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. Mesoblast operates through a single reportable business segment. 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. Mesoblast has strategically expanded its network of alliances across commercial, clinical, and manufacturing domains to enhance the success of its product candidates while managing capital and commercial risks. Notable partnerships include a collaboration with Grunenthal GmBH to develop and commercialize MPC-06-ID for chronic low back pain in Europe and Latin America, with a joint plan to meet regulatory requirements. In Japan, JCR Pharmaceuticals Co. Ltd has exclusive rights to use Mesoblast’s technology for hematologic malignancies and has achieved regulatory approval for Temcell HS injection for acute graft versus host disease. The partnership also covers wound healing in Epidermolysis Bullosa. In China, Tasly Pharmaceutical Group is working with Mesoblast to develop and commercialize cardiovascular products like Revascor and MPC-25-IC. Mesoblast also has a licensing agreement with TiGenix NV, now part of Takeda Pharmaceutical Co. Ltd, for the global commercialization of Alofisel for fistulae, which includes financial considerations and royalties. Additionally, Mesoblast's alliance with Lonza Group secures long-term manufacturing capabilities and global supply advantages, including access to Lonza’s facilities and the potential for a dedicated manufacturing site.

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Mesoblast has undertaken significant R&D initiatives focused on advancing its clinical pipeline of advanced-stage product candidates. The company collaborates with leading cell therapy research centers and maintains in-house R&D laboratories and specialists. Rigorous. 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 has a global intellectual property portfolio with over 1,000 granted or pending patents providing commercial protection until at least 2044 in key markets. 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 FY2025, the company spent US$34.8 million on its R&D activities.