Osiris sells stem cell business to NuVasive

Medical device maker NuVasive is buying Osteocel, Osiris' biologics business, for $35 million up front and an additional $50 million in milestone payments. The Osteocel business includes an adult stem cell bone graft product containing beneficial properties similar to autograft, as well as a processing facility with significant supply stream capacity. Osiris said the move will allow it to focus on launching its core products. "This transaction provides Osiris with a substantial amount of non-dilutive capital over the near-term, and shapes the organization in a way that is optimal for both the Osteocel employees and the long term mission of Osiris," said Osiris' CEO Randal Mills.

- check out the NuVasive release