Boston Scientific to acquire Nalu Medical for upfront cash payment of ~$533M

Boston Scientific (BSX) announced it has entered into a definitive agreement to acquire Nalu Medical, a privately held medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic pain. Boston Scientific has been a strategic investor in Nalu Medical since 2017. The transaction consists of an upfront cash payment of approximately $533M for the remaining equity not owned by Boston Scientific. Boston Scientific expects to complete the transaction in the first half of 2026, subject to customary closing conditions. Nalu is expected to generate sales in excess of $60M in 2025 and to deliver year-over-year growth in excess of 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. On a GAAP basis, the transaction is expected to be more dilutive due to amortization expense and acquisition-related charges.