Not quite, it's just that MSB tends to be a stronger leading indicator than MESO (statistically speaking). They do affect each other in that the underlying is the same company, but of-course MESO is impacted by marketwide factors correlating to NASDAQ that ASX is not impacted by, and they both trade at different times (making precise, theoretical, arbitrage opportunities difficult to execute e.g shorting MESO and going long an equivalent number of MSB shares, but this is another strategy/framework driving price movements in each other despite market timing) .
Case and point: MSB opening up today approximately where MESO left off, albeit a few cents short (could imagine this as MESO less the transaction cost, on top of brokerage, for an aussie to buy a MESO in USD).
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