Boston Scientific to Acquire Nalu Medical for $533 Million

Boston Scientific has announced a definitive agreement to acquire California-based Nalu Medical, a privately held company specializing in minimally invasive neurostimulation technologies for chronic pain. The transaction, valued at approximately $533 million in upfront cash for the remaining equity not already held by Boston Scientific, will enhance the company’s position in neuromodulation and pain management.

The deal builds on Boston Scientific’s investment relationship with Nalu, which began in 2017. Nalu’s key innovation, the Nalu Neurostimulation System, delivers targeted relief for adults suffering from chronic pain of peripheral nerve origin. The therapy uses gentle electrical impulses to block pain signals before they reach the brain. It features a miniaturized, battery-free implant powered wirelessly by a small external disc and controlled via a smartphone application.

Cleared by the U.S. Food and Drug Administration in 2019, the Nalu system has shown strong clinical outcomes in the COMFORT and COMFORT 2 trials. In COMFORT, 87% of participants reported over 50% pain reduction at 12 months, while COMFORT 2 demonstrated an average 64% reduction in pain at six months. Data from more than 2,000 real-world cases confirmed that 94% of patients achieved meaningful improvements across various chronic peripheral nerve pain conditions.

According to Jim Cassidy, president of Neuromodulation at Boston Scientific, the acquisition strengthens the company’s comprehensive pain management portfolio, which includes spinal cord stimulation, basivertebral nerve ablation, and radiofrequency ablation. “Peripheral nerve stimulation is an exciting field with a significant unmet patient need,” Cassidy said. “Adding Nalu’s differentiated technology allows us to deliver more advanced and individualized pain relief solutions.”

Boston Scientific expects the transaction to close in the first half of 2026, subject to customary conditions. Nalu Medical is projected to generate more than $60 million in revenue in 2025, with growth exceeding 25% in 2026. The deal is expected to be slightly accretive to adjusted earnings per share by 2027 and increasingly accretive thereafter.