Movement Alert｜Medtronic Rises 3.2% in Regular Trading, Completes $650 Million Acquisition of SPR Therapeutics

Market Focus07-16 21:49

On July 16, Medtronic rose 3.2% in regular trading, trading at $83.82/share, with turnover of $75.349 million. The move was driven by the company's announcement that it has completed its acquisition of SPR Therapeutics for an upfront cash payment of $650 million.

SPR Therapeutics specializes in minimally invasive, non-opioid treatment solutions for chronic and acute pain. The acquisition is expected to strengthen Medtronic's positioning in the pain management space by broadening patient access to alternative therapies. The deal is expected to be minimally dilutive to Medtronic's adjusted earnings per share in fiscal 2027 and neutral to accretive thereafter.

The completion comes amid a favorable analyst backdrop. Baird recently raised its price target to $91 from $85 while maintaining a Neutral rating, and BTIG adjusted its target to $91 from $90, maintaining a Buy rating. The FactSet consensus average target stands at $96.12, implying meaningful upside from current levels. This acquisition follows Medtronic's completion of its $585 million CathWorks deal in April and $550 million Scientia Vascular acquisition in June, reflecting an active M&A strategy.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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