Teva Returns MPC Rights
Edison | Jul 08, 2016 08:24AM ET
Teva Pharma Industries (NYSE:TEVA) has relinquished all rights to cardiovascular applications of Mesoblast's (NASDAQ:MESO) mesenchymal precursor cell (MPC) technology, as it focuses on its core CNS and respiratory interests. Mesoblast will seek a new partner with a cardiovascular focus at the appropriate time. It has entered an A$120m (~US$90m) equity finance facility with Kentgrove Capital to fund the ongoing Phase III CHF trial and a 600-patient confirmatory trial (estimated cost ~US$90m), and has brought forward the interim futility analysis to Q117. We have revised our development timelines and lower our valuation to A$1.8bn from A$2.8bn (A$4.67 from A$7.36 per share).
Near-Term Costs But Future Opportunities
Management confirmed that neither Mesoblast nor Teva saw efficacy data following the recent positive interim safety review of the Phase III CHF trial, so we attribute Teva’s withdrawal to a commitment to tightening its focus as it prepares to integrate its Allergan (NYSE:AGN_pa) Generics (NYSE:AGN) acquisition, rather than knowledge of the likely trial outcome.
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Mesoblast - Teva Returns Rights To Cardiovascular Programme
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