GTCR, which has vigorously denied any anticompetitive impact, has turned to the courts seeking a subpoena against viral vector CDMO giant Vigene Biosciences, a competitor in the AAV manufacturing arena. The private equity firm argues that Vigene’s sales data will provide objective evidence showing that the market remains competitive and that other capable players, such as Vigene, continue to thrive independently.
In filings submitted to the court, GTCR maintains that the FTC’s narrative is overly narrow and excludes relevant market participants. By acquiring Forge, GTCR argues, it is not eliminating a key competitor but rather strengthening the broader marketplace by investing in innovation and scalability.
Legal experts note that GTCR’s request underscores how contentious and data-intensive modern merger reviews have become, especially in industries where competition hinges on a mix of proprietary technology, capacity, and regulatory compliance.
“GTCR is deploying a well-known antitrust defense — showing that market competition won’t be diminished because viable alternatives already exist,” said Mark Feldman, a professor of antitrust law at New York University. “By bringing in sales data from a rival, they’re trying to prove exactly that.”
The FTC, meanwhile, is expected to oppose the subpoena, potentially arguing that such requests are overly burdensome or irrelevant to the central competitive question. If the court sides with GTCR, Vigene may be compelled to turn over sensitive sales records, which could shed light on how much of the market Forge actually controls — a key fact in the case.
As the FTC under Chair Lina Khan takes a more aggressive stance on private equity and health care transactions, firms like GTCR are finding themselves navigating increasingly complex legal landscapes.
