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Press Release

Mesoblast enters into strategic cardiovascular alliance for china with Tasly Pharmaceutical Group

Mesoblast
Posted on: 20 Jul 18

Mesoblast Limited (Nasdaq: MESO; ASX: MSB) today announced that it has entered into a strategic alliance with one of China’s largest pharmaceutical companies, Tasly Pharmaceutical Group (SHA: 600535; Tasly), for the development, manufacture and commercialization in China of Mesoblast’s allogeneic mesenchymal precursor cell (MPC) product candidates MPC-150-IM for the treatment or prevention of chronic heart failure and MPC-25-IC for the treatment or prevention of acute myocardial infarction.

Key commercial terms of the strategic alliance are as follows:

  • Tasly will receive exclusive rights and will fund all development, manufacturing and commercialization activities in China for MPC-150-IM and MPC-25-IC.
  • Mesoblast will receive US$40 million (AUD$54 million) on closing, comprising a US$20 million upfront technology access fee and US$20 million in an equity purchase in Mesoblast Limited at $1.86 per share, representing a 20% premium to a blended volume weighted average price calculated over three months, one month and one day.
  • Mesoblast will receive US$25 million on product regulatory approvals in China.
  • Mesoblast will receive double-digit escalating royalties on net product sales.
  • Mesoblast is eligible to receive six escalating milestone payments upon the product candidates reaching certain sales thresholds in China.

In order to potentially expedite development and commercialization of these cardiovascular assets, Tasly and Mesoblast plan to leverage each other’s clinical trial results in China and the United States and other major jurisdictions respectively to support their respective regulatory submissions for MPC-150-IM and MPC-25-IC.

Chairman of Tasly Pharmaceutical Group Mr Yan Kaijing said: "We are very excited to partner with Mesoblast, the premier cellular medicines company, to provide innovative products that have the potential to make a major impact on the high growth cardiovascular market in China.  This aligns well with our corporate strategy to be the lead provider of therapies for patients with cardiovascular conditions in China.”

Mesoblast Chief Executive Dr Silviu Itescu stated: “Tasly Pharmaceutical Group’s powerful combination of clinical, regulatory and manufacturing expertise, together with one of the largest commercial footprints in cardiology in China, makes it the ideal partner for Mesoblast and opens up the China market to our cardiovascular franchise.”

The transaction is subject to governmental approvals from the People’s Republic of China (PRC).

For more information:
www.mesoblast.com

Editor's Details

Simon Vane Percy
VPR
01737 821890
simon@vanepercy.com

Last updated on: 20/07/2018

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