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The business was acquired for USD35m in cash as well as additional milestone-based contingent payments that will not exceed USD50m in either cash or stock.
The core of the Osteocel business is a proprietary adult stem cell bone graft product. Osteocel is claimed to be the only viable bone matrix product on the market that provides the three beneficial properties similar to autograft: osteoconduction, osteoinduction and osteogenesis.
NuVasive expects the Osteocel biologics business to generate revenues of USD15m in 2008 and USD25m in 2009. The company expects Osteocel gross margins of mid 30% in 2008 and approaching 60% in 2009.
NuVasive also said that it expects the transaction to be dilutive to GAAP earnings per share in 2008 because of an in-process R&D charge of approximately USD15m to USD20m.
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