Boston Scientific Corp (NYSE:BSX) said on Thursday it has reached a deal to acquire medical technology firm Penumbra (NYSE:PEN) for about $14.5 billion, a move aimed at expanding its footprint in cardiovascular devices.
Following the announcement, Boston Scientific shares fell roughly 4%, while Penumbra stock surged more than 13% in U.S. premarket trading.
Under the terms of the agreement, Penumbra shareholders will receive $374 per share, implying a premium of around 19.3% to the company’s prior closing price. The transaction is expected to close later in 2026.
The deal values Penumbra at an enterprise value of approximately $14.5 billion, before factoring in about $470 million of net cash and short-term investments on its balance sheet.
Penumbra investors will be able to elect between cash and stock consideration. Shareholders can choose to receive $374 in cash or 3.8721 Boston Scientific shares for each Penumbra share, with the final payout prorated so that the overall consideration consists of roughly 73% cash and 27% stock.
“Penumbra is a well-established company with an experienced, high-performing team and this acquisition offers Boston Scientific an opportunity to enter new, fast-growing segments within the vascular space,” said Mike Mahoney, chairman and CEO of Boston Scientific.
Penumbra’s chairman and CEO, Adam Elsesser, is set to join Boston Scientific’s board of directors once the transaction is completed.
Boston Scientific said it plans to finance the roughly $11 billion cash portion of the acquisition using a mix of existing cash and new debt.
The transaction comes as medical technology companies continue to invest in cardiovascular products, supported by strong demand across the sector. By buying Penumbra, Boston Scientific gains access to devices used in minimally invasive procedures to remove blood clots.
Boston Scientific, which recently raised its full-year profit outlook on the back of solid demand for its heart devices, said adding Penumbra’s offerings will help improve “revenue and margins over time.”
Penumbra’s product portfolio includes devices for treating pulmonary embolism, stroke, deep vein thrombosis, acute limb ischemia, heart attack, and aneurysms.
More about Boston Scientific
Boston Scientific is a global medical technology company focused on developing and manufacturing devices used in minimally invasive procedures. Its portfolio spans cardiovascular, rhythm management, and endoscopy products, serving healthcare providers worldwide.