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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Mesoblast Limited    MSB   AU000000MSB8

MESOBLAST LIMITED

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Mesoblast : Novartis signs $50 million deal for Mesoblast cell therapy for COVID, beyond

11/20/2020 | 03:27am EST
FILE PHOTO: The logo of Swiss drugmaker Novartis is pictured at the French company's headquarters in Rueil-Malmaison

ZURICH (Reuters) - Novartis aims to boost its respiratory treatment portfolio with a $50 million deal for an off-the-shelf cell therapy from Mesoblast that it hopes to deploy for COVID-19 patients as well as others suffering from respiratory distress.

The Swiss drugmaker's deal with Australia-based Mesoblast secures rights to develop, commercialize and manufacture Remestemcel-L for treating acute respiratory distress syndrome (ARDS), including that associated with COVID-19, for which the therapy is currently in late-stage trials.

While the therapy has shown promise in COVID-19 patients in a compassionate use programme in March in 12 patients, Remestemcel-L was associated with an 83% survival rate.

Novartis wants the medicine for beyond the pandemic, too, to help patients who in normal times also land in the hospital with ARDS and often die.

"It has the potential to be the first treatment for the most critically ill ARDS patients, and it provides us with an opportunity to apply years of specialized experience directly to the work of saving lives," Novartis's chief drug developer, John Tsai, said on Friday.

Unlike Kymriah, Novartis's cancer cell therapy, Remestemcel-L does not have to be tailored for each patient. Once the deal is closed, Novartis said it is planning to help Mesoblast work on quality attributes of the therapy so it meets U.S. Food and Drug Administration requirements necessary for late-stage trial beyond COVID-19.

(Reporting by John Miller; Editing by Michael Shields)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
MESOBLAST LIMITED -2.78% 2.45 End-of-day quote.8.89%
NOVARTIS AG 2.13% 85.3 Delayed Quote.1.97%
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Financials
Sales 2021 115 M 88,2 M 88,2 M
Net income 2021 -63,3 M -48,7 M -48,7 M
Net cash 2021 30,3 M 23,4 M 23,4 M
P/E ratio 2021 -29,3x
Yield 2021 -
Capitalization 1 438 M 1 110 M 1 107 M
EV / Sales 2021 12,3x
EV / Sales 2022 11,6x
Nbr of Employees 102
Free-Float 84,4%
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Mean consensus HOLD
Number of Analysts 7
Average target price 4,50 AUD
Last Close Price 2,45 AUD
Spread / Highest target 222%
Spread / Average Target 83,7%
Spread / Lowest Target -50,2%
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Managers and Directors
NameTitle
Silviu Itescu Chief Executive Officer, MD & Executive Director
Joseph R. Swedish Independent Non-Executive Chairman
Dagmar Rosa-Bjorkeson Chief Operating Officer
Joshua Muntner Chief Financial Officer
Paul Simmons Head-Research & New Product Development
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