First I am neutral on the Teva association having seen nothing...

First I am neutral on the Teva association having seen nothing announced from their side on the future of the partnership. OK MSB has a signed agreement in the top drawer and their lawyers will work that to the max when the time comes around to get the promised funding on interim trials. Just have to wait and see. Some say you can walk from an agreement depending on the heft your legals can swing. Bottom line I don't feel warm and fuzzy about Teva, period - and maybe the company aren't swooning over the relationship (post Cephalon)?

Then we have Celgene now. To me this is a smack in the chops to Teva! I wonder if Teva ever even got to be at the table when this deal was in the making - although granted they are in a different branch of bio medicine.

Are there any lawyers who could expand on the meaning of the deal: six month right of first refusal with respect to MSB proprietary mesenchymal lineage adult stem cell product candidates for the prevention of acute GVHD etc etc.
Does this mean: here is an FDA approved therapy for XYZ - which we value at 4 Billion for global rights - and you now have the first right of refusal to purchase or negotiate at US$4B - otherwise we walk and deal with the next entity waiting in the queue?