Joanne Lewers Shares Insights With Law360 on Major 2025 FTC Merger Challenges

In Law360’s story about major developments in the merger review space from 2025, litigation partner Joanne Lewers provided insight on the Federal Trade Commission’s (FTC) failed challenge of private equity firm GTCR BC Holdings, LLC's $627 million purchase of medical device coatings company Surmodics, Inc. 

Enforcers moved to block the deal over concerns about GTCR’s plans to combine Surmodics with another leading coating supplier.

Lewers, who represented Surmodics in the case, shared that a key issue was how to measure market shares and whether they were captured by revenue numbers. 

"To look at a device where the coating was selected back in 2010 and to say that its 2020 revenues reflect current competition, it's just not an accurate way to view where the competition occurs," Lewers explained. "You can understand why the FTC was approaching it with revenues as market shares. That's most often the go to. But I think this case is another example of a time when that is just not the right way to analyze competition."