On Monday, November 10, 2025, the U.S. District Court for the Northern District of Illinois denied the Federal Trade Commission’s request for a preliminary injunction that would have blocked the $627 million acquisition of Surmodics by private‑equity firm GTCR. The ruling removes the single legal obstacle that had stalled the transaction since the FTC filed its complaint in March 2025.
The deal, announced on May 29, 2024, values Surmodics at $43 per share and is intended to accelerate the company’s vascular intervention portfolio. GTCR already holds a majority stake in Biocoat, another medical‑device coating provider, and the acquisition is expected to create synergies in coating technology and market reach. Surmodics specializes in performance coating technologies for intravascular medical devices and components for in‑vitro diagnostic tests, positioning it as a key player in a market where the FTC feared increased concentration.
For Surmodics shareholders, the court’s decision is a significant development. It clears the way for the company to transition from a public to a private entity under GTCR’s ownership, potentially unlocking additional resources for product development and expanding its market footprint. The acquisition also offers a premium valuation that aligns with analyst consensus, reinforcing investor confidence in the company’s long‑term prospects.
The FTC’s complaint centered on antitrust concerns that the merger would combine the two largest outsourced hydrophilic coating manufacturers, potentially raising prices and stifling innovation for medical‑device manufacturers. The court found the FTC’s arguments insufficient to justify an injunction at this stage, thereby allowing the parties to proceed while the temporary restraining order remains in effect until 5:00 p.m. Central time on Monday, November 17, 2025.
Investors responded positively to the ruling, reflecting increased confidence in the likelihood of the deal’s completion. The transaction remains subject to customary closing conditions, including the absence of any injunction or other legal restraint and the lack of a “Company Material Adverse Effect” clause. The temporary restraining order will expire on November 17, after which the parties can move forward with the remaining steps to close the transaction.
"The District Court’s ruling is a significant step toward being able to complete the Merger, which we continue to believe will position the Company to continue to deliver compelling benefits for physicians, patients and customers going forward," said Gary Maharaj, President and CEO of Surmodics. The quote underscores the company’s view that the acquisition will enhance its product pipeline and market reach while providing shareholders with a premium exit opportunity.
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