Why Is Medical Coating Specialist Surmodics Trading Higher On Wednesday?
Portfolio Pulse from Vandana Singh
Private equity firm GTCR has agreed to acquire medical device coating company Surmodics Inc (NASDAQ:SRDX) for approximately $627 million, or $43 per share, representing a 41.1% premium to its 30-day volume-weighted average closing price. The deal, unanimously approved by Surmodics' board, is expected to close in the second half of 2024, after which Surmodics will become a privately held company and delist from Nasdaq. SRDX shares rose 20.3% to $42.24 following the announcement.
May 29, 2024 | 2:48 pm
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GTCR has agreed to acquire Surmodics Inc for $627 million, or $43 per share, a 41.1% premium to its 30-day volume-weighted average closing price. The deal is expected to close in the second half of 2024, after which Surmodics will delist from Nasdaq. SRDX shares rose 20.3% to $42.24 following the announcement.
The acquisition by GTCR at a significant premium has led to a substantial increase in SRDX's share price. The unanimous board approval and the expected closing in the second half of 2024 provide a clear timeline for investors. The delisting from Nasdaq upon completion will also impact the stock's future trading.
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