Boston Scientific Corp. has agreed to acquire Penumbra, Inc. in a cash‑and‑stock transaction valuing Penumbra at $374 per share, or roughly $14.5 billion in enterprise value. The deal will be financed with about 73 % cash and 27 % Boston Scientific shares, and is expected to close in 2026 after shareholder approval and customary regulatory conditions.
The acquisition restores Boston Scientific’s presence in the neurovascular market and expands its cardiovascular and vascular intervention portfolio. By adding Penumbra’s leading computer‑assisted vacuum thrombectomy and embolization technologies—most notably the Lightning Bolt and Lightning Flash systems—Boston Scientific gains a high‑growth product line that complements its existing cardiovascular offerings and positions it to compete more directly with peers such as Stryker and Inari.
Penumbra’s financial performance underscores the strategic fit. The company is projected to report 2025 revenue of about $1.4 billion, a 17 % year‑over‑year increase, and preliminary Q4 2025 revenue of $383–$384.8 million, up 21 % from Q4 2024. Boston Scientific, for comparison, posted $16.7 billion in sales for fiscal 2024, illustrating the scale of the combined entity and the potential for revenue synergies across complementary product lines.
Market reaction to the announcement was swift. Penumbra’s shares surged more than 15 % in pre‑market trading, reflecting the premium paid and the prospect of integration into a larger commercial platform. Boston Scientific’s shares fell about 5 %, a move attributed to the sizable cash outlay and the anticipated short‑term earnings per share dilution from the transaction’s share‑based component.
Analysts across the spectrum welcomed the deal. BTIG highlighted the strategic fit and market expansion, Truist noted the re‑entry into a high‑growth neurovascular segment, and JP Morgan praised the “good sense” of the buyout. RBC Capital Markets and Stifel also commended the acquisition for accelerating sales growth and expanding the total addressable market, underscoring the perceived operational and cultural compatibility between the two firms.
In a joint statement, Boston Scientific CEO Mike Mahoney described the deal as a “home run” and “financially compelling,” emphasizing the opportunity to combine Penumbra’s innovation with Boston Scientific’s global distribution. Penumbra CEO Adam Elsesser expressed gratitude for the partnership, noting the alignment of values and the potential to “transform patient care” through expanded resources and market reach.
While the announcement cites expected synergies in product development, sales, and manufacturing, specific quantitative projections were not disclosed. The companies anticipate that integration will leverage Boston Scientific’s commercial infrastructure to accelerate Penumbra’s product adoption and that shared R&D efforts will enhance future innovation pipelines.
Regulatory and shareholder approvals remain the primary conditions for closing. The transaction is subject to customary regulatory review and the approval of both companies’ shareholders, with no immediate indications of significant regulatory hurdles beyond standard antitrust and competition assessments.
The acquisition marks a pivotal moment for Penumbra, transitioning it from an independent entity to a subsidiary of a larger med‑tech conglomerate. The deal is expected to create operational synergies, broaden market reach, and provide Penumbra’s management and employees with new resources, while positioning Boston Scientific to capture growth in the neurovascular and cardiovascular markets.
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