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Friday, Oct 11
Osiris jumps after announcing sale of stem cell unit
- Osiris Therapeutics (OSIR) soars 20% premarket.
- The company is selling its mesenchymal stem cell business (including the Phase 3 stem cell therapeutic Prochymal) to Mesoblast Limited (MBLTY.PK).
- OSIR will receive a $50M closing and asset transfer consideration (recorded in Q4) and up to $50M in potential clinical and regulatory milestone payments.
- Due to the release of around $14M in deferred tax assets, OSIR expects to report a profit for the current fiscal year. (PR)