Medtronic has signed a definitive agreement to acquire all outstanding shares of Intersect ENT for $28.25 per share, or an enterprise value of nearly $1.1bn, in an all-cash deal.
An international ear, nose and throat (ENT) medical technology company, Intersect ENT develops steroid-releasing implants which offer mechanical spacing and provide targeted treatment to the disease site.
The latest acquisition will allow Medtronic to bolster its portfolio of products used for ear, nose and throat procedures.
Intersect ENT’s product lines and customer base will advance Medtronic’s efforts to offer better solutions to chronic rhinosinusitis (CRS) patients.
Furthermore, Intersect ENT offers the PROPEL and SINUVA sinus implants, which are clinically established solutions.
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A bioabsorbable, drug-eluting implant, PROPEL is used mainly in the hospital and ambulatory surgery centre settings. It can be implanted after sinus surgery to preserve an open passageway and offer an anti-inflammatory steroid to the sinuses.
SINUVA implants are used to treat recurrent sinus obstruction due to nasal polyps in adults who had ethmoid sinus surgery.
By combining these products with Medtronic’s navigation, powered instruments and current tissue health products, the company anticipates offering a wide-ranging suite of solutions for surgeons who treat CRS patients.
Medtronic neuroscience portfolio ENT business president Vince Racano said: “This acquisition directly aligns with our commitment to delivering continuous innovation that helps ENT patients.
“Intersect ENT’s sinus implants are clinically proven to offer relief and healing to patients suffering from CRS. Combining this innovative technology with our established global presence and sales infrastructure will allow us to broaden our capabilities while expanding access to these valuable therapies.”
Medtronic and Intersect ENT’s boards of directors have unanimously approved the acquisition.
Subject to customary closing conditions and regulatory approvals, the transaction is anticipated to conclude by the end of Medtronic’s current fiscal year.
Last month, the US Food and Drug Administration granted clearance to Medtronic’s two artificial intelligence algorithms for use with the LINQ II insertable cardiac monitor.