Mereo BioPharma soars on out-licensing deal for setrusumab
Shares of UK-based rare diseases specialist Mereo BioPharma (Nasdaq: MREO) shot up almost 63% to $3.60 on Friday, after it announced a license and collaboration agreement for setrusumab, a monoclonal antibody in clinical development for osteogenesis imperfecta (OI), with Ultragenyx Pharmaceutical (Nasdaq: RARE).
Rights to Novartis (NOVN: VX) cast-off setrusumab were acquired by Mereo in 2015, under a deal where the Swiss pharma giant took an equity stake in Mereo and would share in the success of the development of three investigational compounds, including a share on milestones and royalties on future commercial sales.
Setrusumab, formerly dubbed BPS-804, is an investigational anti-sclerostin fully-human monoclonal antibody that has shown the ability to improve bone production and density leading to greater bone strength in animal models of OI. Data from a Phase IIb of setrusumab conducted by Mereo demonstrated a dose-dependent increase in bone formation, density, and strength in adults with OI.
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