Surmodics expects to close GTCR acquisition after FTC drops appeal

Surmodics Inc. (NASDAQ: SRDX) announced the Federal Trade Commission will not appeal a court ruling that denied an injunction preventing the company's acquisition by GTCR LLC.

The FTC and state regulators filed a joint status report with the U.S. District Court for the Northern District of Illinois stating they do not intend to appeal the November 10 ruling that denied their motion for a preliminary injunction to block the merger.

"With incremental clarity from the FTC, we are pleased to be able to move forward with closing the acquisition by GTCR," said Gary Maharaj, president and CEO of Surmodics.

The merger remains subject to a temporary restraining order preventing closure before 5:00 p.m. Central Time on November 17. The parties have jointly requested the court terminate this order.

Additional closing conditions must be satisfied, including the absence of any injunction preventing the merger, no material adverse effect on the company as defined in the merger agreement, and other standard closing requirements.

Surmodics provides medical device coating technologies and in vitro diagnostic components. The Eden Prairie, Minnesota-based company also develops vascular intervention medical devices.

The information is based on a company press release statement.

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