Well, that has me even more confused.
Because if Tekeda can see a revenue opportunity in the stem cell space for which it believes it is worth paying the better part of 500m euros, why did MSB let it go to TiGenix, given that revenues are the one thing that MSB so desperately needs?
If shortage of capital to get to revenue was the issue, then MSB could have come to the market and said, "We need funds, because this time we want to start selling product", and the market would surely have supported a raising for such a purpose.
And moreover, why did Takeda simply not make a bid for MSB in its entirety, in that case?
Or partner with MSB which is, after all, ostensibly the world leader in the stem cell space?
Not unlike Celgene, Takeda is a financial giant: it could pay a couple of billions for MSB without even making a dent in its balance sheet.
Yet, instead, it has bought another party who is a mere MSB licensee.... strange corporate machinations, I find.
Mesoblast's Delayed Launches, Teva Split Turn Credit Suisse Bearish, page-60
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