Medtronic announced plans to acquire SPR Therapeutics, a privately held medical technology company specializing in temporary peripheral nerve stimulation therapies for chronic pain management, in a deal valued at approximately $650 million in upfront cash payments for all outstanding equity.
The acquisition expands Medtronic’s Neuromodulation portfolio by adding SPR’s FDA-cleared SPRINT PNS System, a short-term 60-day therapy designed to deliver pain relief without requiring a permanent implant. The company said the addition will help broaden access to minimally invasive pain treatment options and allow physicians to intervene earlier in the patient care journey.
Chronic pain impacts nearly 50 million adults in the United States, often affecting quality of life and the ability to work. Medtronic said SPR’s technology complements its existing neuromodulation offerings and integrates into current clinical workflows, helping expand patient access to non-opioid pain therapies.
The peripheral nerve stimulation market continues to grow as demand rises for less-invasive chronic pain treatments supported by increasing clinical evidence and reimbursement adoption. According to Medtronic, a retrospective review involving more than 6,100 patients treated with the SPRINT PNS System found that more than 71% of participants experienced significant pain relief and/or improved quality of life following the 60-day treatment.
The transaction is subject to customary regulatory approvals and closing conditions. Medtronic expects the acquisition to close during the first half of its fiscal year 2027, which began on April 25, 2026. The company said the deal is expected to be minimally dilutive to adjusted earnings per share in fiscal 2027 and neutral to accretive thereafter.
Medtronic, headquartered in Galway, Ireland, employs more than 95,000 people across over 150 countries and develops healthcare technologies spanning cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and neuromodulation therapies.
KEY QUOTES:
“Our purpose first and foremost is to serve patients. That is why we continue to thoughtfully expand our pain intervention therapies. The addition of temporary peripheral nerve stimulation helps broaden access to neuromodulation and supports patients across more stages of the chronic pain journey with a minimally invasive therapy.”
Domenico De Paolis, Interim President Neuromodulation, Medtronic Neuroscience Portfolio
“Guided by our credo to advancing meaningful, patient-centered 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.”
Maria E. Bennett, President and Chief Executive Officer, SPR Therapeutics
