The acquisition will enable the Dublin-headquartered company to expand its portfolio of products used during ear, nose and throat procedures
Medtronic global headquarters on 20 Lower Hatch Street, Dublin 2, Ireland. (Credit: Britishfinance/Wikipedia)
Global medical technology company Medtronic has signed an agreement to acquire US-based Intersect ENT in a deal worth $1.1bn.
Intersect ENT is ear, nose, and throat (ENT) medical technology firm that makes steroid releasing implants, which are designed to provide mechanical spacing to deliver targeted therapy to the site of disease.
In October last year, the company acquired Fiagon AG Medical Technologies, an electromagnetic surgical navigation solutions provider, owning an expansive portfolio of ENT product offerings.
The acquisition included the US Food and Drug Administration (FDA)-approved VenSure sinus dilation balloon, which is expected to help in the extension of geographic reach of Intersect ENT’s PROPEL and SINUVA sinus implants.
The PROPEL and SINUVA implants, which are said to be clinically proven solutions, are designed to open sinus passageways and deliver an anti-inflammatory steroid to aid in healing.
The acquisition is expected to expand Medtronic’s portfolio of products used during ear, nose, and throat procedures.
The Dublin-headquartered company intends to provide an expanded suite of solutions to assist surgeons treating chronic rhinosinusitis (CRS) patients, by combining Intersect ENT’s products with its navigation, powered instruments, and existing tissue health products.
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.”
Intersect ENT’s PROPEL is a bioabsorbable, drug-eluting implant that is intended for use mainly in hospitals and ambulatory surgery centres.
Following sinus surgery, the insertion of the implant helps in keeping passageways open and delivering an anti-inflammatory steroid to the sinuses.
According to Intersect ENT, SINUVA implants are mainly used in the office environment to treat recurrent sinus obstruction due to nasal polyps in adult patients who have had ethmoid sinus surgery.
The transaction is expected to be completed toward the end of Medtronic’s current fiscal year, subject to the receipt of regulatory clearances and approval by Intersect ENT’s stockholders.