Amid hot IPO sea­son, Mereo drops Nas­daq plans cit­ing 'chal­leng­ing' mar­ket con­di­tions

Mereo Bio­Phar­ma, a Lon­don biotech de­vel­op­ing a pipeline of as­sets it snagged from Big Phar­ma shelves, has yanked its IPO ap­pli­ca­tion to go pub­lic in the US, cit­ing “chal­leng­ing mar­ket con­di­tions.”

Just weeks ago, the com­pa­ny rolled out plans to raise $81 mil­lion by list­ing on the Nas­daq. The com­pa­ny, which is al­ready list­ed on the Lon­don Stock Ex­change, planned to use the ex­tra cash to de­vel­op at least three drug can­di­dates through mid-stage tri­als. In an SEC state­ment sig­nal­ing the stock of­fer­ing, Mereo said the mon­ey would fu­el two pro­grams it picked up from No­var­tis and one it got from As­traZeneca.

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