitor alvelestat for the rare disease alpha-1 antitrypsin deficiency (AATD) in 2017.
- Recently, Mereo reported topline efficacy and safety results from a Phase 2 study of alvelestat in AATD-associated emphysema.
- The rumor has emerged as Mereo has just been notified by the Nasdaq that the price of its American Depository Shares has failed to maintain the minimum price of $1 over the last 30 days, putting it at risk of delisting.
- Price Action: MREO shares are up 61.89% at $1.29 during the market session on the last check Friday.
Read at Benzinga