Boston Scientific gets another winner with Nalu acquisition, says Leerink

Leerink notes Boston Scientific (BSX) announced an agreement to acquire Nalu Medical, a privately held company focused on treating chronic peripheral nerve pain, for $533M in cash for the remaining equity not already owned. Nalu is emerging as a key player in the peripheral nerve stimulation field, with its innovative technology and proprietary waveform designed to invoke multiple mechanisms of action from a single waveform and particularly compelling clinical data from its landmark COMFORT trial, the firm says. In Leerink’s view, this represents yet another solid deal for Boston Scientific that follows the same historical playbook, which capitalizes on early-stage investments to build ownership and ultimately converts to full M&A with favorable economics. The firm reiterates an Outperform rating on Boston Scientific.