MSB 4.89% $1.07 mesoblast limited

Ann: COVID-19/GVHD Update, Quarterly Report and Appendix 4C, page-126

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    Because JCR wanted to use Mesoblasts patents / IP, so they need to pay a Royalty among other things.

    You can value that individual drug and individual use by multiplying the Japan revenue by 9 times, because the USA is at least 8 times the market size. This isn't a value stock though - it's a growth stock, so all published valuations will be typically incorrect if it succeeds because they factor in failure.
 
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