The United States District Court for the Northern District of Illinois on Tuesday denied a request by the U.S. Federal Trade Commission and certain state regulators to issue a preliminary injunction that would have prevented the proposed acquisition of Surmodics Inc ( SRDX ). by GTCR.

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In May 2024, private equity firm GTCR agreed to acquire medical device coating company Surmodics ( SRDX ) for approximately $627 million, or $43 per share.

"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 ( SRDX ).

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Background

In March 2025, the U.S. Federal Trade Commission challenged the proposed acquisition. GTCR has an equity investment in Biocoat Inc., a medical coatings manufacturer, which raised concerns for the FTC.

The FTC's complaint argues that making hydrophilic coatings requires specialized expertise and significant investment, and many OEMs prefer outsourcing to established companies like Biocoat and Surmodics ( SRDX ).

After the merger, it's unlikely a new competitor could challenge GTCR and Surmodics ( SRDX ).

In response to the FTC's announcement, Surmodics ( SRDX ) issued a statement expressing its disagreement with the agency's decision.

The company emphasized its commitment to completing the merger and remains confident in the deal's potential to benefit all stakeholders, including shareholders, customers, and patients.

SRDX Price Action: Surmodics ( SRDX ) shares were up 49.93% at $40.99 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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