Boston Scientific Corporation and Penumbra announced a definitive agreement under which Boston Scientific will acquire Penumbra in a cash-and-stock transaction valued at $374 per share, putting the total enterprise value at approximately $14.5 billion.

 

“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,” said Mike Mahoney, chairman and chief executive officer of Boston Scientific. 

 

“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.”

 

Cardiovascular diseases, the leading cause of death globally, include disorders of the heart and blood vessels that restrict blood flow and increase the risk of clots. Penumbra has developed a portfolio of innovative devices to treat conditions including pulmonary embolism, stroke, deep vein thrombosis, acute limb ischemia, heart attack, and aneurysms.

 

The company’s mechanical thrombectomy products, including the Lightning Bolt and Lightning Flash® systems, remove blood clots in arterial, venous, and pulmonary vessels. Its minimally invasive peripheral embolization system is designed to control bleeding or close blood vessels, while its neurovascular offerings provide solutions for stroke revascularization and neuro embolization.

 

“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,” said Adam Elsesser. “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.”

 

Penumbra projects fourth-quarter revenue growth of 21.4% to 22.0%, with full-year 2025 revenue expected to reach approximately $1.4 billion, a 17.3%–17.5% increase from the prior year.

 

Under the agreement, Penumbra stockholders can elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock, with total consideration paid roughly 73% in cash and 27% in stock. Adam Elsesser has said he will take Boston Scientific shares for all his Penumbra stock. Boston Scientific plans to fund the $11 billion cash portion through a mix of cash on hand and new debt.

 

The acquisition is expected to close in 2026, pending Penumbra stockholder approval and other customary closing conditions. Boston Scientific anticipates the deal will be slightly dilutive to adjusted earnings per share in the first year, neutral to accretive in the second, and increasingly accretive thereafter.