Further thoughts on Celgene deal, page-4

Maybe I'm picking up the wrong vibes but the reaction to this deal seems muted! A cashed-up pharma like Celgene, taking a 4.5% stake in MSB is highly significant to me for a number of reasons, not the least of which is that the $A58.5m cash injection gives MSB enough cash, (at their current burn rate of around $8m per month) to remove the necessity for any cash raising at least until the end of 2016.
It also validates the Osiris deal, effectively giving MSB their investment back, with interest, whilst retaining the commercial rights to GvHD in Japan and its' patents whilst picking up another biotech blueblood as a shareholder. Celgene effectively gets 6 months to conduct further due diligence on some of MSB's disease fields (ie GvHD (ex Japan), Crohns disease, some oncology and inflammatory bowel diseases.) At the end of the 6 month period, should Celgene decide to licence any of the MSB pipeline products, I'm sure they will need to negotiate an upfront payment with royalties and milestones attaching, with MSB.
One can't rule out the possibility of Celgene taking a bigger stake, or even acquiring MSB in its' entirety at some point in the future.
The deal also further strengthens MSB's bargaining position in the Orthopaedic partnering discussions now underway, through the elimination of the perceived need for a capital raising.
All in, a small deal for MSB and Celgene, which is hungry for growth options, something Australia's superannuation system seems wired to avoid.