EDEN PRAIRIE, Minn.—With a final price tag that could surpass $60 million, drug delivery specialist SurModics announced it would acquire Birmingham, Ala.-based Brookwood Pharmaceuticals from the Southern Research Institute, which spun-off the company in 2005 to develop and commercialize biodegradable polymer technology for drug delivery. The company brings with it, 30 service agreements with various pharmaceutical, biotech, and medical device clients.
"Our collective technology will allow us to offer both site specific and systemic drug release capabilities to a broader range of customers in several large markets, some of which we do not participate in today," says Bruce Barclay, SurModics president and CEO. "The combination of broader technology platforms and an expanded customer base will help to fulfill several of our strategic objectives, including further diversification of our business."
Brookwood will continue as a separate business unit within SurModics and be led by its current president and CEO Dr. Arthur Tipton, who will also become a vice president with SurModics.