Mereo Biopharma
Mereo BioPharma is a clinical-stage biopharmaceutical company developing therapeutics for rare diseases, primarily setrusumab for osteogenesis imperfecta and alvelestat for alpha-1 antitrypsin deficiency-associated lung disease, operating through strategic partnerships with Ultragenyx and others.
- Company typePublic
- Founded2015
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Mereo Biopharma does
Mereo BioPharma Group plc is a clinical-stage specialty biopharmaceutical company founded in 2015 and headquartered in London, UK, with operating subsidiaries in Mountain View, California (Mereo BioPharma 5, Inc.) and Amsterdam, Netherlands (Mereo BioPharma Europe B.V.). The company is publicly listed on NASDAQ (ticker: MREO), was previously listed on AIM (MPH), and focuses on developing therapeutics for rare diseases with limited or no treatment options, primarily osteogenesis imperfecta (OI) and alpha-1 antitrypsin deficiency-associated lung disease (AATD-LD), along with selected oncology indications.
Mereo's pipeline is built around setrusumab (UX143), a fully human anti-sclerostin monoclonal antibody for OI developed in partnership with Ultragenyx Pharmaceutical, and alvelestat (MPH-966), an oral neutrophil elastase inhibitor for AATD-LD originally licensed from AstraZeneca. The company also retains oncology assets including the anti-TIGIT antibody etigilimab (with a Celgene option inherited from the OncoMed merger) and the bispecific navicixizumab (licensed to Feng Biosciences). The company operates a capital-efficient model of acquiring clinical-stage programs that have been deprioritized by originator pharmaceutical or biotechnology companies, leveraging prior investment to reduce development risk and capital intensity.
Revenue mechanics are presently minimal and episodic, consisting of partnership milestone payments and licensing royalties rather than commercial product sales. Under the Ultragenyx agreement for setrusumab, Mereo is eligible for up to $245M in milestones plus royalties on Ultragenyx-territory sales while retaining EU and UK commercial rights. The company reported a FY2025 net loss of $41.9 million against a $41 million cash position providing runway into mid-2027. The Phase 3 ORBIT and COSMIC trials for setrusumab failed to meet their primary endpoint of reducing annualized clinical fracture rates in December 2025, triggering an 87.7% stock price decline, securities class action litigation by April 2026, and immediate cost reduction measures including active partnership discussions for remaining programs.
Mereo Biopharma firmographics
Firmographics- Name
- Mereo Biopharma
- Legal name
- Mereo BioPharma Group plc
- Website
- https://mereobiopharma.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mereo BioPharma is a clinical-stage biopharmaceutical company developing therapeutics for rare diseases, primarily setrusumab for osteogenesis imperfecta and alvelestat for alpha-1 antitrypsin deficiency-associated lung disease, operating through strategic partnerships with Ultragenyx and others.
- Ownership category
- akta.pro rank
Mereo Biopharma industry classification
Industry- Product category
- Rare Disease Biopharmaceuticals
- NAICS
- Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)
- SIC
- Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)
- akta.pro primary industry
- Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF)
- akta.pro secondary industry
- Rare Oncology & Hematologic Malignancy Therapies (HLAIAIAC)
Keywords
Where Mereo Biopharma is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Mereo Biopharma business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Partnership and Milestone Payments: Mereo receives potential additional milestone payments of up to $245 million and royalties from Ultragenyx on commercial sales in Ultragenyx territories for setrusumab. Mereo has retained EU and UK commercial rights and will pay Ultragenyx royalties on commercial sales in those territories.
- Future Product Sales: Pre-revenue biopharmaceutical company focused on developing therapies for rare diseases. Revenue potential from future commercialization of setrusumab, alvelestat, and other pipeline candidates.
- Out-licensed Programs: Several clinical stage programs have been out-licensed. Navicixizumab partnered with Feng Biosciences Inc. Leflutrozole licensed to ReproNovo SA. These partnerships include milestone payments and royalties.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Mereo Biopharma product offering
Product offeringCore offering
Mereo BioPharma is a clinical-stage specialty biopharmaceutical company developing novel therapeutics for rare diseases with limited or no treatment options. Its lead pipeline assets are setrusumab (anti-sclerostin monoclonal antibody) for osteogenesis imperfecta and alvelestat (oral neutrophil elastase inhibitor) for alpha-1 antitrypsin deficiency-associated lung disease, complemented by oncology programs (etigilimab, navicixizumab) and other out-licensed candidates. The company uses a capital-efficient acquisition model, taking on therapies deprioritized by larger pharmaceutical companies.
