TiGenix is an advanced biopharmaceutical company developing novel therapies for serious medical conditions by exploiting the anti-inflammatory properties of allogeneic, expanded stem cells. The Company’s lead product, Cx601, has successfully completed a European Phase III clinical trial for the treatment of complex perianal fistulas. In December 2017, the CHMP of the EMA adopted a positive opinion recommending a marketing authorization for Cx601 in this indication, the first allogeneic stem cell therapy to achieve this. Further, a global Phase III trial intended to support a future U.S. BLA has also been initiated. This transaction represents a natural extension of the existing July 2016 exclusive ex-U.S. license, development and commercialization agreement for Cx601 between Takeda and the Company.