SurModics Sells Pharmaceutical Assets to Evonik for $30M
Firm will now concentrate on its in vitro diagnostic and medical device businesses.!--h2>
SurModics is selling its SurModics Pharmaceuticals assets to Germany’s specialty chemicals firm Evonik Industries for $30 million in cash. The deal includes the entire portfolio of products and services, including SurModics Pharmaceuticals’ cGMP development and manufacturing facility in Birmingham, Alabama, its parenteral dosage technology platforms and services, and bioresorbable lactide-glycolide polymers business.
SurModics specializes in developing drug delivery and surface modification technologies for the healthcare industry. Its core offerings include drug delivery coatings, microparticles, and implants, and surface modification coating platforms that provide lubricity, prohealing, and biocompatibility capabilities. The firm says selling off its pharma assets will allow it to focus on its core medical device and IVD businesses, and add cash to the firm’s coffers. “The sale of the pharma assets is an important milestone toward achieving our goal of returning SurModics to sustainable, long-term profitability,” comments Gary Maharaj, president and CEO. “After conducting an efficient and thorough review process of our strategic alternatives, we believe this sale creates compelling value for all of the company’s stakeholders, including employees of the pharma business.”
Evonik says the acquired product and service portfolio, facilities, and employees base will add critical value to its own operations. “Evonik’s acquisition of SurModics’ pharmaceutical assets demonstrates our view of the pharmaceutical market as a strategic core business in which we intend to continue to invest and grow,” comments Jean-Luc Herbeaux, head of the firm’s healthcare business line.