No fellow bloggers, this isn't one of those Fairy Tales where the prince saves the damsel in distress. Matter of fact, it's more likely to be compared to a Greek tragedy of sizable proportion. Once upon a time, around November of 1998, Stryker went out and signed a irrevocable patent licensing agreement for OP-1 with Creative BioMolecules. If memory serves me correctly, the deal was for $222 million. Based on the daily report on the Weather Channel, a cold front came in somewhere near Kalamazoo. The Almighty Stryker announced that it had entered into a definitive agreement with the Olympus Corporation for the sale of its OP-1 family of products. My how the worm has turned.
The question that any casual observer must ask is, how badly mismanaged has this acquisition been from the beginning? Was the best that Stryker could do is get this pharmaceutical through the FDA as an HDE? Strategic planning and a delivery protocol came into play during the submission. The ensuing years laid to claim that spine and trauma surgeons were coaxed into using this off-label. Some former Stryker employees remember this being used by spine and trauma surgeons, dabbing this accelerant on a foam sponge to deliver this drug. After twelve years, one must wonder how much capital was INFUSED into this project, including the recent legal cost that Stryker has had to incur inorder to defend its reputation with the DOJ, for what transpired from its leadership team in Hopkinton, Massachusetts? Stryker has used the Sergeant Schultz defense, "I know nothin'" denying any knowledge of what was going on in the Bay State. Stryker will also rationalize that it was better to cut one's losses than continue on a road to nowhere. Considering the magnitude of the loss, I guess a loss is a loss. Based on its track record in biologics, hopefully, Stryker will find some competent people to provide the organization some guidance when it comes to biologics, or pharmaceuticals for that matter. There are many parallels between this management team and those that attempted to get Hydrocision's Spine Jet to the market. But then you reap what you sow. TSB wants to know what our readers think?