Medtronic will pay nearly $650 million in cash to acquire all outstanding equity of SPR Therapeutics, subject to customary closing conditions and regulatory approvals. Both companies will continue operating independently until completion, which is anticipated in the first half of Medtronic’s fiscal year 2027.

SPR Therapeutics specializes in temporary, percutaneous peripheral nerve stimulation therapies for chronic pain management. Its FDA-cleared SPRINT PNS System delivers a 60-day, short-term therapy without permanent implants and has been used in a retrospective review of over 6,100 patients, with more than 71% reporting significant pain relief or quality-of-life improvement.

The acquisition enhances Medtronic’s access to the peripheral nerve stimulation segment and complements its existing neuromodulation portfolio. By integrating SPR’s device, Medtronic aims to support earlier intervention in the chronic pain care pathway and offer additional therapy options to healthcare professionals.

The transaction is expected to have a minor dilutive effect on Medtronic’s adjusted earnings per share in fiscal 2027, with a neutral to modestly positive impact in subsequent periods. Management anticipates synergies from expanded product offerings and increased market penetration over the long term.