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The new biotech company, Mereo, is based in the United Kingdom, and kicks off with three mid-stage assets from Novartis.
Novartis announced that it is spinning off three mid-stage clinical assets to Mereo BioPharma Group in return for equity. The deal involves compounds targeting unmet medical need, including BPS-804 to improve bone density in the orphan disease brittle bone syndrome; BCT-197 for acute exacerbations in COPD; and BGS-649 for obese men with hypogonadotrophic hypogonadism to normalize testosterone levels.
Mereo is a new biotech company based in the United Kingdom, with a mission to acquire and develop innovative medicines. Under the terms of the agreement, Novartis will have an equity stake in Mereo and upon successful development and commercialization of the compounds, Novartis is entitled to receive milestone payments and royalties from sales.
"We are pleased that through this deal with Mereo, we have found a way to work together to bring these valued innovations to patients," said David Epstein, head of Novartis Pharmaceuticals, in a press statement.