Boston Scientific agreed on 15 January to acquire Penumbra, the Alameda, California-based maker of thrombectomy devices, in a cash-and-stock deal valuing it at $374 per share, or an enterprise value of about $14.5bn.
Why Boston Scientific Corporation is buying Penumbra, Inc.
Boston Scientific said the deal would take it into new, fast-growing segments of the vascular market. Penumbra describes itself as the world's leading thrombectomy company, with computer-assisted vacuum thrombectomy systems for peripheral vascular procedures, a peripheral embolisation system and neurovascular products for stroke revascularisation and neuro embolisation. It expected 2025 revenue of about $1.4bn, up 17.3-17.5%.
“Penumbra is a well-established company with an experienced, high-performing team”
Deal terms and financing
Penumbra stockholders can elect $374 in cash or 3.8721 Boston Scientific shares per share, subject to proration, so that about 73% of the total is paid in cash and 27% in stock. The cash portion of about $11bn is being funded with cash on hand and new debt. Boston Scientific expects the deal to dilute adjusted earnings per share by $0.06-0.08 in the first full year, turning neutral to slightly accretive in the second. Penumbra chief executive Adam Elsesser, who will take shares for all his Penumbra stock, is to join Boston Scientific's board at closing.
Regulatory approvals and timing
Both companies received a second request from the US Federal Trade Commission on 16 March 2026. Penumbra stockholders approved the merger on 6 May 2026. In its quarterly report for the period to 30 June, Boston Scientific said it continued to work cooperatively with the FTC and expected completion in the second half of 2026.
Market context
The deal is the largest medtech acquisition announced in 2026 to date and follows Boston Scientific's run of vascular and cardiology acquisitions. Penumbra will be integrated into Boston Scientific's Cardiovascular division.
