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2 ASX biotech shares that could be the next CSL

Nikhil Gangaram
23 January 2020, 3:30 pm AEDT

Health technology shares
Recently it was announced that CSL Limited (ASX: CSL) has been ranked as the third-most valuable biotech company in the world. The CSL share price cracked through the $300 per share barrier to start the year and is well poised to become the most valuable listed company on the ASX.

In a country where big miners and banks are seen as the most notable companies, CSL has shown that there is great potential in the Australian biotechnology sector.

Market fundamentals and changing demographic trends could see stocks in the biotech sector rocket in 2020 and beyond.

Here are 2 biotech stocks on the ASX that could potentially be the next CSL.

Mesoblast Limited (ASX: MSB)

Mesoblast is a world leader in developing off-the-shelf (allogeneic) regenerative medicines for inflammatory diseases. The company has used its cell therapy technology to establish a broad portfolio of commercial products and has a large pipeline of therapies in late stage development and testing.

This year could be transformational for Mesoblast with its first US Food and Drug Administration (FDA) product approval in sight. As a result, the company’s share price has surged more than 41% since the start of the year. Mesoblast currently has licensing agreements and commercial partnerships in China, Japan and Europe.

Mesoblast is eagerly awaiting FDA approval of its flagship Ryoncil product. Ryoncil is the commercial name for the allogeneic cell therapy that is targeted to counteract steroid-refractory acute graft versus host disease in children.

Mesoblast is in the final process of filing its biologics licence application for Ryoncil and requesting a priority FDA review. If approved, Ryoncil is set to be launched in the US later this year.

Medical Developments International Ltd (ASX: MVP)

Medical Developments is an Australian company that specialises in products that address emergency pain relief and respiratory problems. The company’s products are used in emergency departments and other medical settings including the Australian Defence Force and Australian Ambulance Service.