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Biotech / Medical : SRDX - SurModics - Biotech IPO
SRDX 26.93-0.1%10:48 AM EDT
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From: Lance Bredvold7/3/2025 11:04:13 AM
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Well, now a month late, I learn that SRDX suffered a cyberattack on it's systems in early June. They now reassure me of recovery though one wonders how much that attack may affect second quarter earnings. Also the cost of the lawsuit to fight the FTC's effort to derail the merger at $43 which was scheduled to be effective late 2024.
I am pleased that the stock price has held up well to my original maximum buy point of $30 apparently on the hope that the FTC will be forced to allow the all cash merger to go through. That, of course, would lead to an immediate price rise to nearly $43 but I clearly would have been better off selling nearly 2 years ago when that rise occurred following news of the purchase agreement.
Now it's been a long year of extra expense trying to get the deal through. I had not been aware that the purchase had already owned the second largest hydrophilic coatings manufacturer and so had not included the risk of FTC challenge in my assessment of the value. Also, I only later became aware that SRDX had initiated the sale process and had sought out the highest bidder on it's own so that a competition for the company was not likely to raise the price from $43.
And finally, I have been disappointed by sales of the catheter through Abbott and the slow ramp in sales of thrombolytic wholly owned catheters (POUNCE) as well. I probably was overly optimistic about early profitability from them.
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