Evonik to Acquire Birmingham-Based LACTEL Absorbable Polymers from DURECT Corporation
With the acquisition, Evonik will expand its life science division and its portfolio of functional excipients and biomaterials.
Evonik, a German specialty pharmaceuticals company, announced on Dec. 7, 2020 that it has signed an agreement to acquire the LACTEL business of biodegradable polymers from DURECT for $15 million. The transaction is expected to close by the first quarter of 2021, pending certain customary closing conditions. Under the agreement, an offer will be extended to transition to Evonik to each of the 15 employees of DURECT located in the company’s Birmingham, AL, site that are associated with the LACTEL business.
Poly(lactide-co-glycolide) (PLG or PLGA) polymers are used as a functional excipient to control the release of parenteral drug products and are used to control the biodegradation of implantable medical devices across various orthopedic, cardiovascular, wound healing, and other applications.
“The acquisition of the LACTEL business will strengthen both our innovation growth field Healthcare Solutions and Evonik’s position as a globally leading CDMO [contract development and manufacturing organization] for drug delivery solutions,” said Johann-Caspar Gammelin, head of the Nutrition & Care Division of Evonik, in a company press release.
“It has been a pleasure working with the highly motivated and talented LACTEL team. We have confidence that Evonik will apply its resources and commitment to excellence to enable the LACTEL product line and supporting team members to thrive,” said James E. Brown, president and CEO of DURECT Corporation, in the press release.
Source: Evonik
