Boston Scientific Corporation has announced an agreement to acquire Penumbra in a cash-and-stock transaction valuing the company at approximately USD 14.5 billion, marking a major expansion of Boston Scientific’s vascular and neurovascular portfolio.

Under the terms of the deal, Boston Scientific will acquire Penumbra at USD 374 per share, reflecting an enterprise value of around USD 14.5 billion. The transaction is expected to close in 2026, subject to Penumbra shareholder approval and customary closing conditions.

Commenting on the acquisition, Mike Mahoney, Chairman and Chief Executive Officer of Boston Scientific, said that the deal provides a strategic entry into fast-growing segments within the vascular space. He added, “Penumbra’s strong innovation track record, experienced leadership and differentiated technologies align well with our long-term growth strategy.” 

Mahoney also confirmed that Penumbra’s Chairman and CEO, Adam Elsesser, will join Boston Scientific’s board of directors upon completion of the transaction.

Adam Elsesser, Chairman and CEO of Penumbra, stated, “The company’s decades-long focus on deep innovation for complex diseases has enabled physicians to deliver transformative patient care. Combining Penumbra’s capabilities with Boston Scientific’s global scale will expand access to advanced therapies worldwide.”

Cardiovascular diseases remain the leading cause of death globally, driving demand for advanced solutions to treat conditions involving restricted blood flow and clot formation. Penumbra has built a comprehensive portfolio of devices addressing pulmonary embolism, ischemic stroke, deep vein thrombosis, acute limb ischemia, heart attack and aneurysms.

Penumbra is widely recognised for its mechanical thrombectomy technologies, including the Lightning Bolt and Lightning Flash Computer-Assisted Vacuum Thrombectomy (CAVT) systems used in peripheral vascular procedures. Its vascular portfolio also includes a minimally invasive peripheral embolisation system designed to control haemorrhaging, stop bleeding, or close targeted blood vessels. In neurovascular care, the company offers differentiated solutions for access, stroke revascularisation, and neuro embolisation, supported by ongoing clinical evidence generation.

Financially, Penumbra expects fourth-quarter revenue growth of approximately 21.4 percent–22.0 percent and full-year 2025 revenue of about USD 1.4 billion, representing growth of roughly 17.3 percent–17.5 percent year-on-year. The company continues to invest in a multi-year research and development pipeline alongside ongoing clinical programmes.

As per the agreement, Penumbra shareholders can elect to receive either USD 374 in cash or 3.8721 shares of Boston Scientific common stock per share, subject to proration. The total consideration will be paid approximately 73 percent in cash and 27 percent in Boston Scientific shares. Boston Scientific plans to fund the roughly USD 11 billion cash portion using cash on hand and new debt.

Boston Scientific expects the transaction to be modestly dilutive to adjusted earnings per share in the first full year post-close, neutral to slightly accretive in the second year, and increasingly accretive thereafter.