LONDON (Alliance News) - Mereo BioPharma Group PLC said Friday it has requested the withdrawal of its US IPO application as it continues to work on its business combination with US oncology-focused pharmaceutical firm OncoMed Pharmaceuticals Inc.
Mereo intends to have a Nasdaq American Depositary Recepits Level Three listing once the acquisition of OncoMed is completed.
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.
The acquisition remains conditional on shareholder approval from OncoMed and Mereo, and is expected to be completed in the first half of 2019.
Shares in Mereo BioPharma were up 3.0% at 170.00 pence on Friday.