Medtronic plc (Nasdaq: MDT), a $30.1b Ireland-based producer of devices used in cardiovascular, neuroscience, surgical, and diabetes management applications, is acquiring Intersect ENT (Nasdaq: XENT), a developer of an ENT implant that releases steroids during sinus surgery to manage inflammation and a virtual surgical guidance platform. In the U.S., CRS affects 1 in 8 adults (35 million) and often requires a complex combination of medical and surgical therapy. Intersect ENT's PROPEL implant, used predominantly in hospitals and ambulatory surgery centers, is a bioabsorbable, drug-eluting implant inserted after sinus surgery to keep passageways. SINUVA implants are mostly used in the office environment for the treatment of recurrent sinus obstruction due to nasal polyps in adult patients who have had ethmoid sinus surgery. Deal value -- $1.1b on sales of $80m (13.6x) and negative EBITDA.
Keywords: Healthcare Investment Banking, Healthcare M&A, Healthcare Mergers, Medical Devices, ENT