Boston Scientific announced it has signed a definitive agreement to acquire Penumbra, Inc. in a cash-and-stock transaction valued at about $14.5 billion on an enterprise value basis, a move aimed at broadening Boston Scientific’s cardiovascular franchise and establishing a scaled position in mechanical thrombectomy and adjacent neurovascular markets.
Under the agreement, Penumbra shareholders will receive consideration valued at $374 per share, with the option to elect either $374 in cash or 3.8721 shares of Boston Scientific common stock, subject to proration. Boston Scientific said it expects total consideration to be paid roughly 73% in cash and 27% in stock. The transaction’s cash component is expected to be approximately $11 billion, which Boston Scientific plans to fund using a combination of cash on hand and new debt.
Boston Scientific said the acquisition is designed to strengthen its position in vascular therapies as the prevalence of cardiovascular and thrombotic conditions continues to rise, and to provide entry into fast-growing segments where clot removal and embolization technologies are increasingly used across a range of urgent and complex clinical scenarios.
Penumbra has built a portfolio spanning peripheral vascular and neurovascular applications, including devices used to treat pulmonary embolism, ischemic stroke, deep vein thrombosis, acute limb ischemia, heart attack, and aneurysms. In peripheral vascular procedures, Penumbra’s mechanical thrombectomy systems include its computer-assisted vacuum thrombectomy platforms, such as Lightning Bolt and Lightning Flash, which are designed to remove clots from arterial, venou,s and pulmonary vessels. The company also markets a minimally invasive peripheral embolization system intended to help control hemorrhaging and bleeding or to close targeted blood vessels.
In neurovascular, Penumbra offers technologies spanning access, stroke revascularization, and neuro-embolization, and has ongoing research and development programs and clinical initiatives intended to expand evidence generation and broaden patient access globally.
As part of the planned integration, Boston Scientific said it expects Penumbra’s chairman and chief executive officer, Adam Elsesser, to join Boston Scientific’s board of directors upon closing. Elsesser indicated he intends to elect Boston Scientific shares for all of his Penumbra holdings.
Penumbra provided a preliminary business update alongside the deal announcement, indicating it expects fourth-quarter reported revenue growth of approximately 21.4% to 22.0%, and full-year 2025 reported revenue of about $1.4 billion, representing growth of roughly 17.3% to 17.5% versus the prior fiscal year.
Boston Scientific said the acquisition is expected to be $0.06 to $0.08 dilutive to adjusted earnings per share in the first full year after closing, neutral to slightly accretive in the second year, and more accretive thereafter. The company added that GAAP earnings per share is expected to be dilutive in the first full year following close, with the impact improving over time, reflecting amortization expense and acquisition-related items.
The companies said the transaction has been approved by both boards and is expected to close in 2026, subject to Penumbra shareholder approval and customary closing conditions, including required regulatory approvals.
KEY QUOTES:
“Penumbra is a well-established company with an experienced, high-performing team and this acquisition offers Boston Scientific an opportunity to enter new, fast-growing segments within the vascular space. I’m thrilled to combine the talents and shared values of our teams – including welcoming Penumbra’s chairman and chief executive officer, Adam Elsesser, to our board of directors upon close. The addition of Penumbra can expand access for these novel technologies to more patients and customers around the world, further enhancing our revenue and margins over time with proven offerings that have a history of growth and innovation.”
Mike Mahoney, Chairman And Chief Executive Officer, Boston Scientific
“Our decades-long development of therapies for challenging medical conditions has focused on deep innovation for complex diseases so that we can offer physicians novel solutions to transform patient care. I am grateful for the amazing people who have contributed to this work and look forward to uniting our efforts and shared values as we come together with Boston Scientific.”
Adam Elsesser, Chairman And Chief Executive Officer, Penumbra
