SurModics is a provider of drug delivery and surfacemodification technologies for the healthcare industry, with key focus areassuch as pharmaceutical,
in-vitrodiagnostics, cardiovascular disease, ophthalmology and other growing clinicalmarkets. its technologies, the company site notes, "are utilized by ourcustomers to either alter the characteristics of the surfaces of devices andbiological materials or to enable drug delivery from coatings, implants orinjected microparticles." The company's main offerings include drug deliverytechnologies and surface modification coating technologies (which impartlubricity, prohealing and biocompatibility capabilities), as well as componentsfor
in-vitro diagnostic test kitsand specialized surfaces for cell culture and microarrays. Evonik, a specialtychemical manufacturer, is headquartered in Essen, Germany.
"After conducting an efficient and thorough review processof our strategic alternatives, we believe this sale creates compelling valuefor all of the Company's stakeholders, including the employees of the Pharmabusiness and the Birmingham community," said Maharaj. "SurModics is gratefulfor the hard work and accomplishments of the Pharma employees and is confidentin the opportunities created by the strong strategic fit with Evonik."
The sale is subject to customary closing conditions. Thetransaction is expected to close before the end of November 2011, and SurModicsexpects to report its Pharmaceuticals business as discontinued operations inits first quarter financial results.
SOURCE: SurModics press release
