Dive Brief:

• Medtronic said Wednesday it has agreed to buy SPR Therapeutics, a company making a device that uses peripheral nerve stimulation to treat chronic pain.
• Under the terms of the deal, Medtronic would pay $650 million in cash to buy all outstanding equity in SPR Therapeutics. The purchase would add to Medtronic’s neuromodulation business, allowing the company to provide more pain relief options earlier in people’s care.
• The deal is Medtronic’s third major acquisition announced so far this year. In March, Medtronic agreed to buy neurovascular technology company Scientia Vascular for $550 million, and in February, the company announced plans to buy CathWorks, which makes tools to help detect coronary artery disease, for up to $585 million. Medtronic closed the CathWorks acquisition in April.

Dive Insight:

SPR Therapeutics received Food and Drug Administration clearance for its Sprint peripheral nerve stimulation device in 2018. The system does not require a permanent implant; instead, a tiny lead is placed near the target nerve. The device can be used for up to 60 days to treat acute and chronic pain. 

At the end of 2025, SPR Therapeutics said it had reached 50,000 implants of its Sprint device. 

Domenico De Paolis, Medtronic’s interim president of neuromodulation, said in a statement that adding a temporary peripheral nerve stimulation option would broaden access to treatment by allowing physicians to intervene earlier. Chronic pain affects nearly 50 million people in the U.S., according to the American Chronic Pain Association.

Medtronic expects to close the deal within the first half of its 2027 fiscal year, which started on April 25. The acquisition is subject to customary closing conditions and regulatory approvals.