Singapore: US based Celgene Corporation, a global biopharmaceutical, has agreed to acquire shares of Australia's regenerative therapy company, Mesoblast, at $45 million.

Celgene also has a six-month right of first refusal with respect to Mesoblast's proprietary mesenchymal lineage adult stem cell product candidates for the prevention and treatment of acute graft versus host disease (GVHD), certain oncologic diseases, inflammatory bowel diseases, and organ transplant rejection.

Mr Silviu Itescu, chief executive, Mesoblast said, "We are pleased that Celgene, as a global leader in development and commercialization of innovative therapies for oncologic and immune-mediated diseases, has chosen to make this investment in Mesoblast. We look forward to working closely together and building a strong and fruitful relationship."

Mr Mark Alles, president and COO, Celgene said, "Today's agreement provides an opportunity for Celgene to add to its leading cellular and regenerative medicine pipeline. We are committed to developing important new therapies for significant medical diseases that are currently not being adequately addressed."