About 80 workers are losing their jobs at Osiris Therapeutics, as the Columbia stem cell company has accelerated the transfer of its Osteocel line to a San Diego company that develops medical devices used in spinal surgery.
NuVasive Inc. is set to take over processing of Osteocel by next week. Under amended terms of their deal, which was struck last year, Osiris will receive from NuVasive $30 million in either cash or stock: $5 million was paid this week, with the balance split evenly in payments of $12.5 million in June and September, according to a company filing with the U.S. Securities and Exchange Commission.
Osiris is also still due a $15 million milestone payment if and when NuVasive racks up $35 million in cumulative Osteocel sales. So far, NuVasive has paid Osiris a total of $40 million in upfront and milestone payments.