NuVasive’s Osteocel Purchase, Spinal Sales Boost Stock 29% In Q2 – Index
This article was originally published in The Gray Sheet
Executive Summary
Investor enthusiasm for spinal device maker NuVasive's May acquisition of the biologic bone matrix product Osteocel, combined with stronger-than-expected corporate sales growth, helped drive NuVasive stock ahead 29% in the second quarter
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NuVasive buys biologic bone matrix product
Spinal fusion device maker NuVasive will acquire the Osteocel biologics business of Osiris Therapeutics for $35 million in cash up-front, plus milestone payments of up to $50 million, under a definitive agreement announced May 8. The Osteocel bone graft product comprises cancellous bone, demineralized bone matrix and viable mesenchymal stem cells, and offers properties similar to autograft for bone regeneration. The product gives the company an entry into the $1.5 billion U.S. biologics market and complements its Formagraft synthetic ceramic/collagen bone void filler, NuVasive says. The firm forecasts Osteocel sales of $15 million in 2008 and $25 million in 2009, and expects the deal to close in the third quarter. Osiris is divesting the product to focus on its stem cell drugs
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