Medtronic to acquire Cleveland medical tech leader SPR Therapeutics for $650 Million

Medtronic plc (NYSE: MDT) has announced its intent to acquire Cleveland-based SPR Therapeutics, Inc. in an upfront cash deal valued at approximately $650 million. The transaction marks a significant milestone for Northeast Ohio’s biomedical sector, integrating SPR's short-term pain management technology into Medtronic’s global neuromodulation portfolio.

The acquisition targets a growing segment of the healthcare industry: non-opioid, minimally invasive therapies for chronic pain, a condition affecting nearly 50 million U.S. adults. By incorporating SPR into its portfolio, Medtronic increases its ability to reach patients with less invasive pain relief options earlier in their care continuum.

The Strategy Behind the Deal

• The Clinical Shift: Traditional neuromodulation therapies typically rely on permanent implants. SPR's FDA-cleared SPRINT Peripheral Nerve Stimulation (PNS) System focuses on temporary treatment, utilizing a short-term, 60-day percutaneous approach that integrates into existing clinical workflows.
• The Data Driver: The PNS segment continues to grow, fueled by expanding insurance reimbursement and clinical evidence. In the largest retrospective review of real-world PNS data to date—tracking more than 6,100 patients treated with the SPRINT system—over 71% of study participants demonstrated significant pain relief or improvement in quality of life following the 60-day treatment.
• The Local Momentum: Founded in Cleveland in 2009, SPR has quietly scaled into a dominant regional medtech success story. The firm secured an $85 million Series D-1 raise in early 2024 to push commercial expansion and was recognized last year at the top of Crain's Cleveland Business Fast 50 list, having treated over 38,000 patients prior to the Medtronic deal.
• The Strategic Context: The agreement continues Medtronic's active year of executing tuck-in deals to strengthen its core portfolios. The transaction follows recent 2026 acquisitions by Medtronic, including deals for CathWorks ($585 million) in February and Salt Lake City-based Scientia Vascular ($550 million) in March.

Key Facts

• Transaction Value: Approximately $650 million upfront cash payment for all outstanding equity.
• The Technology: SPRINT PNS System, an FDA-cleared, non-permanent 60-day peripheral nerve stimulation therapy.
• Target Closing: Within the first half of Medtronic's Fiscal Year 2027, which began April 25, 2026.
• Interim Operations: Medtronic and SPR Therapeutics will continue to operate as separate and independent companies until the close of the transaction.

In Their Words

"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 Chief Executive Officer 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."

"Our purpose first and foremost is to serve patients," said Domenico De Paolis, Interim President Neuromodulation, part of the Medtronic Neuroscience Portfolio. "That is why we continue to thoughtfully expand our pain intervention therapies."

What's Next

The transaction remains subject to customary closing conditions and regulatory approvals. For Ohio's tech and life sciences economy, the successful scale and acquisition of SPR highlights the region’s ability to scale and successfully exit medical device innovation at a global level.