In October 2025, Boston Scientific announced a deal to acquire Nalu, having first become a strategic investor in the company in 2017. It agreed to provide an upfront cash payment of approximately $533 million for the remaining equity in the company. Boston Scientific’s equity ownership in Nalu notwithstanding, the transaction price consists of an upfront cash payment of $600 million.
Carlsbad, California–based Nalu offers spinal cord stimulation and peripheral nerve stimulation (PNS) technology. It designed its offerings to treat patients with chronic neuropathic pain. It delivers gentle electrical pulses to the nervous system to modulate pain signals before they reach the brain.
On LinkedIn, Boston Scientific’s official account confirmed the closing of the deal:
“We have officially completed the acquisition of Nalu Medical, Inc., marking a significant step forward in expanding our chronic pain portfolio. Nalu’s innovative neurostimulation platform expands our ability to provide physicians with a comprehensive suite of evidence-based pain management solutions and support patients in achieving meaningful, lasting relief.
“We’re proud to welcome the Nalu team to Boston Scientific and look forward to advancing the future of interventional pain care.”
The acquisition’s closing comes within weeks of Boston Scientific’s announced agreement to acquire Penumbra for $14.5 billion.
Other M&A deals over the last couple of years include the $1.18 billion acquisition of Silk Road Medical in September 2024, followed by the $3.7 billion buy of Axonics in November 2024.
Boston Scientific agreed to buy Bolt Medical in January, completing that deal in March. It finalized a deal for intravascular ultrasound developer SoniVie in May 2025. In October 2025, the company closed an $88 million deal for Elutia’s bioenvelope technology.
More about Nalu Medical and the acquisition
The Nalu system includes a fully featured, battery-free, miniaturized implantable pulse generator (IPG). An externally worn therapy disc wirelessly powers the IPG and the user can control it through a smartphone-based app. The company says its IPG, despite its smaller size, delivers treatment capabilities similar to larger IPGs. Nalu’s system also has an expected service life of 18 years.
In 2025, the company received FDA clearance for expanded labeling of its peripheral nerve system to include whole-body MRI use. Its initial FDA clearance came in 2019. Nalu also launched a miniaturized wearable power source for the platform in August of last year, then picked up $50 million in growth funding the following month.
The company also added Raymond W. Cohen, the former founder and CEO of Axonics, to its board as chair last year. Cohen led Axonics through its acquisition by Boston Scientific last year.
Boston Scientific said at the time of the deal’s announcement that it anticipates more than $60 million in revenue for Nalu in 2025, with projections for year-over-year growth in excess of 25% in 2026.
The company expects an immaterial impact to adjusted EPS in 2026, followed by a slightly accretive impact in 2027 and an increasingly accretive impact thereafter. On a GAAP basis, it anticipates a more dilutive impact due to amortization expense and acquisition-related charges.
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