SurModics, Inc. (SRDX) Signs Agreement with Genentech and Roche
SurModics, Inc. announced yesterday that it has signed an exclusive agreement with the Roche Group and Genentech for the licensing of its proprietary drug delivery system. This agreement will also establish a development process whereby a new, sustained-delivery formulation for the highly successful Lucentis® (ranibizumab) injection will be commercialized and brought to market using SurModics’ technology, logistics and expertise. This incredibly lucrative agreement includes an initial, up-front licensing fee of $3.5 million, and an estimated $200 million in payments if development of the Lucentis formulation and other products is successful. In addition, the agreement indicates that SurModics will be used…