On November 10, 2025, U.S. District Judge Jeffrey Cummings of the Northern District of Illinois (“N.D. Ill.”) issued an oral decision declining to block GTCR BC LLC’s (“GTCR”) proposed $627 million acquisition of Surmodics, Inc. (“Surmodics”) after the Federal Trade Commission (“FTC”) and state regulators sought a preliminary injunction. Fed. Trade Comm’n v. GTCR BC Holdings, LLC et al, No. 1:25-cv-02391 (N.D. Ill. Nov. 10, 2025).