unlocking healthcare potential for patients in … › media › 1382 › prelims...in giving this...

Denise Scots-Knight - CEORichard Jones - CFO

29 April 2019

UNLOCKING HEALTHCAREPOTENTIAL FOR PATIENTS IN

RARE AND SPECIALTY DISEASES

DISCLAIMER

1Mereo BioPharma Group plc

THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation has been prepared by Mereo BioPharma Group plc (the “Company”) solely for your information and for use at a presentation for the purpose of providing background information on the Company, its business and the industry in which it operates. For the purposes of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the presentation meeting. In giving this presentation, none of the Company or any of its subsidiary undertakings, or any of any such person's directors, officers, employees, agents, affiliates or advisers, undertakes any obligation to amend, correct or update this presentation or to provide the recipient with access to any additional information that may arise in connection with it. To the extent available, the data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the data contained in this presentation.Forward-Looking StatementsThis presentation contains “forward-looking statements.” All statements other than statements of historical fact contained in this presentation are forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates.Factors that could cause actual results to differ materially from those in the forward-looking statements include risks relating to unanticipated costs, liabilities or delays; failure or delays in research and development programs; unanticipated changes relating to competitive factors in the Company’s industry; risks relating to expectations regarding the Company’s capitalization, resources and ownership structure; the availability of sufficient resources for company operations and to conduct or continue planned clinical development programs; the outcome of any legal proceedings; risks related to the ability to correctly estimate operating expenses; risks related to the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations; risks related to the changes in market prices of the Company’s ordinary shares; the Company’s ability to hire and retain key personnel; changes in law or regulations affecting the Company; international, national or local economic, social or political conditions that could adversely affect the Company and its business; conditions in the credit markets; risks associated with assumptions the Company makes in connection with its critical accounting estimates and other judgments.All of the Company’s forward-looking statements involve risks and uncertainties (some of which are significant or beyond its control) and assumptions that could cause actual results to differ materially from the Company’s historical experience and its present expectations or projections. The foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in its Annual Report on Form 20-F, Reports on Form 6-K and other documents filed from time to time by the Company with the United States Securities and Exchange Commission (the “SEC”) and those described in other documents the Company may publish from time to time should be carefully considered. The Company wishes to caution you not to place Undue reliance on any forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

2

CORE STRATEGY FOCUSSED ON RARE DISEASES

Mereo BioPharma Group plc

Potential new products

Core Rare Disease Strategy

Bone/ Musculoskeletal

EndocrineRespiratory

BPS-804Setrusumab

MPH-966 Alvelestat

Potential new products Potential new products

>1000 patients High unmet need

Oncology

NAVI Navicixizumab

ANTI-TIGITEtigilimab

BCT-197Acumapimod

BGS-649Leflutrozole

Respiratory Endocrine

Potential new products

COMMERCIALIZE

PARTNER

MEREO – CONTEXT AND PERSPECTIVE

3

• Merger with Oncomedclosed (NASDAQ: MREO) -total cash resources ~$70m

• Phase 2 study in 112 adults patients with OI - data 2019

• PIP for pivotal study in OI approved by EMA

• Phase 2 study of MPH-966 in adults with AATD enrolling –data - end of 2019

• BCT-197 Phase 3 ready

• Multiple opportunities for corporate partnering

Positioned for growth

2019

• Acquired three Phase 2 products from Novartis in exchange for equity

• BPS-804 for OI

• BCT-197 for AECOPD

• BGS-649 for HH

• Raised $116m in equity financing from UK institutional investors

• Listed on the LSE (AIM:MPH)

The Foundation2015 - 2016

• Delivered two successful clinical programmes

• Phase 2 for BCT-197 in 271 patients for AECOP

• Phase 2b for BGS-649 in 260 patients for HH

• Initiated Phase 2b for BPS-804 in adults with OI and fully enrolled 112 patients

• Additional rare disease product from Astra Zeneca

• MPH-966 for AATD in Phase 2

• Additional equity raise and venture debt funding

Operational Excellence2017 - 2018

OUR RARE DISEASE PRODUCT PORTFOLIO

4

Product/disease

OUR NON-RARE DISEASE PORTFOLIO

5

Product/disease

BPS-804SETRUSUMAB(ACQUIRED FROM NOVARTIS IN 2015)

