The Welsh international suffered a tear to the anterior cruciate ligament and a grade-two tear to the medial collateral ligament and will undergo surgery next week to repair the damage. It is anticipated that he will make a full recovery and return to action after a six month lay-off.
Speaking about the injury, Ospreys Physio Chris Towers said: "Mike has damaged two ligaments, causing considerable laxity in the knee. Having seen the specialist yesterday, the opinion is that the treatment of choice is for him is to undergo surgery to repair both ligaments in order to ensure the best functional outcome.
"The injury happened when he received an impact to the outside of his right knee. He wanted to stay on and continue playing, which is an indication that Mike is a pretty tough cookie, but it was clear that there was a problem and our worst fears have been confirmed.
"These are relatively common injuries in contact and collision sports and unfortunately in this instance, completely unavoidable. The good news is there are plenty of top flight rugby players and Premiership footballers out there who have suffered similar injuries and are back doing the business as good as ever, and there is no reason to think that Mike should be any different. After his operation he'll be looking at a six month rehabilitation period, which means that hopefully we'll be seeing him back in action by October."
Ospreys Head Coach Lyn Jones added: "This is very disappointing news for both Mike personally and for the Ospreys, particularly coming at a time when both his form and confidence have been high. We wish him well for the operation, and for a speedy recovery, and we look forward to seeing him on the field in Ospreys colours again soon."
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