There is the possibility that this could simply be unmet terms for closing the deal. I don't want to give false hope, but the announcement was simply that Novartis "has chosen to terminate the agreement with Mesoblast prior to closing".
There is a stark lack of information and disclosure here. If Novartis have seen the OTAT minutes and pulled out as a result of negative feedback, or seen positive results and SI pushed too hard a deal (this would not surprise me given the abruptness of the notice) its arguable MSB has not sufficiently disclosed information to the market. The FDA OTAT minutes have huge material effect on the company and its share price and should have been given with the announcement, particularly if they were material in NOV's decision. The stock goes on a trading halt until they can get the information together.
The only thing we know, is not very much besides Novartis pulling out.
Personally I am selling out of my NOV position tonight. I think this is a big R&D error by NOV. Their CHF and other cellular therapies push as recently outlined in their R&D presentation could have drawn hugely on MSB's data and insights. They have issues with Entresto. I am not particularly impressed with their cellular therapy push vs their peers and think MSB would have been a very nice compliment to their R&D pursuits.
Long-term this could be almost as much a loss for NOV as MSB.
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