Boston Scientific to Acquire Nalu Medical for $533 Million, Expanding Peripheral Nerve Stimulation Portfolio
核心洞察
Boston Scientific announced a definitive agreement to acquire Nalu Medical (搜索) for approximately $533 million in upfront cash, expanding its neuromodulation offerings for chronic pain management.
The Nalu Neurostimulation System demonstrated significant efficacy in clinical trials, with 87% of patients achieving more than 50% pain reduction at 12 months in the COMFORT trial.
The acquisition is expected to close in the first half of 2026, with Nalu projected to generate over $60 million in 2025 sales and deliver year-over-year growth exceeding 25% in 2026.
Boston Scientific Corporation announced it has entered into a definitive agreement to acquire Nalu Medical (搜索), Inc., a privately held medical technology company specializing in minimally invasive chronic pain solutions, for approximately $533 million in upfront cash. The transaction represents the acquisition of remaining equity not owned by Boston Scientific, which has been a strategic investor in Nalu Medical since 2017.
Clinical Evidence Supports Acquisition Strategy
The Nalu Neurostimulation System has demonstrated robust clinical efficacy in treating severe, intractable chronic pain of peripheral nerve origin. The system delivers targeted relief for conditions affecting areas such as the shoulder, lower back, and knee through peripheral nerve stimulation (PNS), using mild electrical impulses to interrupt pain signals before they reach the brain.
In the pivotal COMFORT randomized controlled trial, 87% of participants reported more than a 50% reduction in pain at 12 months. The follow-up COMFORT 2 trial reinforced these findings, with 79% of patients achieving an average pain relief of 64% at six months. These clinical results were further validated by real-world evidence from more than 2,000 individuals, where 94% of patients achieved clinically meaningful improvement across a broad range of chronic peripheral nerve pain conditions.
Innovative Technology Platform
The Nalu system features a miniaturized, battery-free implantable pulse generator that is powered wirelessly by a small, externally worn therapy disc and controlled via a smartphone app. This design addresses key limitations of traditional neurostimulation devices while maintaining therapeutic efficacy. The U.S. Food and Drug Administration granted 510(k) clearance for the Nalu system in 2019.
"Peripheral nerve stimulation is an exciting field with a significant unmet patient need," said Jim Cassidy, president of Neuromodulation at Boston Scientific. "Adding the highly differentiated Nalu Medical (搜索) technology complements our existing therapies—including spinal cord stimulation, basivertebral nerve ablation and radiofrequency ablation—enabling us to deliver advanced pain relief options to a wider variety of patient populations."
Financial Projections and Market Impact
Boston Scientific expects to complete the transaction in the first half of 2026, subject to customary closing conditions. Nalu is projected to generate sales exceeding $60 million in 2025 and deliver year-over-year growth exceeding 25% in 2026. On an adjusted basis, the transaction is expected to be immaterial to adjusted earnings per share in 2026, slightly accretive in 2027, and increasingly accretive thereafter.
The acquisition represents part of Boston Scientific's broader expansion strategy in the neuromodulation space. The company has completed multiple acquisitions in recent years, including SoniVie Ltd. and Bolt Medical, as part of its efforts to address unmet medical needs in pain management. Boston Scientific reported $16.7 billion in revenue in 2024 with approximately 53,000 employees worldwide.
Nalu Medical (搜索), founded in 2014 and based in Carlsbad, California, recently completed a Series E funding round of $65 million at the end of 2023, with an additional $20 million investment from B Capital in March 2025. The funding was intended to accelerate commercial growth, expand clinical evidence, and scale operations to support broader market access and payor coverage.