Mesoblast Limited (ASX:MSB) Update On Valeant (NYSE:VRX) Proposal To Cephalon (NASDAQ:CEPH)

Melbourne, April 7, 2011 AEST (ABN Newswire) - Mesoblast Limited (ASX:MSB) (PINK:MBLTY) wishes to inform the market that the Board of its strategic partner Cephalon Inc. (NASDAQ:CEPH) has rejected the unsolicited proposal from Valeant Pharmaceuticals International Inc (NYSE:VRX) to acquire its issued share capital or certain assets.

The full Cephalon response can be viewed at: http://www.cephalon.com/media/news-releases.html

Reflecting on the value of its pipeline, the Cephalon Board said it "has created one of the broadest pipelines in the industry, with 10 late-stage product candidates targeted at novel and 'best-in-class' therapeutics. This includes six indications with blockbuster potential which are projected to begin launching in the next three years."

Contact

Julie Meldrum Corporate Communications Director T: +61-3-9639-6036 C: +61-419-228-128 Email:julie.meldrum@mesoblast.com