Cephalon and Mesoblast have entered into a valuable partnership. Over a period of time, Cephalon performed extensive due diligence over Mesoblast's intellectual property, technology and clinical results. Cephalon entered into a partnership with Mesoblast to market and sell our products. We expect this partnership to return great value to Mesoblast and Cephalon shareholders.

What are the short and long-term gains for Mesoblast from its deal with Cephalon?

In the short-term, Mesoblast has underpinned its cardiovascular pipeline with a de-risked execution capability. In the long-term, we will get the benefits from this partnership with one of the world's leading distributors of pharmaceuticals. Furthermore, our existing cash reserves allow us to significantly accelerate and broaden our clinical product pipeline for the mid and long term.

Where do you see Mesoblast in the next five years?

We are already the largest stem cell company and we anticipate our leadership position to be sustained and increased over the next five years.