Medtronic (NYSE: MDT) announced its intent to acquire SPR Therapeutics, a closely held medical technology company and a recognized leader in temporary, percutaneous peripheral nerve stimulation (PNS) therapies for chronic pain management.
Raymond James served as exclusive financial advisor to SPR Therapeutics. The transaction consists of an upfront cash payment of approximately $650 million for all of the outstanding equity in SPR.
Chronic pain affects nearly 50 million U.S. adults, often limiting daily life and work. SPR’s FDA-cleared SPRINT PNS System is a short-term, 60-day therapy designed to provide pain relief through a temporary treatment approach that does not require a permanent implant. The therapy integrates into existing clinical workflows and enables physicians to intervene earlier, expanding patient access.
In a statement, Domenico De Paolis, interim president Neuromodulation, part of the Medtronic Neuroscience Portfolio, said, “Our purpose first and foremost is to serve patients. That is why we continue to thoughtfully expand our pain intervention therapies. 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.”
The PNS segment continues to grow, driven by increasing clinical evidence, expanding reimbursement, and demand for non-opioid, less-invasive pain therapies. To date, the largest retrospective review of real-world PNS data, which includes more than 6,100 patients, was conducted using the SPRINT PNS System and showed over 71% of study participants demonstrated significant pain relief and/or improvement in quality of life following 60-day percutaneous PNS treatment.
“Guided by our credo to advancing meaningful, patient-centered innovation in pain medicine, our agreement with Medtronic marks a pivotal step forward,” said Maria Bennett, President and Chief Executive Officer of SPR Therapeutics, in a statement. “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.”
In a research note issued this morning after the announcement, TD Cowen medtech analyst, Joshua Jennings, M.D., writes, “We believe the acquisition speaks to [Medtronic’s] dedication to expanding its Neuromodulation portfolio which we estimate will deliver $2.1B in FY26 revenue (+6% Y/Y growth vs. 5.6% total company). Additionally, the acquisition continues Medtronic’s F26 streak of M&A activity, having announced its Scientia Vascular (Neurovascular) acquisition in March 2026 and having closed its CathWorks (Coronary) acquisition in April 2026. As of F3Q26, Medtronic has cash of $1.1B and investments of $7.2B.”
