Medtronic offered to acquire medical device company Intersect ENT, insiders told Bloomberg.
Three things to know:
1. While Medtronic's plans could change, Intersect's board of directors is reportedly reviewing the offer. The company makes drug-delivery tools for chronic sinusitis treatment.
2. As one of many smaller devicemakers hurt by COVID-19-related elective surgery cancellations and resulting low demand for medical devices and supplies, Intersect reduced its workforce by 25 percent and furloughed an additional 5 percent of employees in April.
3. Medtronic and Intersect both declined to comment to Bloomberg, and the outlet's sources asked to remain anonymous due to the proposal's private nature.