Celgene opts not to proceed with anti-TIGIT antibody

London and New York-listed Mereo BioPharma (AIM: MPH) will regain rights to etigilimab from Celgene (Nasdaq: CELG), as the American firm elected not to exercise an option on the candidate.

Etigilimab, an anti-TIGIT antibody, is one of two product candidates Mereo acquired through  its April 2019 merger with OncoMed, a move which sent Mereo shares down sharply. Mereo stock has lost about 60% of its value in 2019.

Mereo, a clinical stage biotech focused on rare diseases, said that Celgene is handing back the candidate, “for strategic product portfolio considerations,” and that the firms are working to finalize the termination of the collaboration agreement.