German specialty chemicals group Evonik has agreed to acquire the pharmaceuticals business of US-based SurModics Inc for $30 million in cash, the companies said in separate statements Wednesday.
Evonik said the acquisition, which is expected to close shortly, is part of its move to develop its healthcare business.
SurModics Pharmaceuticals, based in Alabama, had revenues of over $15 million in 2010 and employs around 80 staff.
The transaction involves SurModics Pharmaceuticals' microparticle and biodegradable implant drug delivery technologies, a manufacturing plant in Alabama and a range of biodegradable polymers that are available in the market under the Lakeshore Biomaterials brand.
"Evonik is a strategic partner and one of the world's leading solution providers to the pharmaceutical industry. By acquiring the polymer and formulation services businesses of SurModics, we continue to expand our position in this important market", Evonik chairman Klaus Engel said.
SurModics said the pharmaceuticals business was formed after its acquisition of Brookwood Pharmaceuticals in July 2007.
