Boston Scientific Corporation announced plans to acquire the remaining equity in Nalu Medical, a privately held company specializing in neurostimulation devices for chronic pain management, in an all-cash transaction valued at approximately $533 million. The move further expands Boston Scientific’s portfolio of advanced neuromodulation therapies aimed at improving the lives of adults living with chronic pain.
The acquisition gives Boston Scientific full control over Nalu’s neurostimulation platform, which uses peripheral nerve stimulation (PNS) — a targeted, electrical therapy designed to interrupt pain signals before they reach the brain, offering significant relief for chronic pain sufferers.
Nalu’s miniaturized, battery-free implantable pulse generator is powered wirelessly through a compact, externally worn therapy disc and is managed via a smartphone application, giving patients greater convenience and control. The system received U.S. FDA clearance for PNS in 2019 and for spinal cord stimulation (SCS) in 2020, marking it as a versatile and innovative technology in the pain management space.
RBC Capital Markets analyst Shagun Singh commented on the strategic fit of the acquisition, noting:
“The Nalu deal aligns well with Boston’s neuromodulation portfolio and we expect the company to remain focused on acquisitions, as M&A remains its top capital allocation priority.”
The acquisition is part of Boston Scientific’s ongoing expansion strategy. Earlier this year, the company completed another deal with an upfront payment of $443 million to acquire the remaining stake in Bolt Medical, a cardiovascular device maker.
Boston Scientific’s existing pain modulation portfolio already includes technologies for spinal cord stimulation (SCS), radiofrequency ablation, and basivertebral nerve ablation. The addition of Nalu’s differentiated PNS system complements these therapies and broadens the company’s offerings in the rapidly evolving field of neuromodulation.
RBC’s Singh further noted that industry experts view Nalu’s PNS system as more robust than competing devices currently available, offering Boston Scientific a strong opportunity for market share growth in that segment. However, Singh added that expectations remain “more muted on the SCS side, where Boston already has its offering.”
Boston Scientific has been a strategic investor in Nalu Medical since 2017, supporting its development and market expansion. Following the announcement, shares of Boston Scientific rose about 1% in early trading, reflecting positive investor sentiment toward the acquisition.
The company stated that the transaction is expected to have an immaterial impact on adjusted earnings in 2026, but will become slightly accretive in 2027, with growing financial benefits anticipated in subsequent years.
This acquisition underscores Boston Scientific’s continued focus on innovation and investment in next-generation pain management solutions, reinforcing its leadership in the neuromodulation and chronic pain therapy landscape.
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