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SurModics buys PR Pharmaceuticals' drug delivery assets

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EDEN PRAIRIE, Minn. — SurModics has obtained a portfolio of intellectual property and collaborative drug delivery projects from PR Pharmaceuticals, a press release from the company announced.

The deal was set for $3 million in cash at closing, with a possible additional $6 million in cash at completion of set milestones, the release said. The purchase will be accretive to SurModics' fiscal 2009 earnings, excluding one-time fees connected to the buy.

The acquisition will not only expand SurModics' technology portfolio in systemic drug delivery systems and in use of smaller gauge needles for ophthalmic applications, but also the company's customer base, the release said.

"The proprietary technologies and existing business we are acquiring from PR Pharmaceuticals are a perfect fit for SurModics," Bruce Barclay, president and CEO of SurModics, said in the release. "A broader toolkit for protein delivery and the ability to use smaller gauge needles for microparticle injections make an even more compelling offering for both current and future SurModics customers."

In September, SurModics announced that Merck was discontinuing its 2007 license and research collaboration agreement with the company. That agreement had been for joint development and commercialization of the I-vation triamcinolone acetonide sustained drug delivery system. The discontinuation was to trigger an additional $9 million from Merck to SurModics under terms of the agreement.