SurModics and Merck & Co. signed a license and research collaboration agreement to pursue the joint development and commercialization of the I-vation™ sustained drug delivery system with TA (triamcinolone acetonide) and other products that combine Merck drug compounds with the I-vation system for the treatment of serious retinal diseases.
Under the terms of the agreement, Merck will lead and fund development and commercialization activities for the SurModics I-vation drug delivery platform in combination with TA and Merck compounds. SurModics will receive an upfront licensing fee of $20 million and will be eligible to receive up to an additional $288 million in fees and development milestones associated with the successful product development and attainment of appropriate U.S. and EU regulatory approvals for these new combination products.
In addition, Merck will reimburse SurModics for its development activities, and SurModics will be responsible for the manufacture and supply of clinical and commercial products. SurModics will also receive royalties on product sales.