The transaction gives firm a stronger presence in North America
Evonik Industries, a German manufacturer of specialist chemicals headquartered in Essen, has agreed to buy the pharmaceuticals business of SurModics, headquartered in Eden Prairie, Minnesota, US.
Following the acquisition of the Resomer business from Boehringer Ingelheim in March, Evonik is now strengthening its formulation services business for pharmaceutical applications and further developing its healthcare business.
SurModics Pharmaceuticals specialises in injectable drug delivery systems. The business includes a cGMP development and manufacturing facility for polymers and drug delivery systems in Birmingham, Alabama, US. It employs approximately 80 pharmaceutical experts. In 2010, total revenues were in excess of US$15m.
Jean-Luc Herbeaux, head of the Health Care business at Evonik, said with SurModics Pharmaceuticals’ Lakeshore Biomaterials portfolio of polymers and associated established formulation development services Evonik acquires leading expertise and capabilities for the development and manufacturing of innovative drug delivery solutions.
Gary Maharaj, president and chief executive of SurModics, said the transaction would allow SurModics to focus on developing its core medical device and IVD businesses.
SurModics Pharmaceuticals designs and produces bio-resorbable polymers and has the capability to carry out all phases of pharmaceutical product development up to commercial manufacturing. The business focuses on the development of injectable drug delivery systems that systemically or locally release active pharmaceutical ingredients (API) within a period of up to several months. Formulation approaches include bio-resorbable microparticles, nanoparticles, liposomes, implants and other polymer-based configurations.
With its pharma polymers product line, Evonik is a leading developer and producer of functional pharmaceutical excipients.
Based on its well-known Eudragit product portfolio, the company develops coatings and matrix systems that provide controlled release of active pharmaceutical ingredients in tablets and other oral dosage forms. This oral drug delivery platform was complemented with the addition of the Resomer polymers, which are used for controlled release injectables and bio-resorbable implants as well as in medical devices.
The firm has recently added Eudragit E PO ReadyMix, a ready-to-use powder blend for taste masking and moisture protection coatings of pharmaceutical oral solid dosage forms. The new product is said to be convenient to use and affords production cost savings, as well as superior performance for protective coatings.
Evonik developed and produces Eudragit E PO ReadyMix with Biogrund, based in Hünstetten, Germany.