EDEN PRAIRIE, Minn.–(BUSINESS WIRE)–Surmodics, Inc. (Nasdaq: SRDX), a supplier of medical machine and in vitro diagnostic applied sciences to the healthcare trade, right this moment offered the next assertion in response to the U.S. Federal Commerce Fee’s (“FTC” or the “Company”) announcement that it’ll problem the proposed acquisition of Surmodics (the “Merger”) by funds affiliated with GTCR LLC (“GTCR”), which have an fairness funding in Biocoat Inc., a maker of medical coatings:
“Surmodics respectfully disagrees with the FTC’s resolution and stays dedicated to finishing the Merger. Surmodics stays assured in each its rationale for the Merger and the worth it would carry to all stakeholders, together with shareholders, prospects and sufferers. We’ve labored constructively with the FTC over the past a number of months to safe regulatory approval for the Merger and are dissatisfied by its resolution to provoke litigation, because the Merger is pro-competitive.”
Surmodics intends to vigorously defend this case in courtroom with a purpose to full the Merger.
Extra Info In regards to the Pending Acquisition of Surmodics by funds affiliated with GTCR
On Might 29, 2024, Surmodics introduced it had entered right into a definitive merger settlement to be acquired by funds affiliated with GTCR, a number one personal fairness agency with an extended monitor document of funding experience throughout healthcare and healthcare know-how. Underneath the phrases of the merger settlement, an affiliate of GTCR will purchase all excellent shares of Surmodics. Surmodics shareholders will obtain $43.00 per share in money, for a complete fairness valuation of roughly $627 million. The transaction will likely be financed by means of a mixture of dedicated fairness from funds affiliated with GTCR and dedicated debt financing. Upon completion of the transaction, Surmodics will likely be a privately held firm and its widespread inventory will not be listed on The Nasdaq International Choose Market.
The Merger was authorised by Surmodics’ shareholders at a particular assembly held on August 13, 2024.
Secure Harbor for Ahead-looking Statements
This communication comprises “forward-looking statements” inside the that means of the U.S. federal securities legal guidelines. Such statements embody anticipated future litigation, skill to consummate the Merger and every other statements and expectations that aren’t historic details. Precise outcomes might fluctuate materially from these expressed or implied by forward-looking statements based mostly on various elements, together with, with out limitation: (1) dangers associated to the consummation of the Merger, together with the dangers that (a) the events might not prevail within the pending litigation with the FTC, (b) the Merger will not be consummated inside the anticipated time interval, or in any respect, (c) different circumstances to the consummation of the Merger underneath the merger settlement will not be happy, (d) all or a part of GTCR’s financing might not develop into obtainable, and (e) the numerous limitations on cures contained within the merger settlement might restrict or totally forestall Surmodics from particularly imposing GTCR’s obligations underneath the merger settlement or recovering damages for any breach by GTCR; (2) the consequences that any termination of the merger settlement might have on Surmodics or its enterprise, together with the dangers that (a) Surmodics’ inventory worth might decline considerably if the Merger shouldn’t be accomplished, or (b) the merger settlement could also be terminated in circumstances requiring Surmodics to pay GTCR a termination payment; (3) the consequences that the announcement or pendency of the Merger and the litigation with the FTC might have on Surmodics and its enterprise, together with the dangers that in consequence (a) Surmodics’ enterprise, working outcomes or inventory worth might endure, (b) Surmodics’ present plans and operations could also be disrupted, (c) Surmodics’ skill to retain or recruit key staff could also be adversely affected, (d) Surmodics’ enterprise relationships (together with, prospects, franchisees and suppliers) could also be adversely affected, or (e) Surmodics’ administration’s or staff’ consideration could also be diverted from different necessary issues; (4) the impact of limitations that the merger settlement locations on Surmodics’ skill to function its enterprise, return capital to shareholders or interact in different transactions; (5) the character, value, and final result of pending and future litigation (together with the present litigation with the FTC) and different authorized proceedings, together with any such proceedings associated to the Merger and instituted in opposition to Surmodics and others; (6) the danger that the Merger and associated transactions might contain surprising prices, liabilities, or delays; (7) different financial, enterprise, aggressive, authorized, regulatory, and/or tax elements; and (8) different elements described underneath the heading “Threat Elements” in Half I, Merchandise 1A of Surmodics’ Annual Report on Type 10-Okay for the fiscal 12 months ended September 30, 2024, filed with the U.S. Securities and Trade Fee (the “SEC”) on November 20, 2024, as up to date or supplemented by subsequent studies that Surmodics has filed or information with the SEC. Potential traders, shareholders and different readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date on which they’re made. Besides to the extent required by regulation, Surmodics doesn’t undertake, and expressly disclaims, any obligation or obligation to replace publicly any forward-looking assertion whether or not because of new data, future occasions, modifications in assumptions or in any other case.
About Surmodics, Inc.
Surmodics, Inc. is a number one supplier of efficiency coating applied sciences for intravascular medical gadgets and chemical and organic parts for in vitro diagnostic immunoassay exams and microarrays. Surmodics additionally develops and commercializes extremely differentiated vascular intervention medical gadgets which can be designed to deal with unmet medical wants and engineered to probably the most demanding necessities. This key progress technique leverages the mixture of Surmodics’ experience in proprietary floor modification and drug-delivery coating applied sciences, together with its machine design, growth and manufacturing capabilities. Surmodics’ mission is to enhance the detection and remedy of illness. Surmodics is headquartered in Eden Prairie, Minnesota. For extra data, go to www.surmodics.com. The content material of Surmodics’ web site shouldn’t be a part of this press launch or a part of any filings that it makes with the SEC.
Contacts
Surmodics Investor Inquiries:
Jack Powell, Investor Relations
