Latham & Watkins Advises on Financing for GTCR’s US$627 Million Acquisition of Surmodics, Inc.

Surmodics, Inc. (Nasdaq: SRDX), a provider of medical device and in vitro diagnostic technologies to the healthcare industry, has announced that it has entered into a definitive agreement to be acquired by GTCR, a leading private equity firm with a long track record of investment expertise across healthcare and healthcare technology. Under the terms of the agreement, affiliates of GTCR will acquire all outstanding shares of Surmodics. Surmodics shareholders will receive US$43 per share in cash, for a total equity valuation of approximately US$627 million. The transaction is expected to close in the second half of calendar year 2024, subject to customary closing conditions.

Latham & Watkins LLP represented Oak Hill Advisors, L.P. and other financing sources in the transaction with a finance and hybrid capital team led by partners Stelios Saffos, Peter Sluka, Michael Saliba, and Zachary Judd, and counsel Marcela Ruenes, with associates Christian DeSimone, Ben Winnett, and Katherine Page. Advice was also provided on tax matters by partner Jiyeon Lee-Lim, with associate Nicholas Sun; and on uniform commercial code matters by partner Brian Rock.