Merck has put up $20 million and promised up to $288 million more in milestones in exchange for the rights to jointly develop and commercialize SurModics' I-vation drug delivery platform for use with the pharma giant's drugs for diseases of the eye. Merck will reimburse SurModics for its development activities, and SurModics will be responsible for the manufacture and supply of clinical and commercial products. SurModics will also receive royalties on product sales.
"Today's announcement is an important milestone in the history of SurModics and marks the first license of our sustained drug delivery platforms in the ophthalmology market," said Bruce Barclay, president and CEO of SurModics, which is based in Eden Prairie, MN. "Over the past three years, and as a result of the hard work by our employees, we have made tremendous strides evolving our business strategy and focusing on new market opportunities."
- check out the release on the deal
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