Boston Scientific Corp. (NYSE:BSX) announced a definitive agreement on Thursday to acquire Penumbra (NYSE:PEN) in a cash-and-stock transaction valuing the company at $374 per share, or an enterprise value of approximately $14.5 billion.
The acquisition marks Boston Scientific’s largest move in recent years, granting the medtech giant a scaled presence in the mechanical thrombectomy and neurovascular segments.
These fast-growing categories address life-threatening conditions such as stroke, pulmonary embolism, and deep vein thrombosis.
The deal consideration is structured as roughly 73% cash and 27% Boston Scientific stock.
Under the terms, Penumbra shareholders may elect to receive either $374 in cash or 3.8721 shares of BSX for each share held, subject to proration.
Boston Scientific plans to finance the approximately $11 billion cash portion through a combination of cash on hand and newly issued debt.
The transaction arrives as Penumbra exhibits strong operational momentum.
The company released preliminary 2025 results alongside the merger news, reporting full-year revenue of approximately $1.4 billion—reflecting growth of 17.3% to 17.5%.