Osiris Receives $15 Mln Cash Payment For Prochymal

(RTTNews) - Stem cell company Osiris Therapeutics, Inc. (OSIR) said Wednesday 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 Ltd. for the acquisition of Osiris' culture-expanded mesenchymal stem cell business, including Prochymal, in a deal 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.

The payment was accrued in fiscal 2013 and it will not impact the current results of operations, Osiris said.