BY Richard Summerfield
In a move which will bolster its cardiovascular reach, Boston Scientific has agreed to acquire medtech firm Penumbra in a deal valued at about $14.5bn.
Under the terms of the agreement, which has been approved by the board of directors of each company, the transaction values each Penumbra share at $374, Penumbra stockholders have the right to elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock, valued at $374 based on the volume weighted average price of Boston Scientific common stock over the last 10 trading days, as of 13 January 2026, subject to proration. The total transaction consideration is approximately 73 percent in cash and approximately 27 percent in shares of Boston Scientific common stock.
The transaction is expected to complete in 2026, and Penumbra’s chairman and chief executive officer, Adam Elsesser, will then join Boston’s board.
“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 chief executive of Boston Scientific. “The addition of Penumbra can expand access for these novel technologies to more patients and customers around the world, further enhancing our revenue and margins over time with proven offerings that have a history of growth and innovation.”
“Our decades-long development of therapies for challenging medical conditions has focused on deep innovation for complex diseases so that we can offer physicians novel solutions to transform patient care,” said Mr Elsesser. “I am grateful for the amazing people who have contributed to this work and look forward to uniting our efforts and shared values as we come together with Boston Scientific.”
According to a statement announcing the deal, Penumbra expects to deliver fourth quarter reported revenue growth in the range of approximately 21.4-22 percent and full year 2025 reported revenue of approximately $1.4bn, representing growth in the range of approximately 17.3-17.5 percent over the prior fiscal year.
Boston Scientific expects to finance the approximately $11bn cash portion of the transaction consideration with a combination of cash on hand and new debt. The transaction is expected to be $0.06-0.08 dilutive to adjusted earnings per share for Boston Scientific in the first full year following the close of the acquisition, neutral to slightly accretive in the second year, and more accretive thereafter. The impact to generally accepted accounting principles (GAAP) earnings per share is expected to be dilutive in the first full year following the close, and less dilutive or increasingly accretive thereafter, due to amortisation expense and acquisition-related net charges.
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