Medtronic Acquires SPR Therapeutics for $650M to Expand Pain Management Portfolio
Key Insights
Medtronic announced a $650 million cash acquisition of SPR Therapeutics (search) to strengthen its neuromodulation business and expand pain management treatment options.
SPR Therapeutics (search)' Sprint PNS system (search) offers temporary peripheral nerve (search) stimulation therapy for chronic pain (search) without requiring permanent implants, with FDA clearance since 2018.
The acquisition allows Medtronic to provide earlier intervention options for chronic pain (search), which affects nearly 50 million people in the United States.
Medtronic announced plans to acquire SPR Therapeutics (search) for $650 million in cash, marking the medical device giant's third major acquisition this year as it expands its neuromodulation capabilities for chronic pain (search) management.
The acquisition centers on SPR Therapeutics (search)' Sprint peripheral nerve (search) stimulation (PNS) system, which received FDA clearance in 2018. Unlike traditional pain management devices, the Sprint system offers a temporary treatment approach that does not require permanent implants, positioning it as an earlier intervention option for patients with chronic pain (search).
Strategic Expansion in Pain Management
The Sprint PNS system (search) uses percutaneous peripheral nerve (search) stimulation to address chronic pain (search) through a minimally invasive approach. A tiny lead is placed near the target nerve and can be used for up to 60 days to treat both acute and chronic pain conditions. By the end of 2025, SPR Therapeutics (search) reported reaching 50,000 implants of its Sprint device.
Domenico De Paolis, Medtronic's interim president of neuromodulation, emphasized that adding a temporary peripheral nerve (search) stimulation option would broaden access to treatment by allowing physicians to intervene earlier in patient care. This approach addresses a significant medical need, as chronic pain (search) affects nearly 50 million people in the United States, according to the American Chronic Pain Association.
Part of Broader Acquisition Strategy
The SPR Therapeutics (search) deal represents Medtronic's continued investment in expanding its core franchises. Earlier this year, the company announced two other significant acquisitions: a $550 million purchase of neurovascular technology company Scientia Vascular (search) in March, and the acquisition of CathWorks (search) for up to $585 million in February. The CathWorks deal, which involved tools to help detect coronary artery disease, closed in April.
Transaction Details and Timeline
Under the terms of the agreement, Medtronic will pay $650 million in cash for all outstanding equity in SPR Therapeutics (search). The acquisition is structured as an upfront cash payment and is expected to close in the first half of Medtronic's fiscal year 2027, which began in April.
The deal strengthens Medtronic's position in the neuromodulation market by adding a complementary technology that can serve as a bridge between conservative treatments and more invasive permanent implant options. This temporary approach may appeal to both patients and physicians seeking less invasive initial interventions for chronic pain (search) management.