Mereo Under Fire As Shareholder Unrest Erupts

Mereo BioPharma Group plc is under pressure from its largest shareholder, Rubric Capital Management, which has called on the UK biotech to remove four directors who "should be held accountable for the massive value destruction that has occurred during their tenure."

It has been a tricky time of late for Mereo, which was formerly a darling of the biotech investment community. At the end of May, the firm was notified by the NASDAQ that the price of its American Depository Shares had failed to maintain the minimum price of $1 over 30 days, putting its listing on the exchange in doubt