Evonik Birmingham Laboratories
SurModics Pharmaceuticals (formerly Brookwood Pharmaceuticals) is a drug development company located in the former Saks, Inc. headquarters at 750 Lakeshore Parkway. The president and CEO is Arthur Tipton.
The company was created in 2005 when the non-profit Southern Research Institute spun off its drug development and delivery division as a for-profit entity with offices at 756 Tom Martin Drive in Oxmoor Valley. On August 1, 2007 Brookwood Pharmaceuticals and its subsidiaries, Lakeshore Biomaterials and Aeon Biosciences, were sold to Minnesota-based SurModics Inc. for $40 million (with as much as $22 million more if certain contractual milestones were reached).
In 2007 Brookwood proposed a new $40 million manufacturing and training facility that would create as many as 300 new jobs. An incentive agreement with local governments would provide $7.6 million in public funds, predominantly in recruitment, screening, and training services and equipment provided by the state. In 2008 Brookwood purchased the former Saks Inc. headquarters on Lakeshore Parkway for just over $12 million and made plans for $30 million in renovations and equipment.
References
- "Southern Research Institute Spins Out New For-Profit Drug Delivery Company, Brookwood Pharmaceuticals, Inc." (January 19, 2005) Southern Research Institute Press Release
- Wright, Barnett (April 15, 2008) "Insider: Incentives OK'd for pharmaceutical firm." Birmingham News
- West, Ty (March 27, 2009) "Changing of the guard: Biotech firm steps up to take former Saks Inc. HQ." Birmingham Business Journal