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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