Medtronic to acquire SPR Therapeutics in US$650M deal to expand chronic pain treatment portfolio

USA—Medtronic has agreed to acquire SPR Therapeutics in an all-cash transaction valued at nearly US$650 million, aimed at expanding its footprint in chronic pain treatment technologies.

The deal covers all outstanding equity in SPR Therapeutics and is expected to enhance Medtronic’s neuromodulation portfolio by adding minimally invasive peripheral nerve stimulation (PNS) solutions.

Once completed, the acquisition will integrate SPR’s technology into Medtronic’s broader pain management strategy, allowing the company to offer additional options for patients and clinicians seeking alternatives to drug-based therapies.

The transaction remains subject to regulatory approvals and customary closing conditions, with completion expected in the first half of Medtronic’s fiscal year 2027, which began on 25 April 2026. Until then, both companies will continue operating independently.

SPR Therapeutics’ SPRINT system and clinical use

SPR Therapeutics is best known for its SPRINT Peripheral Nerve Stimulation System, a temporary, percutaneous therapy designed to manage chronic pain without permanent implants.

The system delivers targeted stimulation for up to 60 days, offering patients a short-term, non-surgical approach to pain relief.

 It has received clearance from the US Food and Drug Administration (FDA) and is used across a range of chronic pain indications.

By adding this technology, Medtronic aims to strengthen its position in early-intervention pain care pathways.

The integration is expected to complement its existing neuromodulation products, which already serve patients with complex neurological and pain-related conditions.

Clinical evidence and real-world outcomes

SPR Therapeutics has compiled one of the largest real-world datasets in peripheral nerve stimulation, drawing insights from more than 6,100 patients treated with the SPRINT system.

According to its findings, over 71% of patients reported meaningful reductions in pain or improvements in quality of life after completing the 60-day treatment period.

 These outcomes have supported wider clinical adoption and interest from healthcare providers exploring non-opioid pain management approaches.

Financial outlook and regulatory pathway

Medtronic expects the acquisition to have a minor dilutive effect on adjusted earnings per share in fiscal year 2027, followed by a neutral-to-positive contribution in subsequent periods.

 The company has emphasized that integration planning will proceed alongside regulatory review processes, ensuring continuity in SPR Therapeutics’ operations until final approval is secured.

Leadership perspective and broader portfolio updates

SPR Therapeutics president and chief executive officer Maria Bennett said the agreement with Medtronic reflects a shared focus on advancing patient-centred innovation in pain medicine.

She added that the combined capabilities of both companies are expected to broaden patient access to earlier intervention options and improve overall treatment experiences.

Medtronic recently received CE mark approval for its VitalFlow Transport Frame Air and Ground (AG), an accessory for its VitalFlow extracorporeal membrane oxygenation (ECMO) system, further expanding its critical care technology portfolio across global markets.