Medtronic is to acquire SPR Therapeutics for an upfront cash payment of nearly $650m, expanding care options for individuals with chronic pain.
The company intends to take over all outstanding equity in SPR Therapeutics, which specialises in temporary, percutaneous peripheral nerve stimulation (PNS) therapies designed for chronic pain management.
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The acquisition is set to enhance Medtronic’s access to the PNS segment, offering additional pain management options to patients and integrating with its existing range of neuromodulation solutions.
SPR Therapeutics’ core product, the SPRINT PNS System, has received clearance from the US Food and Drug Administration (FDA).
The system offers a 60-day, short-term therapy for chronic pain without requiring permanent implants.
By incorporating SPR’s PNS device, Medtronic intends to support medical professionals in providing earlier intervention along the chronic pain care pathway.
SPR Therapeutics has gathered data from more than 6,100 patients in the largest retrospective review of real-world PNS outcomes, reporting that more than 71% experienced significant pain relief or improvement in quality of life following the 60-day treatment with the PNS System.
The deal is subject to standard closing conditions and regulatory reviews. Medtronic expects to complete the acquisition in the first half of its fiscal year 2027 (FY27), which began on 25 April 2026.
It is projected to have a minor impact on Medtronic’s adjusted earnings per share in FY27, with a neutral to positive effect anticipated in subsequent periods. Until final approval and closure, both firms will continue to operate independently.
SPR Therapeutics president and CEO Maria Bennett said: “Guided by our credo to advancing meaningful, patient-centred innovation in pain medicine, our agreement with Medtronic marks a pivotal step forward.
“Together, we will reach more patients, helping them find relief earlier in their care journey to reclaim their lives and get back to what matters most.”
Earlier this month, Medtronic received the CE mark for its VitalFlow Transport Frame Air and Ground (AG), which functions as an accessory to the VitalFlow extracorporeal membrane oxygenation (ECMO) system.
