Medtronic said on 20 May 2026 that it would acquire SPR Therapeutics, a privately held maker of temporary peripheral nerve stimulation systems for chronic pain, for an upfront cash payment of about $650m.
Why Medtronic plc is buying SPR Therapeutics, Inc.
Medtronic said the SPRINT PNS System broadens access to neuromodulation and supports patients at more stages of chronic pain with a minimally invasive therapy. The peripheral nerve stimulation segment is growing on the back of clinical evidence, reimbursement and demand for non-opioid treatments.
Deal terms and financing
Medtronic pays about $650m in cash for all of SPR's outstanding equity. It expected the deal to be minimally dilutive to adjusted earnings per share in fiscal 2027.
Regulatory approvals and timing
The deal was subject to regulatory approvals and was expected to close in the first half of Medtronic's fiscal 2027. Medtronic completed it on 16 July 2026.
Market context
Chronic pain affects nearly 50 million US adults. The largest retrospective review of real-world PNS data, covering more than 6,100 patients treated with SPRINT, found over 71% reported significant pain relief or better quality of life.
