The other lamp will not light as they are wired in series. As ic-racer says, if there is oxide build up on the socket contacts it can cause problems and lamp failures.
In my experience, I would replace both lamps, rather than just the one that has failed. The voltage/current stress that the 'good' bulb has been subjected to could cause it to fail early, which becomes a repeating pattern with each new lamp replacement. I have the 507 multigrade head, and after my first lamp failure only replaced the failed lamp. I then had three failures within a couple of weeks. However, when I bit the bullet and replaced both lamps at the same time they lasted for well over a year.
The voltage and wattage of the Osram bulb is correct, though I use the GEC ELC lamps.