For Release
Illinois and Minnesota Join FTC Lawsuit Challenging Medical Device Coatings Deal
The Federal Trade Commission filed an amended complaint adding the states of Illinois and Minnesota as co-plaintiffs in the Commission’s lawsuit challenging GTCR BC Holdings, LLC’s (GTCR) acquisition of Surmodics, Inc. (Surmodics). The amended complaint also adds GTCR, LLC as an additional defendant in the case.
The FTC’s ongoing lawsuit alleges that GTCR’s acquisition of Surmodics would create a combined company controlling more than 50% of the market for outsourced hydrophilic coatings, which are used to produce lifesaving medical devices such as catheters and guidewires.
The complaint alleges:
- Surmodics is the largest provider of outsourced hydrophilic coatings and GTCR owns a majority stake in Biocoat, Inc., the second-largest provider of outsourced hydrophilic coatings.
- GTCR’s acquisition of Surmodics would eliminate direct competition.
- The existing competition has resulted in lower prices, higher quality coatings, and product innovation, which has benefitted both medical device manufacturers and patients.
The amended complaint was filed in the U.S. District Court for the Northern District of Illinois. The Commission vote authorizing staff to file the amended complaint was 3-0.
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