Medtronic Completes $650 Million Acquisition of SPR Therapeutics

Medtronic has completed its acquisition of SPR Therapeutics, a privately held maker of short-term peripheral nerve stimulation systems for pain, in a deal valued at $650 million consisting of an upfront cash payment, the company announced on July 16.

The purchase, which Medtronic disclosed in May, adds SPR's SPRINT PNS System to the neuromodulation business within Medtronic's Neuroscience Portfolio. Medtronic said the deal is expected to be minimally dilutive to its adjusted earnings per share in fiscal 2027 and neutral to accretive after that.

A 60-day, non-implant therapy

Peripheral nerve stimulation delivers mild electrical stimulation near targeted peripheral nerves. Medtronic described SPRINT as an FDA-cleared, short-term therapy that uses a 60-day, minimally invasive treatment approach and does not require a permanent implant.

SPR received 510(k) clearance for a version of SPRINT in 2017, MedTech Dive reported, citing SPR's own Smartpatch device as the predicate; that version doubled the duration of therapy from 30 to 60 days.

Medtronic cited pooled results from 13 studies in which 60% of patients achieved at least a 50% reduction in pain intensity at the end of the 60-day treatment. Those figures come from the company's materials. MedTech Dive noted that a multicenter trial funded by the Department of Defense and SPR, and a 2025 paper funded by SPR, have added to the evidence for the device.

"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," said Domenico De Paolis, interim president of Medtronic's Neuromodulation Operating Unit.

Maria Bennett, SPR's president, founder and CEO, said joining Medtronic "enables us to build on that foundation, expand access to our technology, and serve more patients living with pain."

Part of a wider deal push

Medtronic said the acquisition reflects its focus on strategic deals that strengthen its core businesses. Chief Financial Officer Thierry Piéton said on a June earnings call that neuromodulation is an area of strategic focus and that buying SPR moves the business into a space growing more than 20% a year, according to MedTech Dive. Medtronic reported low-single-digit growth in neuromodulation sales in its fiscal fourth quarter, which ended in April, the publication said.

Outside neuromodulation, Medtronic has bought CathWorks for $585 million and Scientia Vascular for $550 million, and within neuromodulation it has agreed to distribute Merit Medical Systems' ViaVerte basivertebral nerve ablation system for low back pain, MedTech Dive reported. Piéton told a Leerink event in March that the company had decided to go "back on offense in M&A."

Medtronic did not disclose SPR's revenue in its announcement.