Boston Scientific agrees to buy Penumbra for $14.5 billion, expanding stroke and thrombectomy device portfolio

Deal targets fast-growing clot-removal and neurovascular device markets

Boston Scientific has agreed to acquire Penumbra, an Alameda, California-based medical device maker focused on clot-removal technologies, in a cash-and-stock transaction valued at about $14.5 billion. The agreement values Penumbra at $374 per share and is intended to broaden Boston Scientific’s cardiovascular business while adding a scaled position in mechanical thrombectomy and neurovascular devices.

Penumbra develops devices used to remove blood clots from vessels in conditions including ischemic stroke, pulmonary embolism, deep vein thrombosis, acute limb ischemia, heart attack and aneurysms. Boston Scientific said the combination is designed to address increasing demand for treatments for vascular diseases and to expand access to newer device-based therapies across global markets.

Transaction structure: cash or stock election, with proration

Under the terms announced on Jan. 15, 2026, Penumbra shareholders may elect to receive either $374 in cash or 3.8721 shares of Boston Scientific common stock for each Penumbra share, subject to proration. The overall consideration is structured to be paid approximately 73% in cash and 27% in Boston Scientific shares.

• Enterprise value: approximately $14.5 billion
• Per-share consideration: $374 in cash or 3.8721 Boston Scientific shares (subject to proration)
• Cash portion: about $11 billion, to be funded through a combination of cash on hand and new debt

Penumbra’s chief executive officer, Adam Elsesser, is expected to join Boston Scientific’s board upon closing, and has indicated he intends to take stock consideration for his Penumbra holdings.

Financial expectations and timeline

Boston Scientific projected that the transaction would be dilutive to adjusted earnings per share by roughly $0.06 to $0.08 in the first full year following the close, become neutral to slightly accretive in the second year, and be more accretive thereafter. The company also noted GAAP earnings impact would be affected by amortization and acquisition-related charges.

The companies expect the deal to close in 2026, subject to Penumbra shareholder approval, regulatory review and other customary closing conditions. Public market reaction around the announcement reflected a sharp rise in Penumbra’s share price alongside a decline in Boston Scientific shares, a pattern frequently seen in large strategic acquisitions where the buyer takes on financing and integration risk.

What Penumbra adds to Boston Scientific’s portfolio

Penumbra’s business centers on thrombectomy systems and related tools for vascular and neurovascular interventions. Boston Scientific described the acquisition as an entry into mechanical thrombectomy and a strengthening of its cardiovascular offerings, positioning the company to compete more broadly across procedures where catheter-based devices are used to treat clot-driven emergencies and other vascular conditions.

The acquisition is intended to combine Boston Scientific’s scale in cardiovascular devices with Penumbra’s specialized thrombectomy and neurovascular technologies.