Ann: MSB Enters Into $75 Million Non-Dilutive Credit Facility, page-38

@Warrigals

If Mesoblast were offered US$50m upfront and 50% royalty for the pediatric aGVHD program... would you say that was a good outcome? Because that is the best case scenario in terms of a partnership for this program, and those figures are on the generous side.

I'll tell you right now, if we went down that path it would be a terrible commercial outcome for shareholders.

We do not want a partnership that will deteriorate shareholder value. We want partnerships that will generate shareholder value.


CHF, RA, CLBP programs that have multi-billion dollar potential, partnering those programs will net Mesoblast US$100m+ in upfront non-dilutive capital and access to a network of marketing/sales team to distribute the product - something Mesoblast cannot replicate. Those are the partnerships we want.