Medtronic proposes takeover of medical devicemaker: 3 things to know

Spinal Tech

Medtronic offered to acquire medical device company Intersect ENT, insiders told Bloomberg.

Three things to know:

1. While Medtronic's plans could change, Intersect's board of directors is reportedly reviewing the offer. The company makes drug-delivery tools for chronic sinusitis treatment.

2. As one of many smaller devicemakers hurt by COVID-19-related elective surgery cancellations and resulting low demand for medical devices and supplies, Intersect reduced its workforce by 25 percent and furloughed an additional 5 percent of employees in April.

3. Medtronic and Intersect both declined to comment to Bloomberg, and the outlet's sources asked to remain anonymous due to the proposal's private nature.

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