OSTEOGENESIS IMPERFECTA: A RARE, SEVERE GENETIC BONE DISEASE



OSTEOGENESIS IMPERFECTA (OI)

8

6.2OI cases per 100,000 population in the US 1

10OI cases per 100,000 population in the EU 2

Prevalence:

85% - 90%linked to a gene mutation that

produces abnormal type 1 collagen 1, 2

72% - 77%of total OI population 3

Symptoms• Frequent bone fractures and brittle teeth • Early hearing loss, sight issues• Respiratory problems

Historically 83 patients received BPS-804, setrusumab

In OI patients, statistically significant improvement shown in lumbar spine BMD; increase in biomarkers of bone building; reduction of biomarkers of bone resorption

OI types I, III and IV occur in

1) Based on Osteogenesis Imperfecta Foundation estimates2) Based on Orphanet estimates3) Shapiro J (2014) Osteogenesis Imperfecta: A Translational Approach to Brittle Bone Disease. Academic Press. Chapter 2: p15-22

No FDA or EMA approved therapies in OI

SETRUSUMAB IN OI: ADULT PHASE 2B STUDY

9

Fully Enrolled Trial arms: Study duration:

112 OI PatientsTypes I, III and IV

6 months open label data 1H 2019 with 12 months H2 2019

Top line data from three blinded arms by the end of 2019

Three different monthly dosing regimens of BPS-804

Open label arm at top monthly dose

52Weeks

Analysis at 26 and 52 weeks

Primaryendpoints

Trabecular volumetric BMD by HRpQCT versus baseline at 12 monthsChange in bone strength using finite element analysis

Secondaryendpoints

• Trabecular volumetric BMD by HRpQCT at 6 months

• BMD by DXA scans at 6 and 12 months

• HRpQCT parameters

• Bone biomarkers

• PRO and quality of life


HRPQCT SCANS OF PATIENTS WITH OI AND CONTROLS

10Mereo Biopharma Group plc

SETRUSMAB IN OI – PEDIATRIC PHASE 3 STUDY DESIGN

11

Planned enrolment:

24 patients 5-18 years

Total Study duration

~160 Severe OI PatientsTypes I, III and IV

Approved in EU and Canada, US evaluation ongoing

Patients on bisphosphonate therapy

One month dose finding – 3 doses versus placebo

Additional 128 patients Randomised 1:1 placebo to selected dose

52Weeks

Primaryendpoints

Fracture rate versus placebo at 12 months

Secondaryendpoints

• Trabecular volumetric BMD by HRpQCT

• BMD by DXA scans 12 months

• All HRpQCT parameters

• Bone biomarkers

• PRO and quality of life


SETRUSUMAB IN OI – REGULATORY STATUS

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Granted orphan status in EU & US

PIP agreedwith EMA

Granted Priority Medicines (PRIME) status and included in Adaptive Pathways in the EU

• Ongoing interactive dialogue with EMA, HTAs and payers

• Focus: prospective alignment on real world evidence/registries

Plan to engage with FDA to initiate pediatricPhase 3 trial in USA

Planned initiation in EU and Canada


MPH-966

ALVELESTAT(ACQUIRED FROM ASTRAZENECA IN 2017)


North America

~50,000

Europe

~60,000

Estimated prevalence of target patients(PiZZ and Nulls)

Symptoms: Current treatment weekly IV alpha 1 antitrypsinprotein – annual cost up to $150k ~9000 patients

Alvelestat in 1000 patients; 4 COPD studies, cystic fibrosis and bronchiectasis study (positive)

Genetic mutation produces deficiency through abnormal

folding of the protein or zero production of the

protein

Mutations in SERPINA1 gene chromosome 14

Only homozygotes (ZZ’s) and Nulls have severe disease

ALPHA-1 ANTITRYPSIN DEFICIENCY (AATD)

A rare, serious genetic disorder that results in early onset pulmonary disease

• Age 20-50 – wheeze and reduced exercise tolerance • PiZZ and Null adults develop early onset emphysema• Some mutations can cause cirrhosis in children• Reduced life expectancy

