Surmodics, Inc.

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Ademi LLP is investigating Surmodics (Nasdaq: SRDX) for possible breaches of fiduciary duty and other violations of law in its transaction with GTCR.

In the transaction, Surmodics shareholders will receive only $43.00 per share in cash, for a total equity valuation of approximately $627 million. The transaction agreement unreasonably limits competing transactions for Surmodics by imposing a significant penalty if Surmodics accepts a competing bid. Surmodics insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Surmodics’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.