GTCR to take Surmodics Private for $627 Million in Cash

Private equity firm GTCR has entered into a merger agreement to acquire medical device coatings maker Surmodics, Inc. (SRDX) in a $627 million all-cash deal.

Deal Structure:

As per the terms outlined in the agreement, affiliates of GTCR will acquire all the outstanding shares of Surmodics for $43.00 per share in cash, representing a premium of 22.51% from the stock’s last close.

Company Profile:

Surmodics provides medical devices and in vitro diagnostic technologies to the healthcare industry. It specializes in creating advanced coatings for medical devices used inside blood vessels and components for diagnostic tests. It also develops devices for vascular treatments that address unmet medical needs.

Surmodics’ EV/EBITDA (TTM) ratio is 18.13, above the sector median of 15.47.

GTCR is a private equity firm that invests in and grows companies across various sectors, managing $40 billion in equity capital. This is GTCR’s third acquisition since November 2023, when it acquired Cloudbreak Health, and AssetMark Financial (AMK) last month.

Deal Details and Timeline:

The deal will be financed through a combination of equity from funds affiliated with GTCR and debt financing.

Surmodics will become a privately held company upon the completion of the transaction, which is expected in the second half of 2024.

Deal Metrics:

For a more comprehensive understanding of the deal, please visit the Deal Metrics page linked below:

Deal Metrics for the acquisition of Surmodics, Inc. (SRDX) by GTCR.

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: This article is intended for informational purposes only. It is recommended that readers conduct their own research prior to making any investment decisions. The accuracy and completeness of the information provided in this article are not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article