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SurModics buys Brookwood Pharmaceuticals

SurModics acquires Brookwood Pharmaceuticals from Southern Research Institute for USD 40m to gain access to polymer microparticles technology

SurModics, a US-based surface modification and drug delivery technology company, has acquired Brookwood Pharmaceuticals from Southern Research Institute.

SurModics paid USD 40m in cash at closing and could pay up to an additional USD 22m in cash upon the successful achievement of certain revenue targets and development, regulatory and other milestones associated with customer projects.

Goldman, Sachs served as financial advisor to SurModics in this transaction, while Southern Research Institute was represented by Stonecroft Capital.

Brookwood is a US drug delivery company which specialises in polymer based enabling technologies and has particular strength in proprietary injectable microparticles and implant technology. Brookwood racked up USD 12.7m in revenue and strong year-over-year growth in 2006, mostly from R&D fees.

The company has nearly 30 development projects targeting a number of key clinical indications in the diabetes, oncology, ophthalmology, cardiovascular, orthopaedics, central nervous system and alcoholism markets.

1st August 2007

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