|
|
Article: Stock in SurModics soars $10.63 on news of agreement with Motorola; Firms will combine gene research efforts.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- July 7, 2000
- Author:
CopyrightCOPYRIGHT 2000 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Stock in Eden Prairie-based SurModics Inc. surged $10.63 a share Thursday to $43.75 on the news that it had signed a licensing agreement for its gene research technology with Motorola Inc.
The value of the agreement is expected to exceed $25 million over four years, with half of that in direct equity investment and the rest in royalties and licensing for exclusive use of SurModics' PhotoLink technology.
SurModics CEO Dale Olseth said that it could "prove to be a much bigger agreement over time."
Genomics is "a big field and a big topic," he said.
The companies are forming a joint development committee to oversee research efforts.
...