PR Pharma, SurModics deal

SurModics acquired the drug delivery assets of PR Pharmaceuticals for $3 million up front and up to $6 million in milestones. SurModics also will take over PR Pharma's drug delivery partnerships and will co-develop PR Pharma's InsuLAR, a once-weekly sustained-release formulation of basal insulin in preclinical testing to treat Type II diabetes. For the InsuLAR deal, SurModics will receive an undisclosed upfront payment and is eligible for milestones and royalties. PR Pharma is responsible for commercialization. ...