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SurModics continues acquisition trail:

This article was originally published in Clinica

Executive Summary

Provider of drug delivery technology SurModics has closed its second acquisition of the month, after purchasing BioFX Laboratories in deal worth up to $22.7m. The Eden Prairie, Minnesota-based company bought Brookwood Pharmaceuticals on August 1 (see Clinica No 1268, p 10), and has continued its expansion with the acquisition of the Owings Mills, Maryland-headquartered diagnostic test kits provider. SurModics will pay $11.3m at the closing of the deal, and a potential $11.4m in revenue targets at future dates. This transaction will provide the firm with entry into the in vitro diagnostic tests market, which was worth approximately $32bn in 2005.

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