MPH.L Share News (MPH)

(Sharecast News) - Clinical-stage biopharmaceutical company Mereo BioPharma Group updated the market on its proposed combination with OncoMed Pharmaceuticals on Friday, which it said should close in the second quarter of 2019.The AIM-traded firm said OncoMed had received irrevocable support agreements to vote in favour of the resolutions to effect the proposed transaction from Biotechnology Value Fund, Biotechnology Value Fund II, MSI BVF SPV, and Biotechnology Value Trading Fund OS, which represented approximately 10.45% of OncoMed's outstanding shares of common stock.In total, taken together with those support agreements Mereo announced on 5 December, OncoMed had now received agreements in respect of holdings representing approximately 21.1% of its outstanding shares of common stock."Mereo continues to make good progress towards the closing of the proposed transaction, which is expected to occur in the second quarter of 2019," its board said in its statement.