SurModics - Genentech - Lucentis
Genentech, SurModics Aiming for Microparticle Version of Lucentis
BioWorld Today - Oct. 07, 2009
Investors were revved up Tuesday about SurModics Inc.'s deal granting rights to its biodegradable microparticles drug delivery system to Genentech Inc. for use in developing and commercializing a sustained formulation of Lucentis (ranibizumab injection), a vascular endothelial growth factor inhibitor approved to treat wet age-related macular degeneration.
Shares of SurModics (NASDAQ:SRDX), which stands to gain $3.5 million up front and a potential $200 million more in milestone payments under the partnership, climbed 19.7 percent Tuesday, or $4.77, to close at $29.04.
The Eden Prairie, Minn.-based company, which specializes in drug delivery technologies, such as coatings, microparticles, nanoparticles and ...
therapeuticsdaily.com
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(Reuters) - Drug delivery technology company SurModics Inc (SRDX.O) said it inked a licensing deal with Genentech, a unit of Roche (ROG.VX), to develop a sustained formulation of the biotech's optical drug Lucentis, sending its shares up 25 percent.
SurModics will receive an upfront licensing fee of $3.5 million and is eligible to get about $200 million in delayed payments if multiple products are successfully developed.
The company said Roche and Genentech, which can develop additional compounds to treat eye-related diseases, will pay it for development services and have the right to obtain manufacturing services from it.
SurModics will also receive undisclosed royalties on product sales, it said in a statement.
Shares of the company jumped as much as $6.09 to $30.36 in Tuesday morning trade on Nasdaq.
(Reporting by Anuradha Ramanathan in Bangalore; Editing by Gopakumar Warrier)
reuters.com
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SurModics inks $200M licensing deal with Genentech
SurModics Inc. said Tuesday it has entered into a licensing and development deal with biotech company Genentech Inc. that could be worth as much as $200 million. The news sent SurModics’ stock up nearly 24 percent in mid-morning trading.
As part of the agreement, Genentech will incorporate a SurModics drug-delivery technology into a version of its Lucentis treatment for macular degeneration. Genentech, based in South San Francisco, Calif., has about 11,000 employees and is a subsidiary of Roche Group. Basel, Switzerland-based Roche is one of the largest drugmakers in the world.
Eden Prairie-based SurModics (Nasdaq: SRDX) said it will receive an up-front payment of $3.5 million as part of the agreement. The deal could be worth as much as $200 million, if certain milestones are met.
SurModics’ stock closed at $29.04 per share Tuesday, up nearly 20 percent from market open.
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