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news.SurModics, a provider of surface modification and drug delivery technologies to the healthcare industry, has announced that Merck & Co has notified the company that it will discontinue the license and research collaboration agreement the companies signed in June 2007.
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Merck’s decision triggers an additional $9 million payment to SurModics from Merck. Merck’s decision to discontinue the collaboration was made following a strategic review of its business and product development portfolio.
This decision was not based on any concerns about the safety or efficacy of I-vation TA, the I-vation platform or any of SurModics’s other sustained drug delivery systems.
Clinical data on I-vation TA generated to date has provided strong support for the tolerability profile of I-vation TA, and more generally, that of the I-vation sustained delivery platform.
Bruce Barclay, president and CEO of SurModics, said: “Merck has been an exceptional partner, and we have a great deal of respect for their development capabilities and highly skilled personnel. While we are disappointed by this decision, our diversification strategy has yielded a broad base of customers and development programs within ophthalmology, as well as across our other areas of business.”