Surmodics Inc. (SRDX) responded to the U.S. Federal Trade Commission's announcement that it will challenge the proposed acquisition by funds affiliated with GTCR LLC, stating that it respectfully disagrees with the FTC's decision and remains committed to completing the merger.
Surmodics said it remains confident in both its rationale for the Merger and the value it will bring to all stakeholders, including shareholders, customers and patients.
Surmodics noted that it has worked constructively with the FTC over the last several months to secure regulatory approval for the Merger and are disappointed by its decision to initiate litigation, as the Merger is pro-competitive. Surmodics intends to vigorously defend this case in court in order to complete the Merger.
In May, 2024, Surmodics announced it agreed to be acquired by funds affiliated with GTCR, a leading private equity firm with a long track record of investment expertise across healthcare and healthcare technology. Under the terms of the merger agreement, an affiliate of GTCR will acquire all outstanding shares of Surmodics. Surmodics shareholders will receive $43.00 per share in cash, for a total equity valuation of approximately $627 million.
Upon completion of the transaction, Surmodics will be a privately held company and its common stock will no longer be listed on The Nasdaq Global Select Market.
The merger was approved by Surmodics' shareholders at a special meeting held on August 13, 2024.
SRDX closed Thursday's regulat trading at $29.62 down $1.40 or 4.51%. In the after-hours trading the stock further dropped $0.52 or 1.76%.
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