LONDON (Alliance News) - Mereo BioPharma Group PLC on Friday said it has now received support agreements in respect of 21.1% of OncoMed Pharmaceuticals Inc's shares and expects to complete the proposed merger by the end of the second quarter of 2019.
In early December, Mereo said it would acquire OncoMed through an all-stock deal valued at USD57.4 million. Under the agreement, Mereo will issue around 23.7 million new ordinary shares, which will be deposited with a depositary in order to issue Mereo American Depositary Receipts to current OncoMed shareholders.
At the time, Mereo said OncoMed has received irrevocable undertakings to vote in favour of the resolutions to effect the transaction from 10.69% of shareholders.
The biopharmaceutical company said OncoMed, at the special meeting on Friday, has received further irrevocable support agreements to vote in favour of takeover from Biotechnology Value Fund LP, Biotechnology Value Fund II LP, MSI BVF SPV LLC and Biotechnology Value Trading Fund OS LP, which together represent 10.45% of OncoMed's outstanding shares of common stock.
Mereo shares closed untraded on Friday, last quoted at 150.82 pence each.