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Mereo raises $119M, acquires three Novartis programs<span class="*Red-type+bold">

July 30, 2015 1:07 AM UTC

Mereo BioPharma Group Ltd. (London, U.K.) debuted on Wednesday with $119 million (L76.7 million) and three clinical-stage programs acquired from Novartis AG (NYSE:NVS; SIX:NOVN). Woodford Investment Management and Invesco Perpetual invested in Mereo; Novartis also has an equity stake.

The start-up aims to acquire and develop validated, mid-stage development programs from large biopharmas before partnering the programs at key inflection points. Mereo is focused on rare and specialist diseases. ...