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$1590m
Last closeA$4.950
High / Low (52 weeks)A$6.6 / A$4.6
Stock market listingASX
Forecast net cash (A$m)198.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(10.7)(15.5)(10.8)
Relative *(13.1)(19)(18.9)

* % 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 16.2 (86.5) (76.9) (24.13) N/A N/A
2015E 16.2 (87.6) (82.1) (25.56) N/A N/A

Last updated on 25/03/2014

Investment summary

Partner Teva has started enrollment for its 1,730-patient Phase III study of CEP-41750 (MPCs) in congestive heart failure (CHF), which is projected to render data in mid-2018. Meanwhile, Mesoblast has reported positive results from a Phase II trial of MPCs in chronic discogenic low back pain and is advancing this, and another spinal programme, towards Phase III trials. We currently value Mesoblast at A$3.0bn (A$9.06/diluted share), which could rise to A$3.2bn or A$10.04/share once the spinal programmes are in Phase III studies.

Last updated on 31/03/2014

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 31/03/2014

Key management

Company address

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