Regenerative medicine company Mesoblast (ASX:MSB) today announced completion of the transaction with Tasly Pharmaceutical Group to establish a strategic partnership in China for Mesoblast’s product candidates for heart failure.
Mesoblast has received US$40 million from Tasly, comprising an upfront technology access fee of US$20 million and an equity purchase of US$20 million.
As consideration, Tasly has received exclusive rights and will fund all development, manufacturing and commercialization activities in China for the drug candidate for the treatment and prevention of chronic heart failure and a heart attack prevention drug.
Mesoblast and Tasly will establish a joint steering committee, with equal representation from both parties, to oversee, review and co-ordinate the development, manufacturing and commercialization activities for the cardiovascular product candidates in China.
Shares in Mesoblast (ASX:MSB) are 2.77 per cent higher at $2.04.