Report
Chris Kallos, CFA
EUR 147.86 For Business Accounts Only

Promising Interim Analysis Bodes Well for aGVHD Indication; Maintaining FVE for Mesoblast

We maintain our AUD 1.90 fair value estimate for no-moat-rated Mesoblast, following news of encouraging interim analysis data from its ongoing single-arm, open-label 60-patient phase 3 trial in paediatric acute graft-versus-host disease, or GvHD, patients with MSC-100-IV. The trial commenced in November 2015 and is expected to complete in the first half of calendar 2017.
Interim analysis based on numbers of patients reaching overall response primary endpoint of day 28 suggests a statistically si...
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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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