By Colin Kellaher

Shares of Intersect ENT Inc. rose more than 12% on Friday after the drug-delivery company agreed to be acquired by medical-technology giant Medtronic PLC.

Dublin-based Medtronic agreed to pay $28.25 a share in cash for Intersect, a 15% premium to Thursday's closing price of $24.52, in a deal with an implied enterprise value of around $1.1 billion.

Intersect, based in Menlo Park, Calif., makes devices used by ear, nose and throat doctors to treat sinusitis. Medtronic said the addition of Intersect's Propel and Sinuva sinus implants, which open sinus passageways and deliver an anti-inflammatory steroid to aid in healing, will bolster its offerings for patients with chronic rhinosinusitis.

Intersect shares were recently up about 12.2% to $27.50.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 06, 2021 10:16 ET (14:16 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Intersect ENT (NASDAQ:XENT)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Intersect ENT Charts.
Intersect ENT (NASDAQ:XENT)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Intersect ENT Charts.