MARLBOROUGH, Mass. — Boston Scientific Corporation (NYSE: BSX) announced today it has signed a definitive agreement to acquire Nalu Medical, Inc., a California-based medical technology company specializing in peripheral nerve stimulation (PNS) therapies for chronic pain. The acquisition will broaden Boston Scientific’s neuromodulation portfolio and further its presence in the chronic pain management market.
The deal includes an upfront cash payment of approximately $533 million for the remaining equity not already owned by Boston Scientific. The company has been a strategic investor in Nalu since 2017. On a 100% basis, the transaction values Nalu at $600 million, excluding adjustments and existing ownership.
Founded on the development of minimally invasive neurostimulation technology, Nalu’s key product is the Nalu Neurostimulation System, which delivers targeted pain relief using low-level electrical pulses. The system uses a miniaturized, battery-free implant powered wirelessly by an external disc and controlled through a smartphone app. It is designed for treating chronic pain of peripheral nerve origin, such as pain in the shoulder, lower back, or knee.
The Nalu system received FDA 510(k) clearance in 2019 and has shown positive clinical results. In the COMFORT and COMFORT 2 trials, patients experienced significant and sustained pain relief, with up to 87% reporting a 50% or greater reduction in pain over 12 months. Real-world data from over 2,000 patients further supported its effectiveness across various chronic pain conditions.
“Peripheral nerve stimulation is an exciting field with a significant unmet patient need,” said Jim Cassidy, president of Neuromodulation at Boston Scientific. “Adding Nalu’s technology strengthens our ability to offer personalized pain solutions alongside our spinal cord stimulation, basivertebral nerve ablation, and radiofrequency ablation therapies.”
The transaction is expected to close in the first half of 2026, pending customary closing conditions. Nalu is projected to generate over $60 million in sales in 2025, with anticipated 25%+ year-over-year growth in 2026.
Financially, the acquisition is expected to be immaterial to adjusted earnings per share (EPS) in 2026, slightly accretive in 2027, and increasingly accretive thereafter. On a GAAP basis, the deal is expected to be more dilutive due to amortization and acquisition-related expenses.
