Medtronic to acquire pain-management device maker SPR Therapeutics for $650M

Medtronic (NYSE:MDT) announced a definitive agreement to acquire SPR Therapeutics, a privately held medical technology company specializing in temporary peripheral nerve stimulation (PNS) therapies for chronic pain management.

The transaction is valued at approximately $650 million in cash.

The acquisition aims to incorporate SPR Therapeutics’ flagship SPRINT PNS System into Medtronic’s existing Neuromodulation operating division.

The SPRINT system is an FDA-cleared, minimally invasive platform designed to deliver targeted electrical stimulation to peripheral nerves for up to 60 days.

Unlike permanent implants, the temporary, percutaneous device is removed after the treatment period, offering a non-opioid alternative for patients suffering from chronic or acute post-operative pain.

The addition of the short-term PNS technology fills a strategic gap in Medtronic’s pain therapies segment, which has historically focused on permanent spinal cord stimulators and targeted drug delivery pumps.

The transaction reflects an ongoing trend among major medical device manufacturers to capture early-intervention clinical pathways before patients progress to more invasive, permanent surgical treatments.

Financially, Medtronic intends to fund the $650 million purchase price using cash on hand.

The company noted that the transaction is anticipated to close during the first half of its fiscal year 2027, subject to standard closing conditions and required regulatory approvals under the Hart-Scott-Rodino Antitrust Improvements Act.