14

Francisco et al (2012) Rare alpha-1-antitrypsin variants: are they really so rare? Therapeutic Advances in Respiratory Disease January 30Luisetti et al (2004) α1-Antitrypsin deficiency · 1: Epidemiology of α1-antitrypsin deficiency Thorax 59:164-169


HYPOTHESIS: RESTORING THE BALANCE IN ALPHA-1 ANTI-TRYPSIN DEFICIENCY

RELATED LUNG DISEASE WITH NEUTROPHIL ELASTASE INHIBITOR – ALVELESTAT

15

Elastase

Anti-Elastase

Alpha-1 antitrypsin

Alvelestat is an Oral Neutrophil Elastase Inhibitor

MPH-966 – PROOF OF CONCEPT PHASE 2 STUDY

• Three-arm study with two different dosing arms versus placebo• Planned enrolment – 165 patients completed • Treatment duration – 12 weeks • FPI in November 2018, top-line data expected around end of 2019

Primary Endpoint

• Desmosine - biomarker shown to have correlation with lung density by CT scan1

Proposed Patient Population• CT scan – emphysema• Confirmed genotype (PiZZ or Null)• FEV1>25%

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1) A biomarker in KAMADA’s RAPID study. Ref: Ma S, Lin YY, Cantor JO, et al. The effect of alpha-1 proteinase inhibitor on biomarkers of elastin degradation in alpha-1 antitrypsin deficiency: An analysis of the RAPID/RAPID Extension trials. Chronic Obstr Pulm Dis. 2017; 4(1): 34-44.


“GO-TO-MARKET” DEVELOPMENT STRATEGY:

PREPARING FOR

SUCCESSFUL COMMERCIALIZATION

CRITCAL FACTORS FOR SUCCESSFUL ORPHAN DRUG LAUNCH AND COMMERCIALIZATION

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Patients seea real benefit

Purchasers / Payers

willing to pay

Physiciansprescribing

“We welcome all new therapies, but these new therapies need to get to the patients. An unaffordable or unavailable medicine is useless.” Luca Pani, AIFA, CHMP

Member and Scientific Advice Working Party Member, EMA

Stakeholders for success and sustainability

CUSTOMER RELATIONSHIPS = A CRITICAL SUCCESS FACTOR IN RARE DISEASE THERAPIES

19

INTERNAL FOCUS

“Doing business with ourselves”

EXTERNAL FOCUSBringing the outside in

COMMERCIALIZE

We continue to plan for the commercialization of our two rare

disease products and have initiated interactions with potential

partners to help us accomplish this. We strengthened our focus

on a “go to market” approach, including at Executive Committee

level with the appointment of a Head of Access & Commercial

Planning with specific rare disease commercialization experience.

We have consulted extensively with our customer base over the

course of the year to understand the markets and to bring key

insights into our rare disease programs, as part of our “go to

market” strategy.

What’s next

We will continue to engage with potential partners and service

providers to help us prepare for successful launch and

commercialization of our two rare disease products, with an

initial focus on the U.S. and Europe. We are seeking to use all

pathways, e.g. our PRIME status for BPS-804, to continue to

facilitate the most effective and efficient pathway to market.

Our ob ective is to accomplish timely and successful launch

and commercialization to maximize the value of our rare disease

products for all stakeholders – healthcare systems, investors,

physicians, employees and, crucially, the patients.

PARTNER

We intend to develop our non-rare programs to a value inflection

point clearly demonstrating the clinical value with regulatory

feedback where appropriate, then partner with a company with

the resources and commercial infrastructure necessary to take

the product to the market in a larger non-rare indication.

What’s next

We have completed positive Phase 2 trials on BCT-197 and

BGS-649, with positive data also seen in ongoing oncology trials

from OncoMed, and have recently completed a successful FDA

end of Phase 2 meeting for BCT-197. We have initiated or will

initiate partnering processes for all our non-rare disease programs

and look forward to successful completion of commercial

partnering arrangements.

EFFICIENT AND THOROUGH DEVELOPMENT

Our experienced team designs and manages the development of

the portfolio, while outsourcing the execution of trials and

manufacturing to third party CROs and CMOs. This enables us

to focus on the truly value add aspects of rare disease drug

development.

