I stand corrected, page-41

Comment from Nikki

The shareholders at this current price should be more worried of what if 'Celgene decides to buy the company at a price I would think seriously undervalues the company', rather than 'what if Celgene does not come to an agreement with Mesoblast'.

I agree --a takeover is most likely to result in a giveaway price, considering the potential of MSB

This extract from yesterday's Bioshares has also touched on this issue and is somewhat reassuring.

Challenges with its own technology could well have stimulated Celgene's interest in Mesoblast's programs, as a well as possibly a recognition of Mesoblast's various and extensive mesenchymal stem cell patent families.

What emerges from this snapshot of Celgene is a picture of a company with an appetite for novel, differentiated drug therapies, a long standing interest in cell therapies and an interest in immune related disorders such as arthritic diseases, lupus and Crohn's disease (or irritable bowel syndromes).

Comments
While Celgene's equity investment might appear in a certain light to be first step towards an acquisition of Mesoblast, at this stage it might better interpreted as a down payment towards building an equity position in which Mesoblast may offer Celgene a board position, which Celgene could use to monitor and supervise any product and research agreements it enters into with Mesoblast.


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Bioshares Number 596 –17 April 2015 Page 5