Product overview
Mereo BioPharma is a clinical-stage biopharmaceutical company focused on rare diseases and oncology. The company operates a pipeline of novel therapeutic candidates, with two lead rare disease programs: Setrusumab (UX143) for osteogenesis imperfecta (OI) and Alvelestat (MPH-966) for Alpha-1 Antitrypsin Deficiency-associated Lung Disease (AATD-LD). The company has retained EU and UK commercial rights for setrusumab while partnering with Ultragenyx for development. Additionally, Mereo has oncology programs including Etigilimab (anti-TIGIT antibody) and Navicixizumab for ovarian cancer, as well as earlier-stage programs including Acumapimod for COPD and Leflutrozole for hypogonadotropic hypogonadism. The company operates a capital-efficient model and forms strategic partnerships to advance its pipeline.
Differentiator
Problem solved
Functional benefit
Products and services
- Setrusumab (UX143) A fully human monoclonal antibody that inhibits sclerostin (a protein that inhibits bone-forming cells) being developed for the treatment of osteogenesis imperfecta (OI), a rare genetic bone disorder. Developed in partnership with Ultragenyx Pharmaceutical with up to $245 million in potential milestone payments plus royalties to Mereo. Mereo retains EU and UK commercial rights.
- Alvelestat (MPH-966) An oral small-molecule inhibitor of neutrophil elastase being studied for the treatment of Alpha-1 Antitrypsin Deficiency-associated Lung Disease (AATD-LD), a rare genetic condition causing lung damage and progressive emphysema. Licensed from AstraZeneca.
- Etigilimab (Anti-TIGIT/MPH-313) An anti-TIGIT antibody being evaluated in combination with nivolumab for treatment of solid tumors, including clear cell ovarian cancer and other gynecological carcinomas. Part of legacy OncoMed portfolio with prior Celgene collaboration option.
- Navicixizumab A bispecific antibody targeting DLL4 and VEGF for the treatment of late-line ovarian cancer. Out-licensed globally to Feng Biosciences Inc. for development and commercialization. Phase 1b data published in Journal of Clinical Oncology.
- Acumapimod (BCT-197) A novel oral p38 MAP kinase inhibitor in development for acute exacerbations of chronic obstructive pulmonary disease (AECOPD). Part of Mereo's clinical-stage pipeline.
- Leflutrozole A non-steroidal aromatase inhibitor being developed for hypogonadotropic hypogonadism (HH) in reproductive medicine. Out-licensed globally to ReproNovo SA under an exclusive global license agreement.
- Vantictumab An antibody being developed for osteopetrosis, partnered with āshibio which plans a Phase 2 trial in the second half of 2026.
Quantifiable outcome
- Phase 3 ORBIT and COSMIC studies showed statistically significant improvements in bone mineral density but did not meet primary endpoint of reducing annualized clinical fracture rates
- +3 more outcomes
Companies that use Mereo Biopharma
Customer profileSegments3 records
Ideal customer profiles3 records
Mereo Biopharma technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Mereo Biopharma partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor and core.
- Cancer Focus FundminorPartnership for Phase 1b/2 study of etigilimab in clear cell ovarian cancer at MD Anderson Cancer Center. Financed by Cancer Focus Fund in exchange for $1.5 million of Mereo shares and milestone payments.
- AstraZenecacoreExclusive license and option to acquire AZD9668 (now alvelestat), an oral inhibitor of neutrophil elastase for alpha-1 antitrypsin deficiency. AstraZeneca previously conducted clinical trials with this compound.
- Ultragenyx Pharmaceutical Inc.coreCollaboration and license agreement for global development of setrusumab (UX143) for osteogenesis imperfecta. Partnership includes potential milestone payments of up to $245 million and royalties to Mereo on commercial sales in Ultragenyx territories. Mereo has retained EU and UK commercial rights.
- āshibiominorPartner for vantictumab in osteopetrosis. āshibio plans a Phase 2 trial of vantictumab in osteopetrosis for the second half of 2026.
- Feng Biosciences Inc.minorGlobal licensing agreement for navicixizumab development and commercialization, including milestone payments and royalties.
- ReproNovo SAminorExclusive global license agreement for development and commercialization of leflutrozole, a non-steroidal aromatase inhibitor for reproductive medicine.
- OncXerna Therapeutics Inc. (formerly Oncologie)minorPartner for navicixizumab development, previously partnered through OncoMed merger. Phase 1b data published in Journal of Clinical Oncology.
- CelgeneminorEtigilimab part of OncoMed's prior collaboration with Celgene. Celgene has option to obtain exclusive license to develop and commercialize the product, with potential $35 million opt-in payment.
Scale indicators6 records
Recent moves8 records
Expansion highlights4 records
Mereo Biopharma competitors and assessment
Company assessmentDirect peers
- Ultragenyx Pharmaceutical: Ultragenyx is Mereo's primary commercial partner for setrusumab and a directly comparable rare disease biopharmaceutical company. Both companies focus on rare genetic diseases with novel therapeutic approaches and operate capital-efficient development models targeting underserved patient populations.
