- Expands biologics platform for robust growth - - Includes proprietary adult stem cell bone graft product and processing
facility - - Expects Osteocel(R) revenues of $15 million in 2008 and $25 million in
2009; no dilution to earnings per share in 2008 or 2009, excluding
in-process R&D charge -
SAN DIEGO, May 8 /PRNewswire-FirstCall/ -- NuVasive, Inc. (Nasdaq: NUVA), a medical device company focused on developing products for minimally disruptive surgical treatments for the spine, announced today that it has signed a definitive agreement to acquire the Osteocel biologics business from Osiris Therapeutics, Inc. (Nasdaq: OSIR). The Osteocel business includes a proprietary adult stem cell bone graft product containing beneficial properties similar to autograft, as well as a processing facility with significant supply stream capacity.
Under the terms of the agreement, NuVasive will acquire the Osteocel
biologics business from Osiris for $35 million in cash at closing, plus
additional milestone-based contingent payments not to exceed $50 million in
either cash or a combination of cash and stock, at the Company's election.
The purchase price will be funded out of available cash and the transaction
is not subject to financing conditions. The Company presently anticipates
that the closing will occur in the third quarter of 2008, subject to Osiris
stockholder approval and customary regulatory approvals.
Strategic benefits of the transaction to NuVasive:
-- Provides comprehensive stem cell biologic platform with benefits
similar to autograft;
-- Proprietary production process with significant capacity;
|SOURCE NuVasive, Inc.|
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