Brookwood's technologies, which include injectable microparticles, have led to roughly 30 projects with a client base that differs from SurModics's, creating new market reach in areas including diabetes, oncology, and ophthalmology. "[The projects] will be staying," says Barclay, "That was again an important part of what we saw when we evaluated the company. They have existing customers primarily in the pharma industry, but not exclusively."
As a public company, SurModics has access to capital markets, and, though Barclay says it will not blindly spend money, SurModics is prepared to invest in projects or programs that benefit both companies. SurModics is already evaluating the potential for increasing the Brookwood facility.
Although Secrist says Brookwood tripled its employees and began to stand on its own after the spin-off from SRI, Brookwood's equipment-intensive business and need for capital was a crucial factor in concluding the transaction: "As we've gone through the years, we've felt that for it to grow to its potential, it would probably need capital beyond what SRI could readily provide."
Barclay likes Brookwood's technical side because he sees opportunities for continued R&D. "They have a total of 12 Ph.Ds, which, again, I think is a fairly high number for a small company, and that supports the innovative technical focus that they have had." The science has also led to a good business, says Barclay. "Brookwood is profitable. They are cash flow positive. They have done a really good job creating the business to this point."
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