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

The per-share acquisition price represents a 41.1% premium to Surmodics’ 30-trading day volume-weighted average closing price through May 28.

Surmodics’ board unanimously approved the cash deal. It also recommended that stockholders vote in favor of the transaction.

“We are pleased to announce this transaction, which enables Surmodics ( SRDX ) shareholders to realize immediate value creation with a substantial premium, reflecting the significant progress and important achievements made by our employees,” said Surmodics ( SRDX ) CEO Gary Maharaj said.

GTCR managing director Sean Cunningham praised Surmodics ( SRDX ) as “well-positioned for attractive, long-term growth and value creation.”

The transaction is expected to close in the second half of 2024.

Upon completion of the transaction, Surmodics ( SRDX ) will be a privately held company, and its common stock will no longer be listed on The Nasdaq Stock Exchange.

Price Action: SRDX shares are up 20.3% at $42.24 at last check Wednesday.

Now Read: Coinbase Stock Is Trading Lower, What’s Going On?