Mesoblast chief executive Silviu Itescu says new strategic partner Celgene has a "strong franchise and sales and marketing. Photo: Josh Robenstone Mesoblast chief executive Silviu Itescu says a $58.5 million investment from pharmaceutical giant Celgene gives the company a strong potential route to market as the stem cell therapy developernears its first sales. The American giant Celgene, which had revenue of $US7.7 billion ($10 billion) from treatments for cancers and inflammatory diseases like psoriasis, picked up 15.3 million shares at $3.82 a share. Investors welcomed the deal, pushing the volatile stock up 24 per cent to $3.99 on Monday. The surge boosted the value of Mr Itescu's 22 per cent stake in the company by $53 million to $272 million. Mesoblast shares have lost about 16 per cent in the past year, compared with a 10 per cent rise in the benchmark S&P/ASX 200 index. The stock last traded at the placement price a month ago, but has traded as high as $5.75 in the past year. Mr Itescu said Mesoblast and Celgene began talks about six months ago. He described the deal as "a fair transaction". "The right time is when you come to an arrangement with a strategic … Continue reading
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