Medtronic to acquire ENT medical technology company Intersect ENT
Irish medical device company Medtronic has agreed to acquire Intersect ENT, an ear, nose, and throat (ENT) medical technology company, in an all-cash deal worth around $1.1 billion.
Based in California, Intersect ENT is a publicly traded company, which is currently listed on NASDAQ.
Intersect ENT’s steroid releasing implants are designed to give mechanical spacing and deliver targeted therapy to the disease site. Additionally, the healthcare company has been engaged in growing its portfolio of products based on its localized steroid releasing technology.
Last October, Intersect ENT acquired electromagnetic surgical navigation solutions provider Fiagon AG Medical Technologies for €60 million.
Medtronic said that its acquisition of Intersect ENT will enlarge its portfolio of products used during ENT procedures.
According to the Irish medical device company, the combination of Intersect ENT’s PROPEL and SINUVA sinus implants with its own navigation, powered instruments, and existing tissue health products will enable it to offer a wider suite of solutions to help surgeons treat patients having chronic rhinosinusitis.
Commenting on Medtronic acquisition of Intersect ENT, Vince Racano — president of Medtronic ENT business, said: “This acquisition directly aligns with our commitment to delivering continuous innovation that helps ENT patients.
“Intersect ENT’s sinus implants are clinically proven to offer relief and healing to patients suffering from chronic rhinosinusitis. 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.”
As per the terms of the deal, Medtronic is offering Intersect ENT’s shareholders $28.25 per share. The deal has been approved unanimously by the boards of both the companies.
Intersect ENT CEO comments on Medtronic acquisition of Intersect ENT
Thomas West — president and CEO of Intersect ENT, commenting on Medtronic acquisition of Intersect ENT, said: “This is an exciting day for patients suffering from CRS. After years of pioneering technology to help patients heal following sinus surgery, we welcome the integration of Intersect ENT’s portfolio into Medtronic.
“We are looking forward to the global impact we can make as part of Medtronic, bringing these essential products to more patients than ever before.”
The deal, which is subject to regulatory approvals, Intersect ENT’s shareholders’ approval, and customary closing conditions, is expected to close towards the end of Medtronic’s current fiscal year.