What we have achieved

Rapid transfer of compounds from the originator to Mereo and

into the next stage of clinical development. Positive Phase 2 and

2b data in two indications. Novel trial designs and endpoints in

two rare diseases. Worked with regulatory agencies to craft

pathways to expedite drugs to patients. Begun interactions with

Health Technology Agencies and Payers. Forged strong

relationships with patient groups.

STRATEGY IN ACTION

HIGHLY SELECTIVE ACQUISITIONS

Our highly experienced Business Development team pursues

products which fulfill our strict diligence criteria and aims to

structure deals with a win / win for both sides of the

transaction. Once opportunities are identified they are supported

by our internal clinical, CMC, pricing and P teams. This enables

us to rapidly confirm the potential of the opportunities and, for

the successful candidates, plan the further development.


Developed strong relationships with senior management of

pharmaceutical and biotechnology companies. This “buy in” is

key to accessing quality products and executing the deal.

Acquired or licensed four products from two Pharmaceutical

companies. Reviewed over 100 new opportunities from

Pharmaceutical and biotechnology companies since inception.

What’s next

We are focusing on the therapeutic areas where we have most

internal expertise, endocrine, respiratory and bone. However,

where a clearly compelling opportunity arises in a rare disease

where our internal resources are aligned and we believe we can

build any additional capabilities quickly, we will consider this too.

9MEREO BIOPHARMA GROUP PLC – ANNUAL REPORT 2018

COMMERCIALIZE

We continue to plan for the commercialization of our two rare

disease products and have initiated interactions with potential

partners to help us accomplish this. We strengthened our focus

on a “go to market” approach, including at Executive Committee

level with the appointment of a Head of Access & Commercial

Planning with specific rare disease commercialization experience.

We have consulted extensively with our customer base over the

course of the year to understand the markets and to bring key

insights into our rare disease programs, as part of our “go to

market” strategy.

What’s next

We will continue to engage with potential partners and service

providers to help us prepare for successful launch and

commercialization of our two rare disease products, with an

initial focus on the U.S. and Europe. We are seeking to use all

pathways, e.g. our PRIME status for BPS-804, to continue to

facilitate the most effective and efficient pathway to market.

Our ob ective is to accomplish timely and successful launch

and commercialization to maximize the value of our rare disease

products for all stakeholders – healthcare systems, investors,

physicians, employees and, crucially, the patients.

PARTNER

We intend to develop our non-rare programs to a value inflection

point clearly demonstrating the clinical value with regulatory

feedback where appropriate, then partner with a company with

the resources and commercial infrastructure necessary to take

the product to the market in a larger non-rare indication.

What’s next

We have completed positive Phase 2 trials on BCT-197 and

BGS-649, with positive data also seen in ongoing oncology trials

from OncoMed, and have recently completed a successful FDA

end of Phase 2 meeting for BCT-197. We have initiated or will

initiate partnering processes for all our non-rare disease programs

and look forward to successful completion of commercial

partnering arrangements.

EFFICIENT AND THOROUGH DEVELOPMENT

Our experienced team designs and manages the development of

the portfolio, while outsourcing the execution of trials and

manufacturing to third party CROs and CMOs. This enables us

to focus on the truly value add aspects of rare disease drug

development.


Rapid transfer of compounds from the originator to Mereo and

into the next stage of clinical development. Positive Phase 2 and

2b data in two indications. Novel trial designs and endpoints in

two rare diseases. Worked with regulatory agencies to craft

pathways to expedite drugs to patients. Begun interactions with

Health Technology Agencies and Payers. Forged strong

relationships with patient groups.

STRATEGY IN ACTION

HIGHLY SELECTIVE ACQUISITIONS

Our highly experienced Business Development team pursues

products which fulfill our strict diligence criteria and aims to

structure deals with a win / win for both sides of the

transaction. Once opportunities are identified they are supported

by our internal clinical, CMC, pricing and P teams. This enables

us to rapidly confirm the potential of the opportunities and, for

the successful candidates, plan the further development.


Developed strong relationships with senior management of

pharmaceutical and biotechnology companies. This “buy in” is

key to accessing quality products and executing the deal.

Acquired or licensed four products from two Pharmaceutical

companies. Reviewed over 100 new opportunities from

Pharmaceutical and biotechnology companies since inception.

