Healthcare company SurModics, Inc. (SRDX) said Tuesday that its Board of Directors has authorized the company to explore strategic alternatives for its SurModics Pharmaceuticals business, including a potential sale.
SurModics Pharmaceuticals was formed following the acquisition of Brookwood Pharmaceuticals in July 2007, and the business includes microparticle and biodegradable implant drug delivery technologies, the cGMP manufacturing facility in Birmingham, Alabama, among others.
The Board has retained Piper Jaffray & Co as its financial advisor in connection with this process.
SurModics noted that its Medical Device drug delivery technologies and business, as well as its I-vation drug delivery platform and other assets acquired from InnoRx are not included in the alternatives process.
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