Mesoblast (MSB)

Business description

Mesoblast is developing adult stem cell therapies based on its proprietary MPC and culture-expanded MSC platforms. It has six late-stage clinical trials across four areas.

Share price chart

Share chart

Stock data

Market cap.A$1399.1m
Last closeA$4.350
High / Low (52 weeks)A$6.6 / A$4.2
Stock market listingASX
Forecast net cash (A$m)209.2
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(2)(12.5)(23.4)
Relative *(4.9)(13.4)(31)

* % Relative to local index

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Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2012A 27.8 (48.8) (38.6) (21.58) N/A N/A
2013A 24.2 (58.7) (48.8) (17.21) N/A N/A
2014E 22.0 (76.0) (66.3) (20.78) N/A N/A
2015E 16.2 (82.9) (76.9) (23.95) N/A N/A

Last updated on 20/06/2014

Investment summary

Mesoblast intends to initiate a Phase III trial of mesenchymal precursor cells (MPCs) in discogenic low back pain later this year, following the successful Phase II trial that reported in February. This will be the first MPC programme that Mesoblast has itself taken into a Phase III study, although it inherited an ongoing Phase III trial for Prochymal (remestemcel-L) for Crohn’s disease as part of last year’s acquisition of Osiris’s mesenchymal stem cell (MSC) business. Partner Teva has Phase III studies underway with MPCs in congestive heart failure and in bone marrow transplantation. We value the company at A$2.85bn (A$8.58/diluted share).

Last updated on 30/06/2014

Industry outlook

Mesoblast is the leading mesenchymal stem development company, with two technology platforms (MPCs, MSCs) and nine clinical candidates (four in Phase III, five in Phase II). Its three alliances – with Teva, JCR and Lonza – underpin the key late-stage programmes.

Last updated on 30/06/2014

Key management

Company address

Level 39
55 Collins Street
Melbourne 3000
Australia
+61 3 9639 6036
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