WASHINGTON, D.C. — April 17, 2025
The Federal Trade Commission (FTC) has filed an amended complaint in its ongoing lawsuit challenging the acquisition of Surmodics, Inc. by GTCR BC Holdings, LLC. Illinois and Minnesota have now joined the FTC as co-plaintiffs, strengthening the case against the merger.
The lawsuit, initially filed earlier this year, argues that the acquisition would create a combined entity controlling over 50% of the market for outsourced hydrophilic coatings—critical materials used in the production of lifesaving medical devices such as catheters and guidewires. Hydrophilic coatings are essential for ensuring the performance and safety of these devices, which are used globally in medical procedures.
The FTC’s amended complaint expands the scope of the case by naming GTCR, LLC as an additional defendant. The agency’s concerns center around the competitive harm the deal could cause by eliminating direct competition in the market for these coatings. The FTC contends that Surmodics, as the largest provider of outsourced hydrophilic coatings, and Biocoat, Inc.—in which GTCR holds a majority stake—currently drive healthy competition, benefiting both manufacturers and patients through lower prices, better product quality, and continuous innovation.
The case has now been filed in the U.S. District Court for the Northern District of Illinois. A vote authorizing the amended complaint passed with a 3-0 decision by the FTC Commissioners. The agency continues to press for the block of this merger, arguing that the deal would harm both the competitive landscape and public health.
The states of Illinois and Minnesota have joined the FTC’s efforts, underscoring the importance of preserving competition in critical healthcare markets.
As the case progresses, the FTC remains committed to its mission to protect consumers and promote competitive markets. For more information about this case, or to file an antitrust complaint, the public is encouraged to visit the FTC’s website and follow its social media channels.
