Mesoblast Limited Statement on Valeant Pharmaceuticals International Proposal to Cephalon, Inc.

Melbourne, Mar 31, 2011 (ABN Newswire) - Mesoblast Limited (ASX:MSB) (PINK:MBLTY), has received a number of enquiries from shareholders and analysts regarding yesterday's announcement by Mesoblast's strategic partner Cephalon Inc. (NASDAQ:CEPH) that it had received an unsolicited proposal from Valeant Pharmaceuticals International Inc (TSE:VRX) to acquire Cephalon's issued share capital or certain assets. Mesoblast continues to maintain a close dialogue with Cephalon.