Private Equity Firm to Buy Surmodics for $627M

Surmodics has begun a deal to be acquired by GTCR, a private equity firm with investment expertise in healthcare and healthcare technology.
 
GTCR affiliates will acquire all outstanding Surmodics shares. Shareholders will receive $43 per share in cash, valuing the transaction at about $627 million. The per-share acquisition price is a 41.1% premium to Surmodics’ 30-day trading day volume-weighted average closing price through May 28, 2024.
 
Surmodics’ board unanimously approved the deal and recommended that stockholders vote in favor as well. The transaction is anticipated to close in the second half of 2024.
 
“We are pleased to announce this transaction, which enables Surmodics shareholders to realize immediate value creation with a substantial premium, reflecting the significant progress and important achievements made by our employees,” said Surmodics president and CEO Gary Maharaj, president and CEO of Surmodics. “GTCR is an ideal partner for Surmodics, given its extensive history and deep domain expertise in the Healthcare sector, and I am confident that this transaction will position the company to continue to deliver compelling benefits for physicians, patients and customers going forward.”
 
“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,” added 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.”

About Surmodics

The Eden Prairie, Minn.-based company offers performance coating technologies for intravascular medical devices and chemical/biological components for in vitro diagnostic immunoassay tests and microarrays.
 
Surmodics also develops and commercializes vascular intervention devices designed to address unmet clinical needs and engineered for demanding settings. This strategy leverages the company’s expertise in proprietary surface modification and drug delivery technologies. It also makes use of its device design, development, and manufacturing capabilities.
 
Earlier this year, Surmodics released results from trials of two of its drug-coated balloon technologies.