SurModics continues acquisition trail:
This article was originally published in Clinica
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.