The Federal Trade Commission (FTC) has filed an amended complaint in its ongoing lawsuit against GTCR BC Holdings, LLC regarding its acquisition of Surmodics, Inc. The amendment introduces Illinois and Minnesota as co-plaintiffs, highlighting the states' concerns over the potential impact of the merger on competition in the medical device coatings market.

The FTC alleges that the merger would create a dominant entity controlling over 50% of the market for outsourced hydrophilic coatings, which are essential for manufacturing critical medical devices like catheters and guidewires. Surmodics is identified as the largest provider of these coatings, while GTCR holds a majority stake in Biocoat, Inc., the second-largest provider.

According to the FTC, the acquisition would eliminate direct competition between Surmodics and Biocoat, which has historically led to lower prices, improved quality, and increased innovation in the coatings sector. These benefits have been advantageous for both medical device manufacturers and patients who rely on these lifesaving products.

The amended complaint has been filed in the U.S. District Court for the Northern District of Illinois, with the Commission voting unanimously (3-0) to authorize the staff to proceed with the amendment.