$15M payment from NuVasive to Osiris

Daily Record Staff//November 3, 2009//

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$15M payment to Osiris
Osiris Therapeutics Inc., of Columbia, a biotechnology company that uses adult stem cell therapy to treat damaged tissue, said it received a $15 million milestone payment from NuVasive Inc., marking the final payment from the sale of Osiris’ Osteocel business to NuVasive in May 2008.

NuVasive paid $35 million initially and $50 million more in milestone payments.

“With this final payment, Osiris has realized the full $85 million value from the sale of its Osteocel business to Nuvasive,” Osiris said in a statement. Osteocel is a stem cell-based product used in spinal fusion and other orthopedic surgical procedures.