Medtronic has agreed to acquire ear, nose, and throat (ENT) medical technology company Intersect ENT for an enterprise value of around $1.1bn.
Intersect ENT offers steroid releasing implants, which provide mechanical spacing and deliver targeted therapy to the site of disease.
The company’s product portfolio consists of PROPEL and SINUVA sinus implants, which are clinically proven solutions that open sinus passageways and provide an anti-inflammatory steroid to assist in healing.
The PROPEL implant is a bioabsorbable and drug-eluting implant inserted after sinus surgery to keep passageways open and offer an anti-inflammatory steroid to the sinuses.
SINUVA implants are designed to use in the office environment to treat recurrent sinus obstruction due to nasal polyps in adult patients who have had ethmoid sinus surgery
Intersect ENT is also focusing on expanding its portfolio of products based on the firm’s localised steroid releasing technology.
In October last year, the company acquired Fiagon AG Medical Technologies that offers electromagnetic surgical navigation solutions, including the FDA-cleared VenSure sinus dilation balloon.
The acquisition of Intersect ENT will allow Medtronic to expand its portfolio of products used in ear, nose, and throat procedures.
Medtronic also stated that the complementary product lines and customer base will further its efforts to have a positive impact on patients who suffer from chronic rhinosinusitis (CRS).
Medtronic neuroscience portfolio’s ENT business president Vince Racano 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.”
Subject to the satisfaction of customary closing conditions including receipt of regulatory clearances and approval by Intersect ENT’s stockholders, the deal is expected to be completed by the end of Medtronic’s current fiscal year.
