- Mereo BioPharma said it had signed a license agreement with Oncologie for the development and sale of a treatment for ovarian cancer.

Oncologie would receive an exclusive worldwide license for the treatment, called navicixizumab.

In return, Mereo would get an upfront payment of $4m with an additional payment of $2m conditional on a chemistry, manufacturing and controls milestone.

Mereo said it would also be eligible to receive up to $300m in future clinical, regulatory and commercial milestones, royalties and a negotiated percentage of sublicensing revenues.

'We believe Oncologie is expertly positioned to further advance navicixizumab through clinical development and towards potential commercialization,' said chief executive Denise Scots-Knight.

'While we believe navicixizumab is an exciting oncology asset, we continue to focus our primary efforts on the development of our innovative rare disease portfolio.'

At 1:18pm: [LON:MPH] Mereo Biopharma Group Ltd share price was +0.5p at 33.5p

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