Medtronic lines up $1.1B acquisition of ENT company

Alan Condon -  

Medtronic has entered into a definitive agreement to acquire Intersect ENT for $1.1 billion.

Under terms of the transaction, Medtronic will acquire all outstanding shares of the ear, nose and throat medtech company for $28.25 per share in an all-cash transaction.

The deal will expand Medtronic's presence in the ENT space, particularly for patients with chronic rhinosinusitis.

Medtronic said it plans to improve care in this area by integrating its navigation, powered instruments and tissue health products with Intersect ENT's Propel and Sinuva sinus implants, designed to open sinus passageways and provide an anti-inflammatory steroid to facilitate healing.

"Intersect ENT's sinus implants are clinically proven to offer relief and healing to patients suffering from chronic rhinosinusitis," Vince Racano, president of Medtronic's ENT business, which is part of the Neuroscience portfolio, said in an Aug. 6 news release. "Combining this innovative technology with our established global presence and sales infrastructure will allow us to broaden our capabilities while expanding access to these valuable therapies."

Both companies' boards approved the deal, which is expected to close by the end of Medtronic's current fiscal year.

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