Boston Scientific to Acquire Nalu Medical for $533M, Expanding Neuromodulation Portfolio

Boston Scientific has announced its agreement to acquire Nalu Medical, a private company specializing in neurostimulation technology for chronic pain management. The deal, valued at $533 million for the remaining equity not already owned by Boston Scientific, marks a significant expansion of the company's neuromodulation portfolio and reinforces its commitment to advanced pain relief solutions.

Acquisition Details and Financial Implications

The acquisition, expected to close in the first half of 2026, values Nalu Medical at a total of $600 million. Boston Scientific, which has been an investor in Nalu since 2017, will integrate the company's innovative neurostimulation system into its existing range of pain management therapies.

Nalu is projected to surpass $60 million in sales for 2025, with anticipated year-over-year growth exceeding 25% in 2026. Boston Scientific expects the acquisition to be immaterial to adjusted earnings per share (EPS) in 2026, slightly accretive in 2027, and increasingly accretive thereafter.

Nalu's Neurostimulation Technology

Nalu's FDA-cleared device, introduced in 2019, represents a significant advancement in neurostimulation technology. The system comprises a small, battery-free pulse generator implanted under the skin, connected to the spinal cord or peripheral nerves via a thin electrical lead. Key features of the technology include:

• A miniaturized implant design
• Wireless power delivery through an externally worn rechargeable disc
• An expected lifespan of 18 years for the electrical lead
• Versatility in treating chronic pain originating from peripheral nerves

Clinical data from a post-market observational study released in November 2024 demonstrated promising results, with 86% of users reporting at least a 50% reduction in lower back and leg pain after three months of treatment. Moreover, 54% of participants experienced pain relief scores of 80% or higher.

Strategic Fit and Market Position

Jim Cassidy, president of neuromodulation for Boston Scientific, emphasized the strategic importance of the acquisition, stating, "Adding the highly differentiated Nalu Medical technology complements our existing therapies—including spinal cord stimulation, basivertebral nerve ablation and radio frequency ablation—enabling us to deliver advanced pain relief options to a wider variety of patient populations."

The integration of Nalu's technology into Boston Scientific's portfolio aligns with the company's strategy of expanding through targeted acquisitions. This move is expected to strengthen Boston Scientific's position in the competitive neuromodulation market and broaden its range of solutions for chronic pain management.