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news.SurModics has said that Merck & Co. has exercised an option to develop and commercialize an additional Merck proprietary investigational compound using SurModics's I-vation sustained drug delivery system under the license and research collaboration agreement signed by the companies in June 2007.
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Under the terms of the signed agreement, Merck will lead and fund development and commercialization activities. SurModics will receive a licensing fee and payment for its development activities. In addition, SurModics will be eligible to receive development milestones associated with the successful development and attainment of appropriate US and EU regulatory approvals in connection with a candidate compound. SurModics will be responsible for the manufacture and supply of clinical and commercial products. SurModics will also receive royalties on product sales.
Bruce Barclay, president and CEO of SurModics, said: “This latest agreement provides further validation for the I-vation drug delivery system as a platform for delivering drugs to treat retinal disease.”