Rubik's Cube still not solved at Mereo as activist investor rejects biotech's offer for board seats
Last month, Mereo BioPharma said its shareholders “deserve better” and in the latest setback at the UK biotech, the disgruntled 14% owner Rubric Capital Management has rejected an offer that the rare disease drugmaker thought would’ve solved the proxy fight.
The London biotech put out word Monday that it had offered up a principal and new director board seat to Rubric by having two existing Mereo directors retire. The offer didn’t entice Rubric amid a weekslong back-and-forth between the two parties, with Mereo sending multiple letters to the investor to defend itself and mitigate public concerns.
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