Boston Scientific Corp ( BSX ) announced on Friday that it has agreed to acquire Nalu Medical Inc., a privately held maker of minimally invasive devices for chronic pain treatment.

The deal includes an upfront cash payment of about $533 million for the remaining equity Boston Scientific ( BSX ) does not already own.

On a full equity basis, before factoring in Boston Scientific’s existing stake in Nalu Medical and other closing adjustments, the transaction carries an upfront cash value of $600 million.

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Revenue Outlook and Expected Synergies

Boston Scientific ( BSX ) expects to close the deal in the first half of 2026, pending customary approvals. Nalu is projected to generate over $60 million in revenue in 2025 and grow more than 25% in 2026.

The acquisition is expected to have minimal impact on adjusted EPS in 2026, turn slightly accretive in 2027, and become increasingly accretive thereafter. On a GAAP basis, it will be more dilutive due to amortization and acquisition-related costs.

Nalu Medical received FDA 510(k) clearance for its Nalu system in 2019. In the COMFORT and COMFORT 2 clinical trials, the system showed significant and sustained pain relief, confirming the safety and effectiveness of its peripheral nerve stimulation (PNS) technology.

Executive Commentary

Jim Cassidy, president, Neuromodulation, Boston Scientific ( BSX ), stated, “Peripheral nerve stimulation is an exciting field with a significant unmet patient need. Adding the highly differentiated Nalu Medical 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.”

The company reported cash, cash equivalents, restricted cash, and restricted cash equivalents totaling $741 million as of June 30, 2025.

Price Action: BSX shares were trading higher by 1.12% to $98.88 at last check Friday.

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