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Surmodics Buys Dx Substrate Developer BioFX in Deal Worth Up to $22.7M

NEW YORK (GenomeWeb News) - SurModics, a developer of drug-delivery and surface-modification technologies, said this week that it has acquired BioFX Laboratories in a deal worth up to $22.7 million.  
 
The agreement calls for SurModics to pay $11.3 million for BioFX, which makes substrates used by the in vitro diagnostics industry. SurModics said it could pay an additional $11.4 million on the achievement of certain revenue targets. 
 
SurModics said BioFX had revenues of $3.5 million in 2006, which represented growth of 16 percent over 2005, and added that the company is both “profitable and cash-flow positive.”
 
SurModics expects the acquisition to be accretive in fiscal 2008 and beyond.
 
BioFX sells both colorimetric and chemiluminescent substrates and other products for use in IVDs.
 
“By combining the BioFX products with our own,” said SurModics CEO Bruce Barclay, “we can offer more high-value critical components to a broader customer base in the in vitro diagnostics market."
 
SurModics is based in Eden Prairie, Minn., while BioFX is headquartered in Owings Mills, Md. The BioFX business will remain in Maryland but operate within SurModics’ In Vitro Technologies business unit in Minnesota.

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