Private equity firm finally closes $627 million deal to acquire Surmodics

After finally clearing legal challenges from regulators, Eden Prairie-based Surmodics is now a private company again.

Chicago-based GTCR closed on its $627 million deal for Surmodics on Wednesday.

Surmodics, which provides specialty coatings for intravascular medical devices and supplies for in vitro tests, announced the deal in May 2024. At the time, it expected the acquisition to close by the end of the year.

Surmodics shareholders voted to accept the deal in August 2024.

However, the Federal Trade Commission (FTC) sought to block the merger on antitrust grounds because GTCR owns other health care companies. One of those is Biocoat, a provider of biocompatible hydrophilic coatings for interventional medical devices.

In March 2025, the FTC sued to block the deal, arguing it would combine the largest provider of outsourced hydrophilic coatings, Surmodics, with the second -largest provider, Biocoat. In turn, the deal would reduce competition and lead to higher prices.

A favorable court ruling on Nov. 10 from the U.S. District Court for the Northern District of Illinois cleared the way for the deal to proceed.

The FTC declined to appeal the ruling, leading to the deal’s close.

Surmodics shares have now been delisted from the Nasdaq market, making the company the latest Minnesota firm to drop from the ranks of publicly traded companies.

It had been a public company since 1994.

Surmodics has nearly 400 employees and manufacturing operations in Eden Prairie and Ballinasloe, Ireland.

Surmodics had not yet released its annual results for the year ended Sept. 30. It had revenue of $126.1 million in the previous fiscal year.

However, Maharaj also raised financial guidance for the rest of the fiscal year.