World News: 11:00 GMT Friday 12th October 2018. [Mesoblast Limited via Globe Newswire via SPi World News]
NEW YORK and MELBOURNE, Australia, Oct. 12, 2018 (GLOBE NEWSWIRE) -- 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.” Tasly 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.
Globe Newswire: 11:00 GMT Friday 12th October 2018
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2018. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.