Mesoblast and Tasly Pharmaceutical Group Complete Transaction for Strategic Cardiovascular Partnership in China
October 12 2018 - 6:00AM
Mesoblast Limited (Nasdaq:MESO; ASX:MSB) today announced completion
of the transaction with Tasly Pharmaceutical Group to establish a
strategic partnership in China for Mesoblast’s allogeneic
mesenchymal precursor cell (MPC) product candidates MPC-150-IM for
heart failure and MPC-25-IC for heart attacks.
Mesoblast has received US$40 million (AUD$57 million) from
Tasly, comprising an upfront technology access fee of US$20 million
and an equity purchase of US$20 million for which Mesoblast Limited
has issued 14,464,259 fully paid ordinary shares to Tasly.As
consideration, Tasly has received exclusive rights and will fund
all development, manufacturing and commercialization activities in
China for MPC-150-IM for the treatment and prevention of chronic
heart failure and MPC-25-IC for the prevention and treatment of
acute myocardial infarction. Mesoblast will receive US$25 million
on achievement of product regulatory approvals in China,
double-digit escalating royalties on net product sales, and six
additional escalating milestone payments upon the product
candidates reaching certain sales thresholds.Mesoblast and Tasly
will establish a joint steering committee, with equal
representation from both parties, to oversee, review and coordinate
the development, manufacturing and commercialization activities for
the cardiovascular product candidates in China. The parties,
through the joint steering committee, plan to expedite development
and commercialization of these cardiovascular product candidates by
leveraging 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 believe Mesoblast’s cellular medicine technology platform
is poised to transform cardiovascular care in China. This is why
Tasly has made this strategic investment and long-term partnership
with the premier global cellular medicine company.”Mesoblast Chief
Executive Dr Silviu Itescu stated: “We are very excited to be
partnering with Tasly, one of the largest pharmaceutical companies
in China, the world’s fastest growing biopharmaceutical and
healthcare market.” About Tasly Pharmaceutical
GroupTasly Pharmaceutical Group (SHA: 600535) is one of
the largest pharmaceutical companies in China with more than 20
years of operational history. Its business focuses on R&D,
manufacturing and commercialization of innovative modern
traditional Chinese medicine, biologics and chemical drugs in the
therapeutic areas of cardiology, metabolism and oncology. Tasly has
the only marketed biological product for cardiovascular diseases
approved in China. It has one of the largest pharmaceutical sales
and marketing teams, including 809 offices established in 29
regions covering all the main therapeutic areas, and a vast
distribution network across approximately 20,000 hospitals in
China. At 2017, its total annual revenues exceeded US$2.5
billion.
About Mesoblast Mesoblast Limited (Nasdaq:MESO;
ASX:MSB) is a world leader in developing allogeneic (off-the-shelf)
cellular medicines. The Company has leveraged its proprietary
technology platform to establish a broad portfolio of late-stage
product candidates with three product candidates in Phase 3 trials
– acute graft versus host disease, chronic heart failure and
chronic low back pain due to degenerative disc disease. Through a
proprietary process, Mesoblast selects rare mesenchymal lineage
precursor and stem cells from the bone marrow of healthy adults and
creates master cell banks, which can be industrially expanded to
produce thousands of doses from each donor that meet stringent
release criteria, have lot to lot consistency, and can be used
off-the-shelf without the need for tissue matching. Mesoblast has
facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO). www.mesoblast.com
Forward-Looking StatementsThis announcement
includes forward-looking statements that relate to future events or
our future financial performance and involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to differ
materially from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. We make such forward-looking statements pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and other applicable federal securities laws. Forward-
looking statements include, but are not limited to, statements
about: the potential benefits of this alliance and the parties’
ability to maintain the alliance; the parties’ ability to advance
product candidates into, enroll and successfully complete, clinical
studies, advance their manufacturing capabilities, and obtain
regulatory filings and approvals. There are many uncertainties and
risks that may cause our actual results, performance or
achievements to be materially different from those which may be
expressed or implied by such statements, and accordingly, you
should not place undue reliance on these forward-looking
statements. We do not undertake any obligations to publicly update
or revise any forward-looking statements, whether as a result of
new information, future developments or otherwise.
For further information, please contact:
Julie Meldrum |
Schond Greenway |
Corporate
Communications |
Investor Relations |
T: +61 3 9639 6036 |
T: +1 212 880 2060 |
E: julie.meldrum@mesoblast.com |
E: schond.greenway@mesoblast.com |
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