In Alabama, German specialty chemicals company Evonik has acquired a line of biomaterials from Birmingham’s DURECT Corporation for $15 million.
The LACTEL Absorbable Polymers portfolio is comprised of biodegradable, PLGA-based polymers used in drug delivery, tissue engineering, and 3D printing of implantable medical devices. The business will be integrated into Evonik’s Health Care business.
“The integration of the LACTEL® business into Evonik’s market-leading portfolio of functional excipients, biomaterials and integrated CDMO services will strengthen our position as a preferred development partner and solutions provider for pharmaceutical and medical device customers,” says Thomas Riermeier, Head of Evonik’s Health Care business line.
The transaction is expected to close by the first quarter 2021 pending the satisfaction of certain customary closing conditions. “An offer will be extended to each of the 15 employees of DURECT located in Birmingham, Alabama, which are associated with the LACTEL® business to transition to Evonik,” Evonik notes.
Category: Chemicals & Materials
