Under the agreement, Evonik will acquire the complete portfolio of products and services of SurModics Pharmaceuticals, including the company’s cGMP development and manufacturing facility situated in Birmingham, Alabama.
Evonik will also get the ownership of SurModics’ parenteral dosage technology platforms and services and bioresorbable lactide-glycolide polymers business.
SurModics president and CEO Gary Maharaj said that the transaction would allow them to focus their full resources to advancing their core medical device and IVD businesses.
"Furthermore, the proceeds from the sale significantly strengthen the company’s financial profile," Maharaj said.
The agreement is subject to customary closing conditions and is likely to close by the end of November.