Surmodics Shares Spike 50% After Court Clears Path For GTCR Acquisition

(RTTNews) - Surmodics, Inc. (SRDX) is soaring 49.94 percent to $41.00 on Tuesday, likely boosted by yesterday's news that a federal court denied the FTC's request to block the company's pending acquisition by GTCR.

Regulators' attempts to obtain a preliminary injunction were denied by the U.S. District Court for the Northern District of Illinois, thereby permitting Surmodics and GTCR to proceed with their proposed merger.

After closing at $27.34 in the previous session, SRDX is currently trading at $41.00 on the New York Stock Exchange. Since opening at $41.05, the stock has fluctuated between $40.64 and $41.20. The volume has increased to 1.47 million shares, which is more than the average of 175,154.

The stock is currently trading at the top of its 52-week range, which is $25.87 to $41.20.