Benzinga | Dec 7, 2020 11:15AM EST

DURECT Corporation To Sell Its LACTEL Absorbable Polymer Product Line To Evonik For $15M

DURECT Corporation to Sell its LACTEL(r) Absorbable Polymer Product Line to Evonik for $15 Million

CUPERTINO, Calif., Dec. 7, 2020 /PRNewswire/ -- DURECT Corporation (NASDAQ:DRRX) today announced that it has signed an agreement to sell its LACTEL Absorbable Polymer (LACTEL) product line to Evonik, a global leader in specialty chemicals.

Under the terms of the agreement, Evonik will pay DURECT $15 million in exchange for certain assets and liabilities associated with LAC