SurModics selling drug delivery unit to Evonik for $30M

Wounded from the loss of stent-coating business from Johnson & Johnson ($JNJ), SurModics ($SRDX) has decided to sell off its drug delivery unit. German chemical giant Evonik has agreed to gobble up SurModics Pharmaceuticals for $30 million in cash, according to the Eden Prairie, MN-based seller's release. SurModics Pharmaceuticals, SurModics' drug delivery unit based in Birmingham, AL, includes a development facility and plant in Birmingham. Report