GTCR-Surmodics Would Harm Medical Device Market, FTC Says (1)

A private equity firm’s bid to combine the two biggest makers of medical-device coatings would harm competition for life-saving technologies, the Federal Trade Commission said at the start of a trial to block the deal.

Combining the manufacturers of so-called hydrophilic — or water-loving — coatings would give Chicago-based private equity firm GTCRa 60% share of the market, FTC lawyer Maia Perez said during opening statements Monday.

The FTC is seeking to persuade a federal judge to halt GTCR’s purchase of Surmodics Inc., the No. 1 producer of the coatings, because it already owns a majority stake in ...