Boston Scientific to Acquire Penumbra in $14.5 Billion Transaction

Boston Scientific Corporation has signed a definitive agreement to acquire US-based medical device company Penumbra Inc. in a transaction valued at approximately $14.5 billion, strengthening its presence in vascular and neurovascular therapies.

Under the terms of the agreement, Penumbra shareholders will receive $374 per share, payable in a mix of cash and Boston Scientific stock. Shareholders may elect to receive the consideration fully in cash or in stock, with the overall deal structured at about 73 per cent cash and 27 per cent stock. The transaction has been approved by the boards of both companies and is expected to close in 2026, subject to shareholder approval, regulatory clearances, and customary closing conditions.

Boston Scientific said the acquisition aligns with its strategy to expand into high-growth segments of the vascular market. Penumbra has built a strong position in mechanical thrombectomy and embolization devices, used in the treatment of arterial, venous, and pulmonary embolisms, as well as neurovascular conditions such as ischemic stroke. Its product portfolio includes advanced clot removal systems that are widely adopted in acute care and interventional settings.

Penumbra is projected to generate around $1.4 billion in revenue in 2025, supported by continued demand for minimally invasive treatments for cardiovascular and neurovascular diseases. These disease areas remain among the leading contributors to global morbidity and mortality, driving sustained investment in interventional and catheter-based technologies across hospitals and specialty centres.

Following the completion of the transaction, Penumbra’s chairman and chief executive officer Adam Elsesser is expected to join Boston Scientific’s board, supporting leadership continuity and operational integration across product, clinical, and commercial teams.

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Boston Scientific plans to fund the cash portion of the deal, estimated at about $11 billion, through a combination of available cash and new debt. The company said the acquisition is expected to be slightly dilutive to earnings in the near term but accretive over the medium to long term as scale benefits, portfolio expansion, and operational efficiencies are realised.