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news.Australian regenerative medicine firm Mesoblast has entered into an agreement with Celgene, a US-based global biopharmaceutical firm engaged in the development and commercialization of new therapies to treat cancer and immune-inflammatory related diseases.
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Further to this deal, Celgene will purchase Mesoblast stock and hold a six-month right of first refusal to certain disease fields.
As part of the agreement, Celgene will buy 15.3 million Mesoblast shares at AUD3.82 each for a total AUD58.5m ($45m).
Mesoblast chief executive Silviu Itescu said: "We are pleased that Celgene, as a global leader in development and commercialization of innovative therapies for oncologic and immune-mediated diseases, has chosen to make this investment in Mesoblast."
Additionally, Celgene has a six-month right of first refusal with respect to Mesoblast’s proprietary mesenchymal lineage adult stem cell product candidates designed to prevent and treat acute graft versus host disease (GVHD), certain oncologic diseases, inflammatory bowel diseases, and organ transplant rejection.
Celgene president and COO Mark Alles said: "Today’s agreement provides an opportunity for Celgene to add to its leading cellular and regenerative medicine pipeline.
"We are committed to developing important new therapies for significant medical diseases that are currently not being adequately addressed."