SurModics Pharmaceuticals, which was formed following the acquisition of Brookwood Pharmaceuticals in July 2007, is a product-focused player in drug delivery, providing a range of technology solutions to pharmaceutical, biotech and medical device companies worldwide.

It operates a cGMP facility for the manufacture of pharmaceutical products including long-acting parenterals, based on microparticles and solid implants.

SurModics Pharmaceuticals also markets a range of biodegradable polymers under the Lakeshore Biomaterials brand.

SurModics noted that its medical device drug delivery technologies and business, as well as its I-vation drug delivery platform and other assets acquired from InnoRx are not included in the alternatives process.

SurModics chairman of the board of directors Robert Buhrmaster said a key part of their recent strategic planning review has been to assess the opportunities available to SurModics’ key businesses and the investment time horizon in which they can create shareholder value from those opportunities.

"The best course of action is to explore alternatives for our Pharmaceuticals business so that we can dedicate more resources and efforts to pursuing growth opportunities and investments in our medical device and in vitro diagnostics businesses," Buhrmaster said.

The board has retained Piper Jaffray & Co as its financial advisor in connection with this process.