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%.
Its fourth-quarter performance was particularly robust, with revenue growth estimated between 21.4% and 22.0%.
Boston Scientific expects the acquisition to be approximately $0.06 to $0.08 dilutive to adjusted earnings per share in the first full year following the close, but highly accretive thereafter as it leverages its global commercial scale to expand Penumbra's technology.
The deal is expected to close in 2026, pending customary regulatory approvals and the support of Penumbra shareholders.