Stryker completes sale of OP-1 product family to Olympus

Stryker has completed the divesture of its OP-1 product family to fellow medical technology manufacturer Olympus.

The arrangement, which was originally announced in December 2010, sees the company transfer rights to orthopaedic bone products including OP-1 Implant, OP-1 Putty, Opgenra and Osigraft.

It also encompasses the sale of Stryker's associated OP-1 manufacturing facility, which is located in Lebanon, New Hampshire.

The transaction has been valued at $60 million (37.28 million pounds) and aligns with the strategic objectives and outlook of both companies.

Stryker has confirmed that it will be redirecting research and development spending previously dedicated to OP-1 into other projects which it believes will offer a better return for shareholders.

This includes its BMP-7 device, which is currently undergoing clinical trials for potential application among osteoarthritis patients and sufferers of other non-orthopaedic conditions.

These studies remain in an early stage, meaning that Stryker does not expect to bring this product to market for another five years at a minimum.