MSB trading, page-535

I thought I'd throw this out there for the interested parties of all persuasions.

In December 2016, Mesoblast entered into exclusive negotiations with Mallinckrodt Pharmaceuticals for a commercial and development partnership to develop product candidates for pediatric and adult aGVHD, outside of Japan and China. MSC-100-IV is marketed as TEMCELL HS Inj.® for acute GVHD in children and adults in Japan by Mesoblast’s licensee, JCR Pharmaceuticals.

In other words Mesoblast does not have a partner in Japan, they have a licensee. There is a difference, TiGenix is also a licensee.

I believe in general licensees use Mesoblast IP to develop products of their own, which Mesoblast can choose to license the use of the IP or not, in which case they cannot market said product or they open themselves up to litigation. Licensees generally either market product themselves or with their partners

Partners tend not develop product, though they could too, in which case they would need a license. There place is to push the product out to the market place, they may already have wide market penetration with other product lines or knowledge of various countries relevant legislation, e.g. the EU and then the member states own rules as pointed out by SI in latest webcast.

These are my interpretations of what I have read, please DYOR.