From Mesoblast's announcement: "Under its agreement with JCR,...

From Mesoblast's announcement: "Under its agreement with JCR, Mesoblast is entitled to receive royalties and other payments at predefined thresholds of cumulative net sales."

Don't know where BP get their 25% royalty stream from that statement.  It's a bit ambiguous.  On one reading, royalties (and other payments) vary according to achievement of sales thresholds.  

But we can also interpret it to mean that: a) MSB will receive royalties, with no % revealed by MSB but somehow BP is informed that the rate will be 25% AND  b) MSB will receive other payments depending on level of sales, in addition to the royalties.  i.e. the royalties are a flat rate across all levels of sales and there are additional bonus payments depending on sales volumes.

By my interpretation, and preference, the announcement should have been: "Under its agreement with JCR, Mesoblast is entitled to receive royalties. There will be additional payments at predefined thresholds of cumulative net sales."   I hope that's what they meant to say.