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Novartis inks $50m local deal

Posted 20 November 2020

Homegrown biotech Mesoblast has entered into an exclusive worldwide license and collaboration agreement with Novartis potentially worth up to US$1.255 billion (AU$1.7 billion) for the development, manufacture and commercialisation of its mesenchymal stem cell product remestemcel-L.

Shares in the Aussie biotech soared when the Australian sharemarket opened today (Friday), up 16 per cent from $3.26 to $3.79 on announcement Novartis will pay US$50 million upfront, including US$25 million in equity as part of the agreement terms.

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