Surmodics, Inc. (SRDX)

Surmodics, Inc. was founded in 1979 and was based in Eden Prairie, Minnesota. It became a public company through an initial public offering in 1998 and its common stock traded on the Nasdaq Global Select Market under the symbol SRDX. The company built its business on surface modification technology, in particular hydrophilic coatings that make catheters and other devices slippery so that they can be moved through blood vessels more easily.

Surmodics reported in two segments. The Medical Device segment licensed coating technologies to device manufacturers, who used them to improve how intravascular devices are delivered, and it also made its own products, including drug-coated balloons and mechanical thrombectomy devices. The In Vitro Diagnostics segment produced chemical and biological components for immunoassay and molecular diagnostic tests, such as protein stabilizers, substrates, surface coatings, and antigens, and sold them to diagnostic manufacturers and laboratories.

Over time the company expanded from a licensing model into finished devices. It acquired the Irish device maker Creagh Medical and Vetex Medical in 2019 and developed products such as the Pounce thrombectomy system and the SurVeil drug-coated balloon, which was developed with Abbott as its commercial partner. These programs required substantial investment in clinical trials and regulatory submissions, which affected profitability in the years before the sale.

On May 21, 2024, Surmodics announced a definitive agreement to be acquired by an affiliate of GTCR LLC, a Chicago-based private equity firm, for $43.00 per share in cash, an equity value of about $627 million. GTCR also owned Biocoat, Inc., a competing maker of medical device coatings. That overlap drew regulatory scrutiny, and the Federal Trade Commission, together with certain state regulators, sued to block the transaction and sought a preliminary injunction.

On November 10, 2025, the U.S. District Court for the Northern District of Illinois denied the request for a preliminary injunction. The plaintiffs then informed the court that they would not appeal, and a temporary restraining order that had prevented closing was set to expire at 5:00 p.m. Central Time on November 17, 2025. Surmodics announced that it expected to close the transaction promptly after the order lapsed, subject to customary conditions.

The merger closed shortly afterward, and Nasdaq filed a Form 25 with the SEC on November 19, 2025 to remove the common stock from listing and registration. Surmodics stockholders received $43.00 in cash for each share, and the company became privately held under GTCR ownership. The stock no longer trades on any U.S. exchange and there is no successor ticker.