Medtronic plc announced on May 20, 2026 that it intends to acquire SPR Therapeutics, a privately held medical technology company specializing in temporary peripheral nerve stimulation therapies for chronic pain. The deal consists of an upfront cash payment of approximately $650 million for all of SPR's outstanding equity, and it continues a run of strategic acquisitions aimed at strengthening the Galway, Ireland-based company's core franchises.
What Medtronic is buying
SPR Therapeutics is best known for its FDA-cleared SPRINT PNS System, a short-term, 60-day therapy that delivers pain relief without a permanent implant. The system threads a thin lead beneath the skin near a targeted nerve and connects it to a wearable external pulse generator that provides gentle electrical stimulation before the lead is withdrawn. Medtronic said the technology integrates into existing clinical workflows and allows physicians to intervene earlier in a patient's care, expanding access to neuromodulation.
Expanding the neuroscience portfolio
The acquisition is designed to enhance Medtronic's Neuromodulation business, part of its broader Neuroscience Portfolio, by adding a minimally invasive option that can be used before patients progress to permanent implantable devices. "The addition of temporary peripheral nerve stimulation helps broaden access to neuromodulation and supports patients across more stages of the chronic pain journey," said Domenico De Paolis, interim president of Neuromodulation at Medtronic. SPR President and Chief Executive Maria E. Bennett called the agreement "a pivotal step forward" in reaching more patients earlier in their care.
A growing pain-therapy market
Medtronic noted that chronic pain affects nearly 50 million U.S. adults and that demand is rising for non-opioid, less-invasive treatments. The company cited the largest retrospective review of real-world peripheral nerve stimulation data to date, covering more than 6,100 patients treated with the SPRINT system, in which over 71 percent of participants reported significant pain relief or improvement in quality of life after the 60-day therapy.
Deal terms and timing
The transaction is subject to customary closing conditions and regulatory approvals, with the close expected in the first half of Medtronic's fiscal year 2027, which began on April 25, 2026. Medtronic said the deal should be minimally dilutive to adjusted earnings per share in fiscal 2027 and neutral to accretive thereafter. The move adds to a busy stretch of robotics and technology dealmaking, following Analog Devices' agreement to acquire Empower Semiconductor, and comes amid a wave of healthcare AI clearances such as Bayesian Health's AI sepsis monitor and AZmed's expanded X-ray trauma tool.
Reporting based on coverage from Medtronic, PR Newswire and MedTech Dive.