Federal Judge Clears Path For GTCR's Takeover Of Surmodics After FTC Challenge

Group 1 - The U.S. District Court for the Northern District of Illinois denied a request by the FTC and state regulators for a preliminary injunction against the acquisition of Surmodics Inc. by GTCR, marking a significant step toward completing the merger [1][2] - GTCR agreed to acquire Surmodics for approximately $627 million, or $43 per share, with the CEO of Surmodics expressing confidence in the merger's potential benefits for stakeholders [2][5] - The FTC challenged the acquisition due to GTCR's investment in Biocoat Inc., raising concerns about competition in the hydrophilic coatings market [3][4] Group 2 - The FTC's complaint highlighted that creating hydrophilic coatings requires specialized expertise and significant investment, making it unlikely for new competitors to emerge post-merger [4] - Surmodics disagreed with the FTC's decision and emphasized its commitment to completing the merger, asserting that it would benefit shareholders, customers, and patients [4][5] - Surmodics shares experienced a significant increase of 49.93%, reaching a new 52-week high of $40.99 at the time of publication [5]