GTCR BC Holdings, LLC and Surmodics, Inc., In the Matter of - (FTC Matter/File Number: 241 0095 - Docket Number: 9440 - Last Updated: June 12, 2025)

Tags:

• Competition
• Office of Administrative Law Judges
• Bureau of Competition
• Merger
• Health Care
• Medical Equipment and Devices

The Federal Trade Commission issued an administrative complaint to challenge GTCR BC Holdings, LLC's acquisition of Surmodics, Inc., alleging that the deal, which seeks to combine the two largest manufacturers of critical medical device coatings, is anticompetitive. The FTC charges that private equity firm GTCR's proposed acquisition of Surmodics would create a combined company controlling more than 50% of the market for outsourced hydrophilic coatings. These coatings are often used by medical device manufacturers and are applied to lifesaving medical devices such as catheters and guidewires.

The Federal Trade Commission filed an amended complaint adding the states of Illinois and Minnesota as co-plaintiffs in the Commission's lawsuit challenging GTCR BC Holdings, LLC's (GTCR) acquisition of Surmodics, Inc. (Surmodics). The amended complaint also adds GTCR, LLC as an additional defendant in the case.