Roche and Genentech Obtain License to SurModics' Drug Delivery System

SurModics, Inc. (Eden Prairie, MN), announced that it has signed a license and development agreement with Roche (Basel, Switzerland) and Genentech, Inc. (South San Francisco, CA), a wholly-owned member of the Roche Group, according to a news release. The agreement gives Roche and Genentech an exclusive license to use SurModics' proprietary biodegradable microparticles drug delivery system to develop and commercialize a sustained drug delivery formulation of ranibizumab (Lucentis, Genentech, Inc.). The agreement further provides Roche and Genentech with opportunities to develop additional compounds for the treatment of ophthalmic diseases.

Under the terms of the agreement, SurModics will receive an up-front licensing fee of $3.5 million. In addition, SurModics could be eligible to receive up to approximately $200 million in fees and milestone payments in the event of the successful development and commercialization of multiple products. Roche and Genentech will pay SurModics for its development services and have the right to obtain manufacturing services from SurModics. Also, SurModics will receive undisclosed royalties on product sales.

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Roche and Genentech Obtain License to SurModics' Drug Delivery System

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