MSB -17%: crashed to 18 month lows today after Swiss healthcare giant Novartis walked from a deal around a treatment for COVID related respiratory issues. Novartis and Mesoblast penned a collaboration agreement last year which saw Novartis make an initial $US50m upfront payment with a $US25m equity stake. The deal could have been worth $US1.25b the remestemcel-L treatment was to achieve certain commercialisation targets and sales milestones but Novartis pulled the plug today, around 12 months after the initial day. Mesoblast remains confident the treatment is effective and trials have shown a fall in mortality rates in trials on COVID ARDS patients.
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