Medtronic to Buy Intersect ENT for $28.25/Share
August 06 2021 - 7:48AM
Dow Jones News
By Colin Kellaher
Medtronic PLC on Friday said it agreed to buy Intersect ENT Inc.
in an all-cash deal with an implied enterprise value of about $1.1
billion.
Dublin-based medical-technology company Medtronic said it would
pay $28.25 a share for Intersect, a roughly 15.2% premium to
Thursday's closing price of $24.52 for the Menlo Park, Calif., ear,
nose and throat drug-delivery company.
Medtronic said the deal will expand its portfolio of products
used in ear, nose and throat procedures, adding that Intersect's
complementary product lines and customer base will bolster its
efforts to help patients who suffer from chronic
rhinosinusitis.
Medtronic said it expects to complete the acquisition toward the
end of its current fiscal year.
Trading in shares of Intersect was halted premarket on
Friday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 06, 2021 07:37 ET (11:37 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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