Healthcare technology company Medtronic plc (NYSE: MDT) announced on Wednesday that it intends to acquire privately held SPR Therapeutics Inc for approximately USD650m in cash, expanding its neuromodulation and chronic pain treatment portfolio.

The acquisition will add SPR Therapeutics' temporary peripheral nerve stimulation (PNS) technology, including its FDA-cleared SPRINT system, to Medtronic's existing pain management offerings. The therapy provides short-term, minimally invasive treatment designed to deliver sustained relief without a permanent implant.

Medtronic said the deal strengthens its ability to offer earlier intervention options for chronic pain, a condition affecting nearly 50 million adults in the US. The company highlighted growing demand for non-opioid and less invasive therapies, supported by expanding clinical evidence and reimbursement coverage in the PNS segment.

The transaction remains subject to regulatory approvals and customary closing conditions, with completion expected in the first half of Medtronic's 2027 fiscal year, which began on 25 April 2026. Until completion, both companies will continue to operate independently.