Funding Challenges and Later Product Launches Mean a Lower FVE for Mesoblast
We are lowering our fair value estimate for no-moat Mesoblast to AUD 1.50 from AUD 2.35, based on a re-evaluation of product launch timelines and pricing. Mesoblast doesn't have a marketed product yet and estimated launch timelines have shifted to between three and five years on average, compared with dates originally indicated by management. We now anticipate the firm’s first owned product, to treat acute Graft Versus Host Disease, or aGVHD, in children will be launched in fiscal 2021 versus ou...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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