Stem cell company Mesoblast Limited
(ASX:MSB) has today announced it is joining forces with US based biopharmaceutical company Celgene Corporation.
The agreement includes an equity placement. Celgene will purchase 15 million shares in Mesoblast for around $59 million or $3.82 per share.
In return, Celgene will have right of first refusal for certain disease fields Mesoblast has developed products for including graft versus host disease, inflammatory bowel diseases and organ transplant rejection.
It’s a vote of confidence for Mesoblast, the company’s share price has been in steady decline from the past three years.
Mesoblast reported a net loss of $51 million for the first half of the 2015 financial year.
