I disagree (but could be wrong obviously) because I don't see...

I disagree (but could be wrong obviously) because I don't see there as being just a single hot space to dominate yet. Currently I see a frontier (or two) rather than an established market space.
To my way of thinking GvHD is merely a means to getting iPSCs into the clinic and iPSC-derived cells into general acceptance by regulators and doctors and the general community in pretty much that order.

I haven't done a good evaluation of the market size and potential for GvHD (or seen anyone else do it that I can recall) and I'm assuming GvHD can be supplied profitably as a market but that it will involve quite a lot of work because it is a first (ipsc-derived cell) for human clinical use.

But beyond GvHD (which is where the acceptance comes in) is a range of other iPSC-derived MSC treatments with much broader appeal. And Cyp has relevance for all of those.

Beyond MSCs there are other potential uses of iPSCs that don't involved production of MSCs but do require an acceptance of the use of iPSCs in human treatments.

Its because I see GvHD as potentially marginally profitable but critically important for opening the gate to the other not yet existing but high potential marketplaces that I think Fuji and Sumi might see that it is more sensible to cooperate to open the gate.