Af­ter months of back and forth, Mereo and its biggest stock­hold­er reach truce, re­place board mem­bers

For months, UK biotech Mereo Bio­Phar­ma has faced de­mands from its largest stock­hold­er Rubric Cap­i­tal Man­age­ment to shake up its board and ex­plore al­ter­na­tives for its pipeline. But re­peat­ed­ly, it has pushed back against those de­mands, say­ing that Rubric’s let­ter of re­quests has “a num­ber of de­fi­cien­cies.”

Chief among Rubric’s de­mands was the re­moval of four board mem­bers — board chair Michael Wyz­ga, deputy chair Pe­ter Fell­ner, An­ders Ek­blom, and Deepi­ka Pakianathan — who Rubric want­ed to re­place with its own nom­i­nees. In an Au­gust let­ter, Mereo shot back, say­ing that some of Rubric’s nom­i­nees were un­der-qual­i­fied.

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