Medtronic (NYSE: MDT) announced today its intent to acquire SPR Therapeutics, a privately held medical technology company and recognized leader in temporary percutaneous peripheral nerve stimulation (PNS) therapy for chronic pain. The deal consists of an upfront cash payment of approximately $650 million for all outstanding equity in SPR, and is expected to close within the first half of Medtronic’s fiscal year 2027, which began April 25, 2026, subject to customary regulatory approvals.
$650M
Upfront cash consideration
71%
Patients showing significant
pain relief in real-world data
50M
U.S. adults living with chronic pain
SPR’s flagship product, the FDA-cleared SPRINT® PNS System, delivers short-term peripheral nerve stimulation over a 60-day treatment course without requiring a permanent implant. Minimally invasive and designed to integrate into existing clinical workflows, the therapy allows physicians to intervene earlier in the care continuum, before patients reach the threshold for a permanent neuromodulation device.
“Our purpose first and foremost is to serve patients. 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
Clinical evidence underpinning the deal is substantial. The largest retrospective review of real-world PNS data to date, conducted using the SPRINT system across more than 6,100 patients, found that over 71% of participants demonstrated significant pain relief and/or quality of life improvement following the 60-day percutaneous PNS treatment.
“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 CEO, SPR Therapeutics
For Medtronic, which brings 50 years of neuromodulation expertise and claims the industry’s broadest pain therapy portfolio, the acquisition fills a gap at the earlier end of the care pathway. The company points to a favourable market backdrop for PNS, driven by a growing body of clinical evidence, expanding reimbursement coverage, and rising demand for non-opioid, less invasive pain therapies.
Financially, the transaction is expected to be minimally dilutive to Medtronic’s adjusted earnings per share in FY27, then neutral to accretive thereafter. Both companies will continue to operate independently until the deal closes.