Medtronic to Acquire SPR Therapeutics for $650 Million to Expand Chronic Pain Management Portfolio

On May 20, 2026, Medtronic announced that it had agreed to acquire for approximately $6.5 billion (equivalent to about RMB4.4 billion) Cash prepayment for the acquisition of SPR TherapeuticsMedtronic's acquisition of all issued equity of SPR Therapeutics continues its strong momentum of expanding core business through strategic transactions. Medtronic expects the transaction to be completed in the first half of its fiscal year 2027.

The target is a Cleveland-based company focused on developing percutaneous peripheral nerve stimulation (PNS) therapies for chronic pain management.

Its Sprint PNS System, which received FDA approval, provides short-term treatment for 60 days.The system uses a temporary treatment pathway to relieve pain, without the need for permanently implanted devices. According to Medtronic, SPR Therapeutics' therapy can be integrated into existing clinical workflows, enabling doctors to intervene earlier and thereby expanding treatment accessibility for patients.

This timeAfter the acquisition is completed, SPR will be integrated into the neuromodulation division of Medtronic's neuroscience portfolio.Notably, Brett Wall, the long-term president of the department, is about to step down.。

The head of Medtronic's neuromodulation division stated, "We are continuously and thoughtfully expanding our pain intervention therapies. The addition of temporary peripheral nerve stimulation therapy helps broaden the reach of neuromodulation." Maria E. Bennett, President and CEO of SPR Therapeutics, remarked, "Together, we will help more patients alleviate pain early in treatment and regain their lives."

Medtronic has held a leadership position in the field of neuromodulation for 50 years, with its existing neuromodulation product line primarily featuring implantable systems.This acquisition adds a complementary, minimally invasive pain management solution positioned for earlier stages of treatment.

Just a few months ago, Boston Scientific acquired Nalu Medical for $600 million; the latter also focuses on the peripheral nervous system field.

$650 Million and $600 Million: Medtronic and Boston Scientific Close Acquisitions of Two Peripheral Nerve Stimulation Tech Companies in Similar Timeframes and Deal SizesThe core difference of SPR lies in its "temporary" nature (a 60-day treatment cycle) and "no need for permanent implantation," which directly lowers the decision-making threshold for patients to accept the intervention. On the other hand, Nalu Medical, acquired by Boston Scientific, adopts a different technical approach.

Through the moves of the two giants, we can see,In the field of chronic pain management, the focus of competition is shifting from permanently implanted devices toward minimally invasive, reversible, and early intervention approaches.

How Medtronic will integrate SPR's short-term temporary PNS system with its existing permanent implantable product line in the clinical pathway will be a key focus moving forward. Additionally, after Medtronic and Boston Scientific have made their moves, whether this field will prompt further positioning by other giants such as Abbott is also worth continued tracking.