Boston Scientific on Thursday announced plans to acquire Penumbra, a US-based thrombectomy specialist, in a cash-and-stock deal valued at about $14.5 billion, marking one of the largest transactions in the global medical technology sector this year.
The acquisition is aimed at strengthening Boston Scientific’s cardiovascular and vascular intervention portfolio, as the company looks to capitalise on rising demand for minimally invasive treatments for blood clots, stroke and other life-threatening conditions.
Boston Scientific said the transaction values Penumbra at $374 per share, representing a 19% premium to the Alameda, California-based company’s closing price of $313.43 on Wednesday.
The deal carries an enterprise value of roughly $14.5 billion, excluding Penumbra’s approximately $470 million in net cash and short-term investments.
Shares of Boston Scientific fell more than 5% in premarket trading following the announcement while Penumbra’s shares surged around 14%.
The transaction is expected to close in 2026, subject to Penumbra shareholder approval and other customary regulatory and closing conditions.
Boston Scientific said it expects to finance the roughly $11 billion cash portion of the Penumbra deal using a mix of cash on hand and new debt.
The transaction is expected to be dilutive to adjusted earnings per share by $0.06 to $0.08 in the first full year after closing, neutral to slightly accretive in the second year, and increasingly accretive thereafter.
Penumbra’s portfolio to give BS an entry into fast-growing vascular space
Boston Scientific chairman and chief executive officer Mike Mahoney said the acquisition would allow the company to enter new, fast-growing segments within the vascular space.
Penumbra has built a broad portfolio of mechanical thrombectomy devices designed to remove blood clots from arterial, venous and pulmonary vessels.
Its flagship products include the Lightning Bolt and Lightning Flash computer-assisted vacuum thrombectomy systems, as well as peripheral embolization technologies used to control bleeding and close blood vessels.
Cardiovascular diseases remain the leading cause of death globally, driving demand for advanced tools to treat conditions such as pulmonary embolism, deep vein thrombosis, acute limb ischemia and stroke.
Boston Scientific said Penumbra’s technologies complement its existing offerings and could expand access to advanced treatments worldwide.
Neurovascular and innovation focus
Beyond its vascular products, Penumbra also has a growing neurovascular business focused on stroke revascularization, neuro embolization and access solutions.
The company continues to invest in research and development, supported by ongoing clinical programmes aimed at expanding indications and improving patient outcomes.
Penumbra expects to deliver fourth-quarter revenue growth of about 21.4% to 22.0%, and full-year 2025 revenue of roughly $1.4 billion.
That would represent growth of about 17.3% to 17.5% from the previous fiscal year, underlining the company’s strong momentum ahead of the acquisition.
Boston Scientific expands dealmaking streak
The announcement comes just days after Boston Scientific said it had agreed to acquire Valencia Technologies Corporation, a privately held company developing therapies for bladder dysfunction.
Valencia’s eCoin System is an implantable tibial nerve stimulation device used to treat urge urinary incontinence, a common symptom of overactive bladder.
Together, the deals highlight Boston Scientific’s strategy of using acquisitions to broaden its technology base across cardiovascular, neurovascular and urology markets.
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