Boston Scientific Corporation has entered into a definitive agreement to acquire Penumbra, Inc. for approximately $14.5Bn. The transaction values Penumbra at $374.00 per share, with consideration structured as approximately 73% cash and 27% Boston Scientific stock.
The acquisition returns Boston Scientific to the neurovascular and mechanical thrombectomy markets, segments the company exited in 2011 when it sold its neurovascular business to Stryker for $1.5Bn. Penumbra is expected to generate approximately $1.4Bn in revenue during 2025, reflecting growth of more than 17% compared to the prior year.
Transaction Structure and Financing
Penumbra shareholders may elect to receive $374.00 in cash or 3.8721 shares of Boston Scientific stock per share, subject to proration to maintain the 73% cash and 27% stock mix. Boston Scientific expects to fund the approximately $11Bn cash component through a combination of cash on hand and new debt issuance.
The transaction is expected to be $0.06–$0.08 dilutive to adjusted earnings per share in the first full year following closing, neutral to slightly accretive in the second year and increasingly accretive thereafter. Penumbra CEO Adam Elsesser has indicated that he intends to receive Boston Scientific shares for his holdings and is expected to join Boston Scientific’s board upon completion. The transaction is expected to close in 2026, subject to shareholder approval and customary regulatory conditions.
Valuation Context and Transaction Metrics
At approximately 10x expected 2025 revenue, Penumbra’s $14.5Bn enterprise value reflects the premium placed on scaled positions in high-growth clinical segments. The transaction includes a $900MM termination fee, reflecting the regulatory and execution considerations associated with large healthcare transactions. It should be noted that there is limited product overlap between Boston Scientific and Penumbra, which may reduce antitrust concerns compared to transactions that involve more direct competitors.
Boston Scientific’s Rationale for the Acquisition
Boston Scientific previously operated in the neurovascular devices business but sold that unit to Stryker in 2011 for $1.5Bn. The thrombectomy market has expanded significantly since then, supported by clinical evidence demonstrating improved patient outcomes from mechanical clot removal in stroke cases.
Boston Scientific CEO Mike Mahoney has stated that the company has been seeking a path back into neurovascular for several years. Boston Scientific acquired Silk Road Medical in 2024, which manufactures minimally invasive devices for stroke prevention in patients with carotid artery disease, and Penumbra represents a larger-scale entry into the adjacent thrombectomy market.
The acquisition is expected to complement Boston Scientific’s existing cardiovascular portfolio, which includes drug-eluting stents, drug-coated balloons and other interventional devices. Combining Penumbra’s thrombectomy platform with Boston Scientific’s distribution infrastructure could enable cross-selling across interventional cardiology relationships and accelerate international expansion.
Industry Context and Competitive Positioning
The mechanical thrombectomy market has attracted increased attention from medtech companies. Stryker acquired Inari Medical for $4.9Bn in early 2025, adding devices for treating pulmonary embolism and deep vein thrombosis. Medtronic maintains a presence with its Solitaire device line.
The global thrombectomy devices market is estimated at approximately $1.75Bn in 2025 and is projected to grow at approximately 7% annually. Neurovascular applications account for roughly 45% of the market, with pulmonary embolism treatment representing the fastest-growing segment.
The acquisition reflects a pattern in medical devices in which established companies acquire technology platforms to accelerate entry into high-growth clinical segments.
Integration Considerations and Transaction Risk
Integration execution will be a key factor in determining whether Boston Scientific realizes anticipated strategic and financial objectives. The company has prior experience integrating vascular acquisitions, including its $4.2Bn purchase of BTG in 2019. However, the Penumbra transaction represents a larger-scale integration in a specialized clinical segment.
For Penumbra, the transaction provides access to Boston Scientific’s global distribution network, which could support further international expansion in markets where mechanical thrombectomy adoption remains lower than in the United States.
Broader M&A Implications
Boston Scientific’s acquisition of Penumbra reflects continued consolidation in the medical device sector, particularly in cardiovascular and neurovascular segments. Large medtech companies are using acquisitions to enter high-growth markets and expand product portfolios in areas with favorable reimbursement dynamics.
The transaction may signal continued strategic M&A activity in medtech following Stryker’s Inari acquisition. For venture-backed medical device companies with scaled positions in growing clinical segments, strategic acquisition by larger platform companies may represent an increasingly viable exit pathway alongside public offerings.
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