A CRA Competition team was retained by GTCR LLC/Biocoat and Surmodics to provide economic analysis for Biocoat’s $627 million acquisition of Surmodics.
Biocoat and Surmodics are two medical device coating companies that provide hydrophilic coatings. Medical device manufacturers use hydrophilic coatings to reduce friction on interventional devices such as guidewires and catheters.
CRA expert Elizabeth M. Bailey, supported by a team of CRA economists including Matt Johnson, Ian Cass, Bela Szabadi, Lisa Stockley, and Brian Lucking, provided economic support to Biocoat and Surmodics on competition and regulatory compliance aspects of the acquisition throughout the Federal Trade Commission’s investigation and litigation proceedings.
In November 2025, US District Judge Jeffrey Cummings of the Northern District of Illinois denied the FTC’s request for a preliminary injunction. In late November 2025, the parties’ closed their transaction.
