Not quite.
I would say the agreement was 'optimized' rather than downgraded. They discovered it would likely be a waste of time and recourses to run two separate trials, and agreed to amend the agreement to remove one of the targets and associated milestones (European trial).
As far as I can see royalties and post commercialization deal looks to be the same, the wording and figures used are identical.
One off payments have reduced because there is now only 1 trial and not 2..... so less $$ needed to reimburse MSB.
If it turns out they do need two trials - then they will amend the agreement again IMO and increase 1 off payments to cover it.
Good to have updated us on the status..... look forward to hearing back from the FDA, and on what deal awaits CHF and Covid!
Ann: Mesoblast Update on Chronic Low Back Pain Program, page-147
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