There might not be many things that Minnesota attorney general Keith Ellison and the Trump administration agree on, but the fate of Eden Prairie-based medtech firm Surmodics Inc. appears to be one of them.

On Thursday, Ellison announced that he’s joining the Federal Trade Commission’s suit to halt Surmodics’ acquisition by Illinois-based private equity firm GTCR BC Holdings LLC. Illinois attorney general Kwame Raoul also joined the suit.

Plaintiffs allege that the acquisition is “anticompetitive,” and note that both Surmodics and GTCR are among the two biggest providers of outsourced hydrophilic coatings, which are used on a range of medical devices like catheters and stents. These coatings are designed to minimize damage to tissue.

GTCR already has a majority stake in Biocoat Inc., which, after Surmodics, is the second largest provider of hydrophilic coatings, according to Ellison’s office.

“The Proposed Acquisition, if consummated, would result in a combined company that controls over 50 percent of the market for outsourced hydrophilic coatings, which are critical inputs into lifesaving medical devices,” the lawsuit states. “The Proposed Acquisition may therefore lead to a substantial lessening of competition in an already concentrated market, as well as a loss of head-to-head competition, resulting in lower quality and service levels, diminished innovation, and higher prices for hydrophilic coatings sold to U.S. medical device customers.”

Ellison and Raoul joined the suit a little more than a month after the FTC first filed it. The suit, filed in U.S. District Court for the Northern District of Illinois, seeks to to halt the acquisition “pending an administrative proceeding,” according to Ellison’s office.

The suit describes Surmodics and Biocoat as “head-to-head competitors.”

“This vigorous head-to-head competition has led both Surmodics and Biocoat to offer higher quality coatings and service, better pricing terms, and more innovative products,” the suit states. “The Proposed Acquisition is unlawful because it will eliminate this competition and its attendant benefits, harming OEM customers and, ultimately, patients.”

Surmodics, which has been publicly traded since 1998, first unveiled the proposed transaction in May 2024. At the time, the Minnesota company said it had lined up a deal to be acquired by GTCR for $627 million.

Surmodics didn’t immediately respond to a request for comment on Thursday afternoon.