SCHEDULE: GAMCO Group Exits Surmodics Stake Post-GTCR Acquisition

GAMCO Investors and affiliated entities have divested their entire beneficial ownership in Surmodics Inc. following the completion of its acquisition by an affiliate of GTCR LLC.

Summary

• Reporting Persons, including GAMCO Investors, Inc. and its affiliates, no longer hold beneficial ownership in Surmodics Inc.
• The divestment occurred due to the completion of Surmodics Inc.'s acquisition by an affiliate of GTCR LLC.
• Reporting Persons ceased to be beneficial owners of more than 5% of Surmodics Inc. on November 19, 2025.
• Transactions on November 19, 2025, involved significant sales of shares at $43.00 per share, reflecting the acquisition price.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of an acquisition and the subsequent divestment of shares by a significant holder at the acquisition price. This indicates a positive, value-realizing event for the divesting shareholders, and a successful transaction for the issuer, albeit now under new ownership. No negative surprises are indicated.

Positives

• Reporting Persons successfully divested their entire stake in Surmodics Inc.
• The divestment occurred at the acquisition price of $43.00 per share on November 19, 2025, indicating a successful realization of investment value.

Future Outlook

No forward-looking statements from the issuer or reporting persons regarding Surmodics Inc. are present, as the reporting persons have exited their position.

Industry Context

The filing indicates a completed acquisition of Surmodics Inc. by GTCR LLC, a private equity firm. This is a common occurrence in the healthcare/medical device industry, where private equity often acquires public companies for strategic restructuring or growth. It suggests a valuation deemed attractive by GTCR.

Comparison to Industry Standards

• The acquisition price of $43.00 per share for Surmodics Inc. would need to be compared to recent M&A multiples (e.g., EV/EBITDA, P/S) for similar medical device or life sciences companies to assess if it represents a premium or discount relative to industry benchmarks.
• For example, recent acquisitions in the medical device sector, such as Medtronic's acquisition of EOFlow or Boston Scientific's acquisition of Axonics, could serve as comparables for valuation metrics, though specific deal terms and company specifics would dictate direct relevance.
• Without further financial details of Surmodics Inc. or the specific terms of the GTCR acquisition, a detailed assessment against global benchmarks is not possible from this filing alone.

Stakeholder Impact

• Shareholders (Reporting Persons): Realized value from their investment in Surmodics Inc. at the acquisition price.
• Shareholders (Other): All public shareholders would have received the acquisition price, indicating a liquidity event and a specific valuation for their shares.
• Surmodics Inc. (as an entity): Now privately owned by GTCR LLC, which will likely lead to strategic and operational changes under new ownership.

Key Dates

Keywords

Surmodics Inc., GAMCO Investors, GTCR LLC, Acquisition, Schedule 13D/A, Beneficial Ownership, Divestment, Common Stock