(RTTNews) – Mereo BioPharma Group plc (MREO) shares have lately surpassed more than 50% after the clinical-stage biopharmaceutical company announced a collaboration agreement with Ultragenyx Pharmaceutical Inc. (RARE), a company focused on development of remedies for ultra rare. diseases.
MREO is lately at $ 3. 35, $ 1. 14 or 51. 5837%, on the Nasdaq.
Mereo and Ultragenyx have signed a license and collaboration agreement for setrusumab, a monoclonal antibody in clinical practice for osteogenesis imperfecta.
Ultragenyx will direct and fund the progression of Setrusumab until it is approved. Mereo will retain the advertising rights in Europe, while Ultragenyx will market it in the United States and the rest of the world.
Setrusumab is an investigational fully human anti-sclerostin monoclonal antibody that has been shown to produce bone density and production, leading to increased bone strength in animal models of osteogenesis imperfecta.
Setrusumab has earned orphan drug designation from the FDA and the European Medicines Agency.