Medtronic to Grow Chronic Pain Portfolio with $650M SPR Therapeutics Buy

Medtronic announced its intent to acquire SPR Therapeutics, a privately-held company specializing in temporary, percutaneous peripheral nerve stimulation (PNS) therapies for chronic pain management.

The deal is comprised of an upfront cash payment of about $650 million for all of SPR’s outstanding equity. Its anticipated close date will happen in the first year of Medtronic’s fiscal year 2027, which began on April 25, 2026.

SPR’s U.S. Food and Drug Administration (FDA)-cleared Sprint PNS system is a short-term, 60-day therapy engineered to offer pain relief through a temporary approach that doesn’t require a permanent implant. Medtronic said the therapy fits into existing workflows and lets physicians intervene earlier, expanding patient access.

“Our purpose first and foremost is to serve patients,” said Domenico De Paolis, interim president of Medtronic Neuromodulation. “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 largest retrospective review of real-world PNS data, which includes over 6,100 patients, was conducted using the Sprint PNS system. It demonstrated over 71% of study participants showed significant pain relief and/or improvement in quality of life after 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 E. Bennett, president and CEO of SPR Therapeutics. “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.”