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SurModics expands with Brookwood buy:

This article was originally published in Clinica

Executive Summary

Drug delivery technology provider SurModics has acquired Brookwood Pharmaceuticals, a subsidiary of the Southern Research Institute, for $40m in cash. The deal, which could rise by a further $22m pending the achievement of specific milestones, sees SurModics (Eden Prairie, Minnesota) gain proprietary polymer-based technologies and broaden its range of markets to include oncology, ophthalmology and orthopaedics. Brookwood, which will retain its operating facilities in Birmingham, Alabama, recorded $12.7m in revenues in 2006, and is profitable and cash flow positive, so is expected to be accretive to SurModics' fiscal 2008 earnings.

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