Boston Scientific to Acquire Penumbra in $14.5B Deal, Expanding Vascular Leadership

Boston Scientific to Acquire Penumbra in $14.5B Deal, Expanding Vascular Leadership

By, Admin 19 January 2026

Boston Scientific Corporation has agreed to acquire Penumbra, Inc. in a cash-and-stock transaction valuing Penumbra at $374 per share. The deal implies an enterprise value of approximately $14.5 billion.

Strategic Rationale Behind the Acquisition

Boston Scientific sees the deal as a gateway into fast-growing vascular segments. Penumbra brings:

  • A proven innovation engine
  • Strong revenue growth
  • Leadership in thrombectomy and neurovascular care

Mike Mahoney, Chairman and CEO of Boston Scientific, highlighted the cultural and strategic fit. Penumbra CEO Adam Elsesser will join Boston Scientific’s board after closing.

Why Penumbra Matters?

Cardiovascular disease remains the leading global cause of death. Penumbra has built a differentiated portfolio addressing:

  • Pulmonary embolism
  • Ischemic stroke
  • Deep vein thrombosis
  • Acute limb ischemia
  • Heart attack
  • Aneurysms

Its technologies focus on restoring blood flow and removing clots rapidly.

Penumbra’s Core Technology Portfolio

Mechanical Thrombectomy

Penumbra is best known for its mechanical thrombectomy systems, including:

  • Lightning Bolt
  • Lightning Flash

These are computer-assisted vacuum thrombectomy (CAVT) platforms. They are used across arterial, venous, and pulmonary vessels.

Peripheral Embolization

The company also offers:

  • A minimally invasive embolization system

This system is designed to:

  • Control haemorrhaging
  • Stop bleeding
  • Close targeted blood vessels

Neurovascular Solutions

Penumbra’s neurovascular portfolio includes:

  • Stroke revascularization
  • Neuro embolization
  • Access solutions

The company continues to expand clinical evidence to support broader adoption.

Financial Performance Snapshot

Penumbra expects:

  • Q4 revenue growth: ~21.4%–22.0%
  • FY2025 revenue: ~$1.4 billion

This represents 17.3%–17.5% year-over-year growth. The company continues to invest in multi-year R&D and clinical programs.

Deal Structure and Consideration

Under the agreement:

  • Shareholders may receive $374 in cash
  • Or 3.8721 Boston Scientific shares

The final mix will be:

  • ~73% cash
  • ~27% stock

Adam Elsesser plans to take Boston Scientific shares for all his holdings.

Financing and Earnings Impact

Boston Scientific will fund the ~$11 billion cash portion using:

  • Cash on hand
  • New debt

Earnings impact expectations:

  • Year 1: $0.06–$0.08 dilutive (adjusted EPS)
  • Year 2: Neutral to slightly accretive
  • Beyond: Increasingly accretive

GAAP EPS dilution will ease over time due to amortization effects.

Timeline and Advisors

The transaction is expected to close in 2026, subject to:

  • Penumbra shareholder approval
  • Regulatory and customary closing conditions

Advisors involved:

  • Boston Scientific: Allen Overy Shearman & Sterling, Arnold & Porter
  • Penumbra: Perella Weinberg Partners, Davis Polk & Wardwell

Bottom Line

This acquisition strengthens Boston Scientific’s position in vascular and neurovascular care. Penumbra adds:

  • High-growth revenue
  • Market-leading thrombectomy platforms
  • A deep pipeline of innovation

For Boston Scientific, this is a long-term bet on complex vascular disease treatment at global scale.

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