Medtronic announced on May 20, 2026, that it had agreed to acquire SPR Therapeutics, a privately held Cleveland company that makes a temporary peripheral nerve stimulation (PNS) system for pain. Medtronic said it would pay about $650 million in cash upfront for all of SPR's outstanding equity.
SPR's product, the FDA-cleared SPRINT PNS System, delivers a 60-day course of stimulation without a permanent implant. Medtronic is adding it to its neuromodulation business, which it says already has the broadest pain therapy portfolio in the industry.
The deal needed regulatory approval and was expected to close in the first half of Medtronic's fiscal year 2027, which began on April 25, 2026. Medtronic completed the acquisition on July 16, 2026, at the same $650 million value.
What SPR built
PNS delivers mild electrical stimulation near a targeted peripheral nerve to reduce pain. With the SPRINT system, a thin wire is placed next to the nerve causing pain and connected to a small pulse generator worn outside the body, and the system is cleared for use for up to 60 days. SPR has studied the therapy for low back, shoulder and knee pain, post-amputation pain and pain after surgery.
Medtronic cited a retrospective review of more than 6,100 patients treated with the SPRINT system, which it described as the largest real-world PNS dataset to date. More than 71% of patients in that review reported significant pain relief or better quality of life after the 60-day treatment. In its closing announcement, Medtronic added that pooled results from 13 studies showed 60% of patients achieved at least a 50% reduction in pain intensity by the end of treatment.
“Our purpose first and foremost is to serve patients. That is why we continue to thoughtfully expand our pain intervention therapies. The addition of temporary peripheral nerve stimulation helps broaden access to neuromodulation and supports patients across more stages of the chronic pain journey with a minimally invasive therapy.”
Why Medtronic is buying
Medtronic said chronic pain affects nearly 50 million adults in the United States. It said a temporary, non-opioid treatment that fits into existing clinical workflows lets doctors intervene earlier in a patient's care and gives more people access to a minimally invasive option.
Medtronic said the PNS segment is growing because of new clinical evidence, wider reimbursement and demand for less invasive alternatives to opioids. It expected the deal to be minimally dilutive to adjusted earnings per share in fiscal 2027 and neutral to accretive after that.
Medtronic, headquartered in Galway, Ireland, employs more than 95,000 people in over 150 countries. Domenico De Paolis, interim president of its neuromodulation unit, said the deal would help Medtronic serve patients at more stages of chronic pain.
The founder and the funding
SPR was founded in 2010 by biomedical engineer Maria Bennett, who built on treatment ideas she had pursued as a graduate student at the Case School of Engineering in Cleveland, according to Case Western Reserve University's alumni magazine. Bennett remained president and chief executive through the sale.
In February 2024 the company announced $85 million in financing: $25 million of Series D-1 equity from insiders, led by Series D lead investor Revelation Partners with RC Capital and Mutual Capital Partners, and a $60 million debt facility from SLR Capital Partners. At that time SPR said revenue had grown more than 50% from 2022 to 2023 and its team had grown by nearly 200% in two years. It was headquartered in Cleveland with offices in Chapel Hill, North Carolina, and Minneapolis. Bennett told Crain's Cleveland Business at the time that SPR was selling in 40 US markets, had about 250 employees and planned to use the money to enter 10 more. SPR did not disclose its total funding or current headcount when the sale was announced.
What happens next
Until closing, the two companies operated separately. With the deal completed, the SPRINT system sits in Medtronic's neuromodulation portfolio alongside its implanted pain devices. Bennett said in the closing announcement that joining Medtronic would let SPR expand access to its technology and reach more patients living with pain.
Medtronic described the SPR purchase as part of a continuing series of deals meant to strengthen its core businesses. The closing announcement said the deal was still expected to be minimally dilutive to adjusted earnings per share in fiscal 2027.
