August 6, 2021 – Medtronic plc (Dublin, Ireland) announced it has entered into a definitive agreement with Intersect ENT in which Medtronic will acquire all outstanding shares of Intersect ENT for $28.25 per share in an all-cash transaction implying an enterprise value of approximately $1.1 billion.
The boards of directors of both companies have unanimously approved the transaction.
Medtronic says the acquisition of Intersect ENT will expand the company’s portfolio of products used during ear, nose, and throat procedures. The complementary product lines and customer base will further Medtronic’s efforts to have a positive impact for patients who suffer from chronic rhinosinusitis (CRS).
Intersect ENT’s PROPEL and SINUVA sinus implants are clinically proven solutions that open sinus passageways and deliver an anti-inflammatory steroid to aid in healing, the company says.
By combining these products with Medtronic’s navigation, powered instruments, and existing tissue health products, the company intends to offer a broader suite of solutions to assist surgeons treating CRS patients.
Intersect ENT’s PROPEL implant – used primarily in hospitals and ambulatory surgery centers – is a bioabsorbable, drug-eluting implant inserted after sinus surgery to keep passageways open and deliver an anti-inflammatory steroid to the sinuses.
SINUVA implants are primarily used in the office environment for the treatment of recurrent sinus obstruction due to nasal polyps in adult patients who have had ethmoid sinus surgery.
The acquisition is expected to close toward the end of Medtronic’s current fiscal year.