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)

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