Medtronic agreed to acquire SPR Therapeutics for $650 million, marking the company’s third major acquisition in 2026. The deal targets growth in neuromodulation and pain intervention, adding SPR’s FDA-approved peripheral nerve stimulation (PNS) system to Medtronic’s portfolio. SPR’s temporary PNS approach places a small lead near a target nerve to deliver stimulation, designed to allow earlier-stage patients to access neuromodulation who may not yet qualify for permanent implants. Medtronic cited an investigation of its system in which more than 71% of participants reported significant pain relief or quality-of-life improvement after a 60-day treatment course. The transaction is expected to close in the first half of Medtronic’s fiscal year, subject to customary regulatory approvals. Medtronic said the acquisition broadens access to minimally invasive therapies across stages of chronic pain care. The agreement follows Medtronic’s earlier 2026 deals, including plans to buy CathWorks for up to $585 million and Scientia Vascular for $550 million.