Osiris Therapeutics receives $15 million cash payment from Mesoblast for Prochymal
Published on April 9, 2014 at 9:21 AM
Osiris Therapeutics, Inc. (NASDAQ:OSIR), the leading stem cell company focused on developing and marketing products to treat conditions in wound care, orthopedic and sports medicine markets, announced that it has received the next $15 million cash payment from Mesoblast in accordance with the Purchase Agreement relating to the Prochymal business.
In October 2013, Osiris announced an agreement with a wholly-owned subsidiary of Mesoblast Limited (ASX:MSB; USOTC:MBLTY) for the acquisition of Osiris' culture-expanded mesenchymal stem cell (ceMSC) business, including Prochymal, in a transaction worth up to $100 million in initial consideration and milestone payments as well as future royalties. The payment was made in cash. Osiris continues to provide services to Mesoblast as part of the agreement to ensure a smooth transition. This payment was accrued in fiscal 2013 and it will not impact the current results of operations.
Osiris Therapeutics, Inc.