Medical device coatings maker Surmodics jumps on buyout deal

SurModics

29/05/2024 12:57

** Shares of medical device coatings maker Surmodics
 SRDX.O  rise 20.8% to ~$42 before the bell 
    ** Co enters into an agreement to be acquired by private
equity firm GTCR for a total equity value of about $627 mln 
    ** GTCR will acquire all outstanding shares of SRDX for
$43.00 per share in cash, which represents a premium of more
than 22% to the stock's last close
    ** Upon completion of the transaction, expected in the
second half of 2024, Surmodics will be a privately held company
    ** AS of last close, stock was down 3.4% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))