What’s next

We are focusing on the therapeutic areas where we have most

internal expertise, endocrine, respiratory and bone. However,

where a clearly compelling opportunity arises in a rare disease

where our internal resources are aligned and we believe we can

build any additional capabilities quickly, we will consider this too.

9MEREO BIOPHARMA GROUP PLC – ANNUAL REPORT 2018

BUILDING ENGAGEMENT TO UNDERSTAND THE POTENTIAL VALUE OF A THERAPY

20

21

Potential PediatricPivotal Data

1. Starting now: “Go-to-market”-oriented approach to development programme• Integrated regulatory, HTA, payor approach to maximize meeting customers’ needs at key decision-

points

2. Structured in-country stakeholder and customer engagement: medical and access and patients

3. Agreement on late-stage development and commercialization preparation – assess range of models

4. Market research to deliver critical understanding of in-country pathways to market and opportunities

MEREO: DEVELOPMENT STARTS WITH THE END-GOAL IN MIND

2019 2020 2021 2022 20232018

Phase IIb Adult Data

2024

Open Label 6 month Full 12 month data

REVIEW OF NEW RARE DISEASE

PRODUCT OPPORTUNITIES

NEW PRODUCT DEAL FLOW

0

5

10

15

20

25

30

Phase 1 Phase 2 Phase 3 Launched

Snap shot of 61 New Product Opportunities

Cardiovascular Dermatological Hematological Immune/inflammatory

Infectious Metabolic Neurological Oncology

Ophthalmic Pain Respiratory Musculoskeletal

23

>100 products 45% in rare diseases21 Companies

ACCELERATED DEVELOPMENT AND INTEGRATED STRATEGY

24

Clinical Data• Phase 2 data in the indication or clear scientific rationale and supporting data in other indications

• Significant safety package both clinical and pre-clinical (80-1000 patients) Safety

CMC• Strong documented CMC package with additional drug substance and drug product available for development

Regulatory• Documented early regulatory interactions set the scene for development of creative strategies within the new

regulatory frameworks

Deal terms • Alignment with success for both companies depending on success of the products

Programmes transferred and new studies enrolling patients ~ 12 months from deal signature

FY 2018 FINANCIALS


CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS FOR THE YEAR ENDED DECEMBER 31, 2018

2016£’m

2017£’m

2018£’m

2018 v 2017£’m

2018 v 2017

%

Research & Development (24.6) (34.6) (22.7) (11.9) (34%)

General and admin expenses (11.6) (10.7) (12.5) +1.8 17%

Operating loss (36.2) (45.3) (35.2) +10.1 +22%

Finance income 0.4 0.8 0.3 (0.5)

Finance charge (0.2) (1.1) (2.4) (1.3)

Net currency impact 2.3 (1.4) - +1.4

Net Loss before tax (33.7) (47.0) (37.3) +9.7 +21%

Income tax 5.3 8.2 5.3 (2.9)

Net Loss (28.4) (38.8) (32.0) +6.8 +18%

Loss per share (pence) 63p 56p 45p +11p +20%

Net of R&D2018: (29.9)2017: (37.1)


CONSOLIDATED BALANCE SHEETFOR THE YEAR ENDED DECEMBER 31, 2018

2017£’m

2018£’m

Mereo atMerger

(unaudited)£’m

Oncomed at merger

(Unaudited)£’m

Post merger (unaudited)

£’m

Non current assets 33.2 32.8 14.5

Current assets

Cash & cash deposits & short-term investments

52.5 27.5 14.8 39.0 53.8

Other current assets 10.6 7.0

Total Assets 96.3 67.3

Equity 62.5 32.8

Non-current liabilities 24.2 18.3

Current liabilities 9.6 16.2


CONSOLIDATED STATEMENT OF CASHFLOWSFOR THE YEAR ENDED DECEMBER 31, 2018

2017£’m

2018£’m

Loss before tax (47.0) (37.3)

Share based payments(including social security) 4.8 0.7

Tax received 5.3 8.2

Finance charges 1.1 1.9

Other working capital 3.0 2.4

Other movements 0.7 1.0

Net cash from operating activities (32.1) (23.1)

Net cashflows used in investing activities (3.7) 0.3

Net cashflows from financing activities 33.7 (2.1)

