Evonik has reached an agreement to acquire SurModics Pharmaceuticals, Inc., Birmingham, USA, an affiliate of SurModics, Inc. Signing took place on November 1, 2011 and the transaction is expected to close shortly.
SurModics Pharmaceuticals designs and produces bio-resorbable polymers marketed under the brand Lakeshore Biomaterials and possesses expertise and facilities to carry out all phases of pharmaceutical product development up to commercial manufacturing. The business focuses on the development of injectable drug-delivery systems that systemically or locally release active pharmaceutical ingredients (API) within a period of up to several months. Formulation approaches include bio-resorbable microparticles, nanoparticles, liposomes, implants and other polymer-based configurations.
The company employs approximately 80 pharmaceutical experts. In 2010, the total revenues amounted to more than $15 million.