Edison Investment Research - Mesoblast Ltd. (MSB) Continued positive RA responses

Report

Edison Investment Research

Dr John Savin

Continued positive RA responses

Statistically significant area under the curve analysis from Mesoblast’s Phase II stem cell product in refractory rheumatoid arthritis (RA) shows that the week 12 positive responses are maintained for 39 weeks. This suggests that the indication could progress into pivotal studies and may attract potential partners. We have increased the RA probability to 35% (formerly 20%). Mesoblast has entered a nine-month exclusive negotiation with Mallinckrodt (for an A$29.6m investment) on chronic low-back pain and graft vs host disease in transplantation. We have increased our indicative value for Mesoblast to A$1.67bn (A$4.16/share) from A$1.47bn.

28/02/2017 8 EN

Underlying

Mesoblast Ltd.

Mesoblast is engaged in the development of regenerative medicine products. Co. has leveraged its proprietary technology platform, based on specialized cells known as mesenchymal lineage adult stem cells ("MLCs"), to establish a portfolio of late-stage product candidates. Co.'s allogeneic, "off the shelf" product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncology and hematologic conditions. Each MLC-derived product candidate has technical characteristics, target indications, reimbursement strategy, commercialization potential, and partnering opportunities.

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AU000000MSB8 Australian Securities Exchange Australia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr John Savin

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Continued positive RA responses

James M. O’Brien Appointed Chief Financial Officer at Mesoblast

Mesoblast to Meet With FDA Next Month to Discuss Rexlemestrocel-L and Opioid Cessation

Ryoncil® Net Revenues Increase 69% in Second Quarter Post Launch

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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