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Private Equity Firm Set to Acquire Surmodics for $627M

The deal is expected to close in the second half of this year.

Omar Ford

May 29, 2024

1 Min Read
Image Credit: mikdam via iStock/Getty Images

GTCR, a private equity firm, is acquiring Surmodics for $627 million. Eden Prairie, MN-based Surmodics is a developer of devices and in vitro diagnostics. The deal continues to show M&A on the upswing in medtech.

Under the terms of the agreement, affiliates of GTCR will acquire all outstanding shares of Surmodics. Surmodics shareholders will receive $43 per share in cash. The transaction is expected to close in the second half of 2024.

The per-share acquisition price represents a 41.1% premium to Surmodics’ 30-trading day volume-weighted average closing price through May 28, 2024. Surmodics’ Board of Directors has unanimously approved the transaction and resolved to recommend that stockholders vote in favor of the transaction.

“With its longstanding, blue chip customer relationships and a rich history of developing medical technologies that deliver enhanced performance and improved clinical outcomes, Surmodics is well-positioned for attractive, long-term growth and value creation,” said Sean Cunningham, Managing Director and Head of Healthcare at GTCR. “We look forward to partnering with the Surmodics team to continue to expand the company’s offering and broaden its reach.”

Surmodics had a tremendous rebound in 2023. The company won a nod from FDA for the SurVeil drug-coated balloon after the agency previously said the device wasn’t approvable.

The company’s device is designed to treat peripheral artery disease (PAD). The device includes a proprietary drug-excipient formulation using a special process to improve coating uniformity. 

Surmodics dabbled into M&A back in 2021. The company acquired Vetex Medical Limited to build upon its thrombectomy portfolio. Galway, Ireland-based Vetex developed the ReVene mechanical thrombectomy catheter, which is specifically designed to remove large, mixed-morphology blood clots commonly found with venous thromboembolism

About the Author

Omar Ford

Omar Ford is a veteran reporter in the field of medical technology and healthcare journalism. As Editor-in-Chief of MD+DI (Medical Device and Diagnostics Industry), a leading publication in the industry, Ford has established himself as an authoritative voice and a trusted source of information.

Ford, who has a bachelor's degree in print journalism from the University of South Carolina, has dedicated his career to reporting on the latest advancements and trends in the medical device and diagnostic sector.

During his tenure at MD+DI, Ford has covered a wide range of topics, including emerging medical technologies, regulatory developments, market trends, and the rise of artificial intelligence. He has interviewed influential leaders and key opinion leaders in the field, providing readers with valuable perspectives and expert analysis.

 

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