On March 7, 2025, the Federal Trade Commission (FTC) filed an administrative complaint to block GTCR BC Holdings, LLC from acquiring Surmodics, Inc. GTCR, a private equity firm holds a majority stake in Biocoat, Inc., a Sumodics rival in the hydrophilic coating industry. According to the FTC, the merger would lead to a loss of head-to-head competition, further concentrate an already highly concentrated market, and result in lower quality and service levels, reduced innovation, and higher prices for coatings used on medical devices.
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Key Allegations: FTC Challenges Private Equity Acquisition of Medical Device Coating Firm