- Swedish Orphan Biovitrum (SOBI): SOBI is a specialty biopharmaceutical company focused on rare diseases, with operations in Europe and a model similar to Mereo's capital-efficient approach to acquiring and developing orphan therapies for underserved patient populations.
- Recordati Rare Diseases: Recordati Rare Diseases is a specialty pharmaceutical company focused on rare diseases with operations in Europe. Their model of acquiring and commercializing rare disease treatments makes them directly comparable to Mereo's strategy.
Broad incumbents
- BioMarin Pharmaceutical: BioMarin is an established rare disease biopharmaceutical company with bone disorder and enzyme replacement therapies. BioMarin's scale, commercialization infrastructure, and similar therapeutic focus areas make it a relevant comparable for Mereo's rare disease strategy.
- Alexion Pharmaceuticals (AstraZeneca Rare Disease): Alexion is a leading rare disease biopharmaceutical company (now part of AstraZeneca) with a complementary rare disease franchise. Their specialization in rare genetic disorders and established commercialization infrastructure make them a comparable for Mereo's rare disease business model.
- Amgen: Amgen developed Evenity (romosozumab), an anti-sclerostin antibody that directly competes with Mereo's setrusumab in bone disorders. Amgen's established presence in bone biology and rare disease therapeutics makes them a relevant comparable.
- Vertex Pharmaceuticals: Vertex Pharmaceuticals is a specialty biopharmaceutical company that has expanded into rare diseases through its CF franchise and emerging rare disease pipeline. Their capital-efficient R&D model and focus on underserved diseases is comparable to Mereo's strategy.
- Ipsen: Ipsen is a specialty biopharmaceutical company with rare disease and oncology franchises. Their European commercial infrastructure and focus on specialty care therapies make them relevant for Mereo's commercialization strategy in EU/UK markets.
Emerging players
- Intercept Pharmaceuticals: Intercept is a smaller specialty biopharmaceutical company focused on rare liver diseases. Their similar capital constraints, regulatory challenges, and reliance on a few key assets provide a comparable profile to Mereo's current situation.
- Orchard Therapeutics: Orchard Therapeutics is a smaller clinical-stage biopharmaceutical company focused on rare diseases through gene therapy. Their similar size, clinical-stage profile, and focus on rare genetic disorders make them comparable to Mereo's structure and challenges.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Mereo Biopharma social profiles
Digital presenceMereo Biopharma financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mereo Biopharma leadership team
Management profileNumber of profiles
Profiles11 records
Mereo Biopharma subsidiaries and ownership
Company hierarchySubsidiaries2 records
Mereo Biopharma funding detail
Funding detailFunding overview
Funding rounds6 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mereo Biopharma M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mereo Biopharma
What does Mereo Biopharma do?
Mereo BioPharma is a clinical-stage specialty biopharmaceutical company developing novel therapeutics for rare diseases with limited or no treatment options. Its lead pipeline assets are setrusumab (anti-sclerostin monoclonal antibody) for osteogenesis imperfecta and alvelestat (oral neutrophil elastase inhibitor) for alpha-1 antitrypsin deficiency-associated lung disease, complemented by oncology programs (etigilimab, navicixizumab) and other out-licensed candidates. The company uses a capital-efficient acquisition model, taking on therapies deprioritized by larger pharmaceutical companies.
Is Mereo Biopharma a public or private company?
Mereo Biopharma is a public company. It is classified as public and is currently operating.
When was Mereo Biopharma founded?
Mereo Biopharma was founded in 2015. It employs 11 to 50 people.
Where is Mereo Biopharma based?
Mereo Biopharma is headquartered in London, United Kingdom, in the Europe region.
How does Mereo Biopharma make money?
Three revenue lines are on record. Partnership and Milestone Payments are the primary driver. The others are future Product Sales and out-licensed Programs.
Who are Mereo Biopharma's main competitors?
Direct peers on record are Ultragenyx Pharmaceutical, Swedish Orphan Biovitrum (SOBI) and Recordati Rare Diseases. Broad incumbents are BioMarin Pharmaceutical, Alexion Pharmaceuticals (AstraZeneca Rare Disease), Amgen, Vertex Pharmaceuticals and Ipsen. Emerging players are Intercept Pharmaceuticals and Orchard Therapeutics.
Does Mereo Biopharma have an API?
No public API is recorded for Mereo Biopharma.
What industry is Mereo Biopharma in?
Mereo Biopharma's product category is Rare Disease Biopharmaceuticals. Its primary akta.pro industry code is HLAIACAF, Pulmonology & Allergy Specialty Pharmaceuticals, with a secondary code of HLAIAIAC, Rare Oncology & Hematologic Malignancy Therapies. Its NAICS code is 3254 and its SIC code is 2834.