Overview

Nalu Medical is a Carlsbad, California-based medical device company that developed spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS) technology designed to treat chronic neuropathic pain. The company was founded in 2014 by former CEO Keegan Harper and incorporated in Delaware on 28 October 2014. Nalu’s neuromodulation system was designed to use a permanent peripheral nerve stimulation implant with an external wearable activator to deliver targeted electrical pulses to the nervous system, modulating pain signals before they reach the brain.

Boston Scientific acquisition

Boston Scientific announced a definitive agreement to acquire Nalu Medical on 17 October 2025, with an upfront cash payment of approximately $533 million for the remaining equity in the company (Boston Scientific had been a strategic investor in Nalu since 2017). The total transaction value was approximately $600 million on a 100% basis before adjustments. Boston Scientific completed the acquisition on 27 January 2026. At acquisition, Nalu was projected to generate more than $60 million in revenue for 2025 with year-over-year growth in excess of 25% in 2026.

Strategic context

The Boston Scientific-Nalu transaction was the first of two consecutive top-three neuromodulation acquisitions of PNS specialists in seven months. The second was Medtronic’s announced acquisition of SPR Therapeutics for approximately $650 million upfront cash on 20 May 2026. The two transactions together established a clear pattern of top-three neuromodulation incumbents backfilling their pain portfolios with PNS specialists via M&A rather than building the category internally.