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Federal Court Rejects FTC Bid to Block GTCR–Surmodics Merger

By  |  November 11, 2025

Private equity firm GTCR has received court approval to advance its acquisition of medical device coatings maker Surmodics, according to Reuters. A federal judge in Chicago ruled on Monday that the deal can move forward, rejecting the U.S. Federal Trade Commission’s (FTC) attempt to block the transaction.

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    The FTC had filed a lawsuit in March seeking to halt the acquisition, marking its first effort to stop a merger during President Donald Trump’s second term, per Reuters. Regulators argued that the merger would reduce competition between Surmodics and Biocoat, a GTCR-owned company, in the market for hydrophilic coatings — materials that help surgical tools and internal medical devices such as catheters glide more smoothly.

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    The companies countered the FTC’s claims by proposing a partial divestiture of Biocoat’s assets to Integer, a contract manufacturer of medical devices. During a hearing, U.S. District Court Judge Jeffrey Cummings agreed that the divestiture would address potential antitrust concerns. He also concluded that the FTC failed to fully consider competitive pressures from medical device makers that have their own in-house coating capabilities, according to Reuters.

    With the ruling, GTCR is now free to finalize its purchase of Surmodics, signaling a setback for the FTC’s efforts to more aggressively scrutinize consolidation in the healthcare and medical technology industries.

    Source: Reuters