Home / Business and Economy / Judge Denies FTC's Bid to Block $627M Surmodics Takeover
Judge Denies FTC's Bid to Block $627M Surmodics Takeover
14 Nov
Summary
- Judge rules against FTC's request to block GTCR's $627M acquisition of Surmodics
- Surmodics CEO says ruling is a "significant step" toward completing the merger
- FTC argued deal would lead to a "highly concentrated market" for medical device coatings
On November 14, 2025, a judge denied the Federal Trade Commission's request to block GTCR's $627 million acquisition of Surmodics, a medical device coating and diagnostics company. This ruling removes a major obstacle to the deal, which the FTC had challenged in March 2025, arguing it would lead to a "highly concentrated market" for outsourced hydrophilic coatings and eliminate significant competition.
The FTC's opposition reflected GTCR's majority stake in Biocoat, another coating company. The agency claimed Surmodics and Biocoat are the largest and second-largest providers of hydrophilic coatings, together controlling over 50% of the market. However, the judge said the proposed divestiture of part of Biocoat's business would address the competition concerns.
Surmodics CEO Gary Maharaj stated that the court's decision is a "significant step toward being able to complete the merger" with GTCR. The acquisition remains subject to a restraining order expiring on November 17 and other closing conditions, but the judge's ruling has cleared a major hurdle.
