Date: Nov 02, 2011 Author: Evan Belanger Source: bizjournals (
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Minnesota-based SurModics Inc. (Nasdaq: SRDX) is selling its pharmaceutical assets to a German industrial group. The sale will include the company's drug-development and manufacturing facility in Birmingham.
While the sale is not expected to close until the end of the month, German-based Evonik Industries is expected to pay $30 million for the pharmaceutical assets, according to a press release.
SurModics Inc. is expected to report its pharmaceutical business as discontinued in its 2012 first-quarter results. The company announced in December it was exploring options for the sale.
"The sale of the pharma assets is an important milestone towards achieving our goal of returning SurModics to sustainable, long-term profitability," Gary Maharaj, president and CEO said this week.