Cash and cash equivalents at December 31* 50.0 25.0* Excludes short term deposits

ACCOUNTING POLICY UPDATES

29

• IFRS 9 (Financial Instruments)• Adopted for FY’18• Adjusted opening balance of the carrying value of Novartis convertible loan by £0.1m

on January 1, 2018• No comparative restatement• Under IFRS 9, a modification loss arose on the new bank loan agreement in Sept 2018

• IFRS 16 (Leases)• Effective from January 1, 2019• Modified retrospective application will mean no re-statement of prior balances• Total carrying value of leases at December 31, 2018 was £0.5m

• Property lease• Specialist equipment leases in respect of imaging equipment for BPS-804 study

UPDATE ON BANK LOAN

30

• Bank loan of £20m was drawn in 2017 in 2 tranches• In Sept 2018 the loan was modified with a new loan agreement

• Increased the total loan to £20.5m• Interest only period extended from Sept 2018 to April 2019 and interest reduced from

9% to 8.5%• Term of the loan unchanged (March 2021)• P&L charges relating to the IFRS 9 modification loss (non-cash) of £0.7m• Additional 226K warrants issued at an exercise price of £2.31

• On April 23, 2019 the interest only period further extended to December 31, 2019• Term of the loan remains unchanged (March 2021)• A further 321k warrants expected to be issued in connection with the merger with

OncoMed

• The loan provides for the potential to extend the term by 12 months based on certain milestones

THE ALPHA-1 PROJECT (TAP) FUNDING

31

• Agreement signed in October 2018• Not a material agreement financially but demonstrated commitment from this

key patient advocacy group in the US to the MPH-966 (alvelestat) program who are part of The Alpha-1 foundation

Key terms of the agreement

• Funding of up to $400k towards the MPH-966 Phase2 study based on milestones

• Warrants to subscribe for shares as each tranche of funding received (at the prevailing price)

• A success based payment back to TAP equivalent to the funding received on first approval of MPH-966

ONCOMED MERGER

MERGER DEAL METRICS

Mereo Oncomed Merger Post closing

Shares in issue 71.2 m 38.8m

Price per share (at closing) £ 1.65 $ 0.89

New shares issued* 24.8m

Number of shares post closing 96.0m

OMED share to ADR ratio 0.127694

Deal value $53.2m

ADR Fair Market Value at close** $10.73

Deal value per OMED share $1.37

Deal premium 54%

33

** Based on MPH share price of £1.65 and exchange rate of 1.3007 as at deal completion on April 23, 2019

*Represented by 4,956,664 ADR’s each representing five ordinary shares

NEWS FLOW AND MILESTONES

STRONG OPERATIONAL PROGRESS

BPS-804

• Adult Phase 2b (US and EU) completed enrolment of 112 patients in US and EU

• Open label arm 6 month data expected Q2 2019 and 12 month data Q4 2019

• Pediatric fracture study Phase 3 ready

35

BGS-649

• Six month extension study (12 month data) completed successfully

• Merger with Oncomedcompleted April, 23 2019 –US base and ADR programme, total cash resources ~$70m post merger

• Focus on partnering non-rare disease products including oncology products

• IP strengthened

• Significant number of new rare disease products reviewed

MPH-966

• Phase 2 POC study (US and EU) initiated with first patient dosed in Q4 2019

• Expect to enrol 165 patients across 3 arms

• NCATS grant of $10m to Univ Alabama at B’ham –Mereo supplying material

Mereo Biopharma Group plc

RARE DISEASES NON-RARE DISEASES

BCT-197

• Successful Type B End of Phase 2 meeting

• Outline of pivotal Phase 3 agreed with FDA

CORPORATE

Mereo BioPharma Group plc36

2019 2020 2021

BPS-804

MPH-966

PartneringBCT-197BGS-649 NAVIANTI-TIGIT

Additional Rare Disease Products

MEREO UPCOMING KEY MILESTONES

Paediatric Pivotal 12 month fracture

Partnering and regulatory interactions

New product opportunities

6m Adult HRPqCT data 12m 12m

Phase 2 POC Study


One Cavendish PlaceLondon, W1G 0QF

UK

+44 (0)333 0237 300

unlocking healthcare potential for patients in … › media › 1382 › prelims...in giving this...

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