M&A · Healthcare · Surgical & Medical Instruments & Apparatus
GTCR to acquire Surmodics Inc
Announced May 29, 2024 · Closed Nov 19, 2025
Deal value$627MEV $623M
Premium23.0%To unaffected price
EV / Adj. EBITDA17.3x4.4x EV / Revenue
ConsiderationAll cash$43.00 per share
Transaction
- Acquirer
- GTCR
- Target
- Surmodics Inc (SRDX)
- Buyer type
- Private equity
- Offer price per share
- $43.00
- Enterprise value
- $623M
- Status
- Closed Nov 19, 2025
Deal protections
- Break fee (target pays)
- $20.4M · 3.3%
- Reverse fee (buyer pays)
- $50.2M · 8.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Jefferies
- Jefferies fee
- $7.5M
Sector context · Healthcare
- Comparable deals
- 107 in the prior 24 months
- Premium
- 23.0% vs. 64.0% sector median
- EV / Adj. EBITDA
- 17.3x vs. 17.1x sector median
- Break fee
- 3.3% vs. 3.5% sector median
Timeline
- AnnouncedMay 29, 2024
- Proxy filedJun 27, 2024
- Definitive proxyJul 8, 2024
- Shareholder voteAug 13, 2024
- ClosedNov 19, 2025
Valuation · fairness opinions
Trading comparables$21.50$26.20
Trading comparables$31.28$37.57
Precedent transactions$23.73$31.62
Precedent transactions$39.34$45.89
Offer $43.00
Implied value per Surmodics Inc share by analysis, from Jefferies.