Mesoblast and its German pharmaceutical partner Grünenthal have downgraded their collaboration agreement by about $US37.5 million for the commercialisation of the drug therapy candidate for chronic lower back pain.
The Melbourne-based biotech will now be entitled to $US112.5 million ($150 million) – of which $US17.5 million has already been received –before the product rexlemestrocel-L launches in Europe, if certain clinical and regulatory milestones, and reimbursement targets are achieved.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
