Report: Medtronic Makes Offer for Intersect ENT

Bloomberg reported that Medtronic made an offer to acquire Intersect ENT, which manufactures the PROPEL family of mometasone furoate sinus implants designed to maintain the opening and locally deliver steroid after sinus surgery. If the Intersect transaction proceeds, the implants would complement Medtronic’s existing ENT portfolio, which includes a suite of balloon sinuplasty devices, powered surgical instruments and irrigation systems for the treatment of various pathologies.

Intersect’s share price climbed by about 30% on June 7, as speculation about a possible deal became public. As of this writing, Intersect’s market cap is around $585 million, and we’ll be watching not just for how the deal plays out, but for its important signals in this COVID-19 era. Medtronic’s leadership is offering the promise of a renewed ramp for outpatient elective procedures and the reminder that innovation and the medical technology sector are still active and thriving.