Stryker has entered into a definitive agreement with Olympus Corp. for the $60 million sale of its OP-1 products for use in orthopedic bone applications, according to a Stryker news release.
The OP-1 products include the OP-1 Implant, OP-1 Putty, Opgenra and Osigraft. The transaction also includes the sale of the OP-1 manufacturing facility in Lebanon, N.H. As part of the agreement, Stryker will incur a one-time non-cash charge of approximately $75 million-$80 million in the fourth quarter of 2010 to anticipate the loss on the sale.
After the agreement, Stryker will redirect a portion of the related research and development spending to other internal products. Clinical efforts already underway include working with BMP-7 for potential use in osteoarthritis and non-orthopedic applications.
Read the Stryker release on the agreement.
Read other coverage on Stryker:
- Stryker Expected to Contract With Brooke Army Medical Center
- Stryker Acquires Boston Scientific Corp.'s Neurovascular Business for $1.5B
- Stryker Reports a 7% Net Sales Increase for 3Q 2010
The OP-1 products include the OP-1 Implant, OP-1 Putty, Opgenra and Osigraft. The transaction also includes the sale of the OP-1 manufacturing facility in Lebanon, N.H. As part of the agreement, Stryker will incur a one-time non-cash charge of approximately $75 million-$80 million in the fourth quarter of 2010 to anticipate the loss on the sale.
After the agreement, Stryker will redirect a portion of the related research and development spending to other internal products. Clinical efforts already underway include working with BMP-7 for potential use in osteoarthritis and non-orthopedic applications.
Read the Stryker release on the agreement.
Read other coverage on Stryker:
- Stryker Expected to Contract With Brooke Army Medical Center
- Stryker Acquires Boston Scientific Corp.'s Neurovascular Business for $1.5B
- Stryker Reports a 7% Net Sales Increase for 3Q 2010