Novo Holdings announces acquisition of portfolio company Nalu Medical by Boston Scientific

Acquisition to expand the neuromodulation offerings for people living with chronic pain

BOSTON, Mass., Oct 17, 2025 – Novo Holdings today announced that portfolio company Nalu Medical, Inc., a privately held medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic pain, has entered into a definitive agreement to be acquired by Boston Scientific Corporation (NYSE: BSX).

Novo Holdings led Nalu’s Series E financing in January 2024. Boston Scientific has been a strategic investor in Nalu Medical since 2017. The transaction consists of an upfront cash payment of approximately $533 million for the remaining equity not owned by Boston Scientific.* 

The Nalu Neurostimulation System is designed to deliver targeted relief for adults living with severe, intractable chronic pain of peripheral nerve origin, including areas such as the shoulder, lower back and knee, through peripheral nerve stimulation (PNS). The therapy uses mild electrical impulses to interrupt pain signals before they reach the brain. The system features a miniaturized, battery-free implantable pulse generator, powered wirelessly by a small, externally worn therapy disc and controlled via a smartphone app.

Nalu Medical received U.S. Food and Drug Administration 510(k) clearance for the Nalu system in 2019. In the COMFORT and COMFORT 2 randomized controlled trials, evaluating the safety and efficacy of PNS, the system demonstrated significant and sustained pain relief for patients. In COMFORT, 87% of participants reported more than a 50% reduction in pain at 12 months,ⁱ while in COMFORT 2, 79% of patients reached an average pain relief of 64% at six months.ⁱⁱ Real-world data from more than 2,000 individuals reinforced these findings, with 94% of patients achieving clinically meaningful improvement across a broad range of chronic peripheral nerve pain conditions.ⁱⁱⁱ

Eric Snyder, Partner, Venture Investments, Novo Holdings, said, “With the backing of a global company, the Nalu Neurostimulation System will be able to reach even more patients to address their needs in seeking relief from chronic pain. We congratulate the Nalu Medical team on the excellent data they have produced over the years, and for their dedication to build and grow the company for the benefit of patients worldwide.”

Tom West, President and CEO of Nalu Medical, said, “The Nalu team has meaningfully expanded and improved the treatment options in the peripheral nerve pain space by setting a new standard of proven care and offering a minimally invasive solution for patients with chronic pain. We are grateful to our investors for enabling our team to build clinical data that helped expand access for patients who often don’t have other therapeutic options.”  

Boston Scientific expects to complete the transaction in the first half of 2026, subject to customary closing conditions. 

*On a 100% basis before consideration of Boston Scientific's current equity ownership in Nalu Medical, Inc. and other closing adjustments, the transaction price consists of an upfront cash payment of $600 million.  

ⁱ Hatheway, J., Hersel, A., Engle, M., Gutierrez, G., Khemlani, V., Kapural, L., Moore, G., Ajakwe, R., Trainor, D., Hah, J., Staats, P., Makous, J., Heit, G., Kottalgi, S., & Desai, M. J. (2024). Clinical study of a micro-implantable pulse generator for the treatment of peripheral neuropathic pain: 12-month results from the COMFORT-randomized controlled trial. Regional Anesthesia & Pain Medicine. Advance online publication. https://doi.org/10.1136/rapm-2024-106099

ⁱⁱ Engle M, Gutierrez G, Hersel A, Netzel C, Khemlani V, Kapural L, Cubillo E, Hatheway J, Moore G, Valimahomed A, Khan K, Shuayto M, Majjhoo A, Sayed D, Latif U, Trainor D, Ajakwe R, Staats P, Makous J, Martin P*, Kottalgi S, Desai MJ; COMFORT 2 Study Group. A Confirmatory Randomized Controlled Trial Evaluating a Micro-Implantable Pulse Generator for the Treatment of Peripheral Neuropathic Pain: 3- and 6-Month Results from the COMFORT 2 Study. Chronic Pain & Management. 2025; 9: 171. DOI: 10.29011/2576-957X.1000171

ⁱⁱⁱ Hatheway, J. A., Ratino, T., Swain, A. R., Ratino, T., Latif, U., Arulkumar, S., & Desai, M. J. (2025). Long-term pain relief delivered by micro-implantable pulse generator: Findings from a large-scale, real-world data peripheral nerve stimulation patient registry. Chronic Pain & Management, 9, 169. https://doi.org/10.29011/2576-957X.100069