Cleveland-based SPR Therapeutics is cashing out. The pain-therapy startup has agreed to be acquired by Medtronic in a deal reported at about $650 million, folding the company’s 60-day peripheral nerve stimulation therapy into the Irish medical-device giant’s neuromodulation business and delivering a major exit for one of Northeast Ohio’s fastest-growing medtech companies.
Medtronic said Wednesday it will pay approximately $650 million in cash to buy all outstanding equity of SPR Therapeutics and add the company’s SPRINT® PNS System to its Neuroscience portfolio. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of Medtronic’s fiscal 2027, according to Medtronic.
What SPR Makes and Why Buyers Care
SPR’s SPRINT® PNS System is a short-term, 60-day peripheral nerve stimulation therapy aimed at relieving chronic and post-operative pain without requiring a permanent implant. Company materials and industry coverage report that real-world reviews and retrospective analyses show substantial, sustained patient-reported improvement after treatment, which has made the device appealing to clinics that want less invasive, non-opioid options, as noted by SPR and MedTech Dive.
Local Impact: Jobs and Growth
SPR lists an office at 22901 Millcreek Blvd in the Beachwood/Cleveland area and has been repeatedly recognized as one of Greater Cleveland’s fastest-growing private companies. Local reporting and company profiles indicate the firm employs about 100 people at its headquarters and roughly 200 more across satellite offices and sales territories, according to Case Alumnus and reporting by Crain’s Cleveland Business; business listings also point to the Millcreek Boulevard address.
Deal Terms and What's Next
Medtronic said the deal consists of an upfront cash payment of about $650 million and will be “minimally dilutive to Medtronic adjusted EPS in FY27 and neutral to accretive thereafter.” Both companies said they will continue to operate independently until the transaction closes, per Medtronic. Industry reporting also notes that Raymond James served as SPR’s exclusive financial advisor on the sale, according to BioTuesdays.
Why the Deal Matters
The acquisition highlights a broader push by large medtech firms into minimally invasive, non-opioid pain therapies and gives Medtronic a short-term PNS platform that could be deployed earlier in patient care pathways. Market coverage says the move follows a series of targeted purchases by Medtronic this year as it expands its neuromodulation and pain-management offerings, per MarketScreener.
