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Osiris Therapeutics gets last Osteocel payment after NuVasive reports $35M in Osteocel revenue
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NEW YORK - Osiris Therapeutics Inc. said Tuesday it received a $15 million payment from NuVasive Inc., the final milestone fee linked to the sale of Osiris' bone graft stem cell business.
San Diego-based NuVasive agreed to buy the Osteocel business in May 2008 for as much as $85 million. The latest payment was triggered when NuVasive reached $35 million in total Osteocel revenue.
Shares of Osiris, which is headquartered in Columbia, Md., fell 33 cents, or 5.5 percent, to close at $5.72 on Tuesday, having hit a 52-week low of $5.35 earlier in the session. NuVasive stock rose 65 cents to finish at $35.70.
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