Deal strengthens neuromodulation lineup with battery-free neurostimulation system
Boston Scientific Corporation (NYSE: BSX) announced Friday that it has entered into a definitive agreement to acquire Nalu Medical, Inc., a privately held medical technology company specializing in minimally invasive treatments for chronic pain.
Under the terms of the agreement, Boston Scientific will pay approximately $533 million in cash for the remaining equity of Nalu Medical that it does not already own. The company has been a strategic investor in Nalu since 2017. The transaction, expected to close in the first half of 2026, remains subject to customary closing conditions.
Nalu’s flagship product, the Nalu Neurostimulation System, is designed to deliver targeted relief for adults suffering from severe, intractable chronic pain of peripheral nerve origin — including pain in the shoulder, lower back, and knee. The system delivers mild electrical impulses to interrupt pain signals before they reach the brain and features a miniaturized, battery-free implantable pulse generator powered wirelessly by an external therapy disc and controlled via a smartphone app.
The U.S. Food and Drug Administration cleared the Nalu system in 2019. Results from the COMFORT and COMFORT 2 clinical trials demonstrated significant and sustained pain reduction, with 87% of participants in the first trial reporting more than 50% pain reduction at 12 months and 79% in the second trial achieving an average 64% reduction at six months. Real-world data from over 2,000 patients reinforced these outcomes, with 94% experiencing clinically meaningful improvement.
“Peripheral nerve stimulation is an exciting field with a significant unmet patient need,” said Jim Cassidy, president of Neuromodulation at Boston Scientific. “Adding Nalu Medical’s highly differentiated technology complements our existing therapies — including spinal cord stimulation, basivertebral nerve ablation, and radiofrequency ablation — and enables us to deliver advanced pain relief options to a wider variety of patient populations.”
Boston Scientific expects Nalu to generate over $60 million in sales in 2025 and to deliver growth exceeding 25% in 2026. The acquisition is projected to be immaterial to adjusted EPS in 2026, slightly accretive in 2027, and increasingly accretive thereafter. On a GAAP basis, the company expects the deal to be more dilutive due to amortization and acquisition-related expenses.
Nalu Medical, headquartered in Carlsbad, California, has been repeatedly recognized for innovation, including being named among the top 100 new products globally by R&D Magazine and winning multiple Medical Design Excellence Awards. Its compact, modular neurostimulation system represents a next-generation approach to chronic pain management by reducing the need for frequent interventions and improving patient comfort.
Boston Scientific, based in Marlborough, Massachusetts, is a global medical technology leader with a 45-year history of advancing science and developing solutions that improve patient outcomes across multiple therapeutic areas.