- Rare diseases focused Mereo BioPharma said it had agreed to raise up to $33m from Novartis and investment group Aspire Capital Fund.

Novartis had entered into a $5m convertible equity financing arrangement with the company.

Aspire Capital Fund, meanwhile, would be issued up to $28m of the company's ordinary shares exchangeable for American Depositary Shares, including a $3m initial purchase.

Proceeds from the transactions would be used for general corporate purposes, including clinical trial activity and working capital.

At 2:00pm: [LON:MPH] Mereo Biopharma Group Ltd share price was +4.5p at 29.5p

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