SurModics paying up to $62M for Brookwood

The Southern Research Institute has sold Brookwood Pharmaceuticals to SurModics for $40 million up front and up to $22 million in milestones. Both SurModics and Brookwood specialize in drug delivery technologies. Brookwood was created two years ago and its 70 employees are expected to stay put in Birmingham, AL. "While we will miss having Brookwood as part of our extended organization, we are convinced that these two combined companies will be much more successful than they would apart," said Southern Research CEO Jack Secrist.

- check out the release
- here's the report from the Birmingham News

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