SPR Therapeutics

Medtech · Neuromodulation · Pain Management

Acquisition

Medtronic completes $650M acquisition of SPR Therapeutics

It's the second nine-figure peripheral-nerve-stimulation buyout this year, as device makers race to own non-opioid pain care.

• Medtronic finalized its acquisition of SPR Therapeutics for $650 million, paid entirely in upfront cash.
• Cleveland-based SPR Therapeutics makes the FDA-cleared SPRINT PNS System, a 60-day peripheral nerve stimulation therapy that requires no permanent implant.
• Pooled data from 13 studies show 60% of patients hit meaningful pain relief (at least 50% reduction) by the end of the 60-day treatment, with responders averaging a 76% drop in pain intensity.
• Chronic pain affects nearly 50 million U.S. adults, the population Medtronic is targeting with this earlier, non-surgical intervention option.
• The deal follows Boston Scientific's $600 million acquisition of Nalu Medical earlier this year, another bet on peripheral nerve stimulation for pain.
• Medtronic expects the deal to be minimally dilutive to adjusted EPS in 2027, turning neutral-to-accretive in subsequent years.
• By buying a temporary, non-implant therapy to sit alongside its permanent neuromodulation devices, Medtronic can now offer physicians a full continuum of pain care, capturing patients earlier before they escalate to surgery or opioids.