Medtronic has completed its acquisition of SPR Therapeutics, a privately held medical technology company specializing in short-term peripheral nerve stimulation (PNS) therapy for chronic and acute pain, for $650 million in upfront cash. The deal adds SPR’s FDA-cleared SPRINT PNS System to Medtronic’s neuromodulation portfolio, which the company describes as the broadest pain therapy offering in the industry.
The SPRINT PNS System delivers mild electrical stimulation near targeted peripheral nerves through a minimally invasive, 60-day treatment course that requires no permanent implant. The therapy is designed to provide sustained pain relief of up to three months following the treatment period. Clinical evidence supporting the system includes pooled results from 13 studies showing that 60% of patients achieved meaningful pain relief — defined as at least a 50% reduction in pain intensity — by the end of the 60-day treatment, with responders experiencing an average 76% reduction in pain intensity. Across all patients in the pooled dataset, pain intensity fell by 56%.
The acquisition is strategically significant in the context of the ongoing effort across the healthcare industry to develop and scale non-opioid alternatives for pain management. Chronic pain affects nearly 50 million U.S. adults, according to CDC data, and demand for non-surgical, non-addictive treatment options has driven significant investment across the medical device and pharmaceutical sectors. PNS, as a neuromodulation approach, can be applied earlier in the care continuum than traditional implantable spinal cord stimulators — broadening the addressable patient population for Medtronic’s pain therapy business.
Medtronic, headquartered in Galway, Ireland, employs more than 95,000 people across 150+ countries and generates revenue across cardiac devices, surgical robotics, insulin pumps, neuromodulation systems, and patient monitoring. SPR Therapeutics was founded by Maria Bennett, who served as the company’s President and CEO throughout its development. The acquisition is expected to be minimally dilutive to Medtronic’s adjusted EPS in fiscal year 2027 and neutral to accretive thereafter.
KEY QUOTES:
“Medtronic is committed to expanding access to innovative therapies that can meaningfully improve patient lives. The addition of SPRINT extends our ability to serve patients across the continuum of pain care and broadens patient access to a minimally invasive treatment option to address both chronic and acute pain.”
Domenico De Paolis, Interim President, Neuromodulation Operating Unit, Medtronic
“At SPR, our mission has always been to help people living with pain reclaim their lives. We are proud of the impact our team has made in advancing innovative therapies that offer meaningful pain relief. Joining Medtronic enables us to build on that foundation, expand access to our technology, and serve more patients living with pain.”
Maria Bennett, President, Founder, and Chief Executive Officer, SPR Therapeutics
