Osiris gets $15M milestone payment from NuVasive

NEW YORK (AP) - Osiris Therapeutics Inc. said Tuesday it received a $15 million payment from NuVasive Inc., the final milestone fee linked to the sale of Osiris' bone graft stem cell business.

San Diego-based NuVasive agreed to buy the Osteocel business in May 2008 for as much as $85 million. The latest payment was triggered when NuVasive reached $35 million in total Osteocel revenue.

Shares of Osiris, which is headquartered in Columbia, Md., fell 33 cents, or 5.5 percent, to close at $5.72 on Tuesday, having hit a 52-week low of $5.35 earlier in the session. NuVasive stock rose 65 cents to finish at $35.70.