Mesoblast Ltd (Mesoblast) develops and commercializes novel allogeneic cellular medicines for the treatment of inflammation related diseases and diseases which cannot be treated with conventional standard of care. The company employs its proprietary technology platform, mesenchymal lineage adult stem cells (MLCs), to discover and treat cardiac diseases, and hematological diseases, spine and musculoskeletal disorders and immune-mediated and inflammatory conditions. Mesenchymal stem cells are extracted from healthy adults' bone marrow and expanded to create a homogenous, well-characterized cell population. This method is then used to treat patients suffering from bone ailments. This technology permits industrial-scale mass manufacture of commercial products. The company's Phase 3 product candidates include Remestemcel-L, which is used to treat children with steroid-refractory acute graft versus host disease (acute GVHD); REVASCOR, which is used to treat advanced chronic heart failure; and MPC-06-ID, which is used to treat chronic low back pain caused by degenerative disc disease.

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Mesoblast conducts research to discover and develop innovative medicines for the treatment of cardiac diseases, and hematological diseases, spine and musculoskeletal disorders and immune-mediated and inflammatory conditions. The company's clinical development includes MPC-06-ID for the treatment of chronic low back pain (“CLBP”), MPC-150-IM for the treatment of Class II-IV Chronic Heart Failure (“CHF”) and remestemcel-L and MPC-300-IV for the treatment of inflammatory conditions in product candidates. In FY2023, the company spent US$27.2 million on its R&D activities.