Medtronic (NYSE:MDT) announced that it completed its previously announced $1.1 billion acquisition of Intersect ENT (Nasdaq:XENT).
Fridley, Minnesota-based Medtronic announced in August 2021 that it would acquire all outstanding shares of the Menlo Park, Calif.-based sinus implant maker for $28.25 per share in an all-cash transaction.
As a result of the transaction, Medtronic acquires Intersect ENT’s Propel and Sinuva drug-eluting sinus implant product lines and technology, intellectual property and the company’s Menlo Park facility. Intersect ENT’s employees also will join Medtronic, according to a news release.
Medtronic said that former Intersect ENT brand Fiagon was divested simultaneously at close, with its Cube and VenSure products not included in the acquisition. Earlier this week, the Federal Trade Commission (FTC) issued a proposed order to require Medtronic to sell a subsidiary of Intersect ENT within 10 days of the transactio…