Intersect ENT

History

2021: Medtronic bought Intersect ENT for $1.1 billion

In early August 2021, Medtronic announced a final agreement to acquire nasal sinus implant manufacturer Intersect ENT for $1.1 billion. Medtronic will acquire all outstanding shares of the California company at $28.25 per share in a fully paid cash transaction. The transaction is expected to close by the end of fiscal 2021-22 if approved by Intersect ENT regulators and shareholders.

Medtronic acquired Intersect ENT for $1.1 billion

The acquisition will expand Medtronic's ENT medical device portfolio. Intersect ENT produces implants for the treatment of Sinuva chronic sinuthorite, which open the inlets of the sinuses of the nose to deliver anti-inflammatory corticosteroids and other drugs. The Intersect ENT Propel implant is mainly used in hospitals and outpatient surgery centers. This drug-coated bioabsorbable implant is installed after nasal sinus surgery so that the nasal passages and sinuses remain open. The company developed it for the treatment of patients suffering from chronic rhinosinusitis (HRS). At the end of July 2021, Intersect ENT also launched the VenSure nasal sinus balloon dilation system in the United States, and in May received regulatory approval for the sale of the Propel Contour nasal sinus implant.

Intersect ENT nasal sinus implants have been clinically proven to facilitate the course of disease in patients suffering from chronic rhinosinusitis. Combining this innovative technology with our marketing capabilities will allow Intersect ENT to bring its innovative devices to a wide market and help more patients, "said Vince Racano, president of Medtronic's ENT division, in a press release[1]

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