Boston Scientific announced it has entered into a definitive agreement to acquire Nalu Medical, Inc., a privately held medical technology company known for its innovative neurostimulation system designed to treat chronic peripheral nerve pain. The deal, valued at approximately $533 million in upfront cash for the remaining equity not already owned by Boston Scientific, deepens the company’s investment in neuromodulation and chronic pain management technologies.
Boston Scientific has been a strategic investor in Nalu Medical since 2017. The acquisition expands the company’s neuromodulation portfolio, complementing its existing therapies in spinal cord stimulation, basivertebral nerve ablation, and radiofrequency ablation.
The addition of Nalu’s peripheral nerve stimulation (PNS) platform will enable Boston Scientific to offer a broader range of treatment options for patients suffering from chronic, intractable pain that originates in peripheral nerves, such as those in the shoulder, knee, and lower back.
The Nalu Neurostimulation System delivers targeted relief through mild electrical impulses that interrupt pain signals before they reach the brain. And its miniaturized, battery-free implantable pulse generator is wirelessly powered by a small external therapy disc and controlled through a smartphone app—offering a less invasive, more convenient therapy option for patients.
Cleared by the U.S. Food and Drug Administration (FDA) in 2019, Nalu’s device has demonstrated substantial clinical success. Data from the company’s COMFORT and COMFORT 2 randomized controlled trials showed that 87% of patients achieved more than 50% pain reduction at 12 months, while 79% experienced an average 64% reduction in pain at six months.
Real-world data from over 2,000 patients reinforced these findings, with 94% reporting clinically meaningful improvement across various chronic peripheral nerve pain conditions.
Boston Scientific expects the transaction to close in the first half of 2026, pending customary regulatory approvals and closing conditions. Nalu Medical is projected to exceed $60 million in sales in 2025 and achieve annual growth exceeding 25% in 2026.
On an adjusted basis, the acquisition is expected to be immaterial to Boston Scientific’s earnings per share in 2026, slightly accretive in 2027, and increasingly accretive thereafter. On a GAAP basis, the deal will be more dilutive in the near term due to amortization and acquisition-related costs.
Including Boston Scientific’s existing equity interest, the full transaction value is approximately $600 million before closing adjustments. The acquisition represents another strategic move by Boston Scientific to strengthen its position in the global pain management market, where demand for non-opioid chronic pain solutions continues to grow.
The integration of Nalu Medical’s platform aligns with Boston Scientific’s broader goal of advancing minimally invasive, science-driven solutions that improve patients’ quality of life and reduce overall healthcare costs.
KEY QUOTES:
“Peripheral nerve stimulation is an exciting field with a significant unmet patient need. Adding the highly differentiated Nalu Medical technology complements our existing therapies—including spinal cord stimulation, basivertebral nerve ablation and radiofrequency ablation—enabling us to deliver advanced pain relief options to a wider variety of patient populations.”
— Jim Cassidy, President, Neuromodulation, Boston Scientific
