Medtronic Closes $650M Acquisition of SPR Therapeutics

Medtronic reported that it’s closed its acquisition of SPR Therapeutics, a privately-held developer of short-term, percutaneous peripheral nerve stimulation (PNS) therapies to manage chronic and acute pain.

The acquisition deal was first revealed in May. Its price tag was $650 million, which was paid upfront in cash.

PNS delivers mild electrical stimulation near specific peripheral nerves to help reduce pain. The non-opioid, non-surgical treatment could offer more pain management treatment options, support earlier intervention, and further individualize patient care, according to Medtronic.

SPR’s Sprint PNS, FDA-cleared in 2018, relieves pain via a 60-day, minimally invasive approach without a permanent implant. Pooled data from over a dozen clinical studies have shown that 60% of patients experienced meaningful pain relief after 60 days, with responders reporting an average 76% reduction in pain intensity. For all patients using Sprint, pain intensity was reduced 56% on average.

Comments from Medtronic and SPR Therapeutics leadership

Domenico De Paolis, interim president of Medtronic’s Neuromodulation business: “Medtronic is committed to expanding access to innovative therapies that can meaningfully improve patient lives. 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.”

Maria Bennett, president, founder, and CEO of SPR: “At SPR, our mission has always been to help people living with pain reclaim their lives. We are proud of the impact our team has made in advancing innovative therapies that offer meaningful pain relief. Joining Medtronic enables us to build on that foundation, expand access to our technology, and serve more patients living with pain.”