Court denies injunction blocking Surmodics acquisition by GTCR

The U.S. District Court for the Northern District of Illinois denied a request by the Federal Trade Commission and state regulators for a preliminary injunction that would have blocked GTCR LLC's proposed acquisition of Surmodics Inc. (NASDAQ: SRDX).

The merger remains subject to a temporary restraining order preventing completion before 5:00 p.m. Central time on November 17. The transaction also requires satisfaction of standard closing conditions, including the absence of legal restraints that would prevent completion and no material adverse effect on Surmodics.

"The District Court's ruling is a significant step toward being able to complete the merger," said Gary Maharaj, president and CEO of Surmodics.

Eden Prairie, Minnesota-based Surmodics provides performance coating technologies for medical devices and components for diagnostic tests. The company also develops vascular intervention medical devices.

The information is based on a company press release.

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