In April 2025, the Federal Trade Commission (FTC) and states of Minnesota and Illinois sued to block GTCR BC Holdings’ acquisition of Surmodics, Inc. The FTC and states alleged the acquisition would merge Biocoat and Surmodics, substantially lessening competition among suppliers of specialized hydrophilic coatings for intravascular medical devices, such as catheters and guidewires.  

On 10 November 2025, a US District Court denied the government’s challenge of the merger, announcing and detailing the decision in a public hearing. In reaching the decision to allow the merger to proceed, the court repeatedly cited the analysis and testimony of Managing Director Paul Wong, who testified on behalf of the merging companies. Among other things, the court credited Dr. Wong’s analysis of relevant market definition, market shares and market concentration, the degree and intensity of head-to-head competition between the merging companies, and a proposed divestiture with informing its decision.

Dr. Wong was supported by NERA experts including Directors Kate Foreman, Rasmus Jørgensen, and Kristopher Hult and Senior Consultant Veronica Postal.