LONDON (Alliance News) - Mereo BioPharma Group PLC on Thursday said OncoMed Pharmaceuticals Inc shareholders have approved the merger of the two companies.
Mereo BioPharma, a clinical stage biopharmaceutical firm with a focus on rare diseases, will acquire OncoMed through an all-stock deal worth USD57.4 million.
In total, 24.8 million Mereo shares will be issued, representing around 26% of the company's enlarged share capital. 5.0 million American depositary shares will be delivered to former shareholders of OncoMed.
OncoMed is also a biopharmaceutical business, although its focus is on oncology, and will become a wholly-owned indirect subsidiary of Mereo.
Having been approved by shareholders, the merger is set to take place and be fully effective by Tuesday next week.
Shares in Mereo were untraded at 165.00 pence on Thursday.
