Osiris Therapeutics Achieves $15 Million Milestone Payment

COLUMBIA, Md.--(BUSINESS WIRE)--Osiris Therapeutics, Inc. (NASDAQ: OSIR - News), today announced that the company has achieved a $15 million milestone payment from NuVasive (NASDAQ: NUVA - News) related to the sale of the Osteocel business. Triggering the payment, NuVasive recently reached $35 million in cumulative sales of Osteocel. With this final payment, Osiris has realized the full $85 million value from the sale of its Osteocel business to Nuvasive.

“This significant commercial milestone underscores Osiris’ position as a world leader in the development and commercialization of stem cell technology,” said Philip R. Jacoby, Jr., Chief Financial Officer of Osiris Therapeutics. “The fact that NuVasive achieved $35 million in cumulative sales of Osteocel ahead of projections demonstrates the unique position of this product in facilitating spine fusion. It is the goal of both our therapeutic and biosurgery divisions is to develop high-quality cell therapy products that fill unmet medical needs. Osteocel is a great example of this type of innovation, having become the clear leader in market share, with sales more than double its closest competitors.”