Private equity firm GTCR announced today that it signed an agreement for Corza Medical to sell its Biosurgery business unit.
The deal sees Corza selling the unit, which includes the TachoSil surgical sealant patch portfolio, to EQT, another private equity firm. Companies declined to disclose financial terms for the agreement.
Following the transaction, GTCR retains ownership of Corza Medical and its Wound Closure, Ophthalmology and Biomedical Textiles units. Corza intends to continue to grow and invest across these businesses as a focused surgical technology company.
GTCR and Greg Lucier formed Corza Medical in 2019, then acquired TachoSil and combined it with its Surgical Specialties business. Subsequently, the company made three add-on acquisitions, including the carve-out of the manufacturing assets of TachoSil. It says that it further enhanced its Biosurgery business through investments in commercial resources, including expanded direct sales presence and distribution partnerships, plus product line extensions in minimally invasive surgery and robotic applications.
Now, the unit passes on to another private equity firm. The companies expect the deal to close in the fourth quarter, with Corza Biosurgery operating as normal in the meantime.
Commentary from Corza, EQT and GTCR officials
Lucier, executive chair and CEO of Corza, said:
“Today’s announcement marks an important milestone for Corza Medical. The Biosurgery team has built an exceptional business, and we believe EQT is the right partner to support its next phase of growth. At the same time, this transaction enables us to continue investing in and growing our Wound Closure, Ophthalmology and Biomedical Textiles businesses as we build the next chapter of Corza Medical.”
Ethan Waxman, partner at EQT, said:
“TachoSil has a unique clinical value proposition that improves patient outcomes across critical surgical procedures around the world, and is backed by strong physician preference and extensive clinical evidence. We are deeply impressed by the dedication of the Corza Biosurgery team and look forward to partnering with them to expand access globally, invest in growth, and further strengthen the Company’s position as a leading biosurgery platform.”
Sean Cunningham, managing director at GTCR, said:
“The signing of this transaction represents another example of GTCR’s Leaders Strategy in action. Greg and the Corza team have built a diversified surgical medical device platform through the integration of Surgical Specialties and TachoSil, three strategic acquisitions, and meaningful operational improvements. The sale of the Biosurgery business recognizes the strategic value created within that franchise while allowing us to continue investing in the remaining Corza platform.”
Private equity continues to play a role in medtech
Private equity firms continue to make moves on the medtech mergers and acquisitions scene. Medtech companies, including Medtronic, Johnson & Johnson and Baxter, previously looked to private equity for spinoff and separation opportunities.
Hologic was the biggest name to make a move with private equity of late, inking an $18.3 billion go-private deal earlier this year.
GTCR itself has made recent medtech moves, striking a deal to buy Surmodics, and receiving clearance to go ahead with that acquisition in late 2025. Philips and Bioventus divested business units to private equity firms last year as well.
Firms also make significant investments, like one in Medline years ago and one in Henry Schein in 2025. Last fall, HistoSonics announced a management-led majority stake acquisition by a syndicate of private and public investors.
Highridge Medical, formerly part of ZimVie, recently sold its bone healing division to private equity as well. Another private equity play occurred in medtech last month, when Olympus partnered with investment firm Revival Healthcare Capital to drive advancements in endoluminal robotics.
(Leading medtech companies discussed the role of private equity in medtech M&A at AdvaMed’s The MedTech Conference in October 2025. Read more about that here.)
