The deal was first announced last August, when Medtronic agreed to acquire all outstanding Intersect ENT shares for nearly $1.1bn in cash.
According to a company statement, the acquisition adds Intersect ENT’s PROPEL and SINUVA sinus implant product lines and technology to Medtronic’s portfolio.
Medtronic will also gain related intellectual property and a facility in Menlo Park, California, US.
As part of the deal, Intersect ENT’s workforce will also migrate to the new ownership.
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However, former Intersect ENT brand Fiagon and its products, the Cube navigation system and VenSure balloon sinus dilation system, were not included in the deal.
Intersect ENT president and CEO Thomas West said: “We believe the market leadership and global footprint of Medtronic, coupled with enterprise resources to fuel pipeline innovation and commercialisation, will advance our reach to customers and patients more quickly and serve our shared vision of improving patient access, outcomes, and satisfaction for millions of people around the world who suffer from ENT diseases.”
Separately, Medtronic announced that its Onyx Frontier drug-eluting stent (DES) has secured US Food and Drug Administration (FDA) approval.
The Onyx Frontier DES is designed to treat coronary artery disease (CAD). The latest in the Resolute DES family, the stent will help cardiologists address complex coronary cases.
In March, Medtronic announced the first implant of its investigational implantable tibial neuromodulation (TNM) device in a patient for its TITAN 2 pivotal study.