Mereo BioPharma Says Celgene Won't License Etigilimab
June 13 2019 - 8:56AM
Dow Jones News
By Colin Kellaher
Mereo BioPharma Group PLC (MREO, MPH.LN) on Thursday said
Celgene Corp. (CELG) won't exercise its option to license the
cancer treatment etigilimab, one of two product candidates Mereo
acquired in its April takeover of OncoMed Pharmaceuticals Inc.
Mereo, a London clinical-stage biopharmaceutical company focused
on rare diseases, said Celgene's decision was based on strategic
portfolio considerations. The Summit, N.J., biopharmaceutical
company is in the process of being acquired by Bristol-Myers Squibb
Co. (BMY).
As a result of Celgene's decision, Mereo said holders of the
contingent value rights that OncoMed issued related to etigilimab
won't receive any payments.
Mereo, which will retain the worldwide rights to etigilimab,
said it plans to initiate talks with other potential partners for
the program.
London-listed shares of Mereo were recently down 8.1%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 13, 2019 08:41 ET (12:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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