MSB Trading - 2020, page-2780

OK, in the absence of an answer for my question to MaxyBro here is an answer;

The $19 million median figure represents less than one percent of the average total cost of developing a new drug, which in recent years has been estimated at between $2 to $3 billion.

From the September 24, 2018 Johns Hopkins Bloomberg School of Public Health article;

Clinical trials to obtain FDA approval typically account for small proportion of total drug research and development costs, study suggests.

https://www.jhsph.edu/news/news-releases/2018/cost-of-clinical-trials-for-new-drug-FDA-approval-are-fraction-of-total-tab.html

But that is only for drugs. That Mesoblast can do 3 for $500m to the end of Phase 3 is by comparison a very economical use of funds, there will be more to spend but I suspect not even close to a billion for all 3 based on the size of the funds secured for those purposes.