Boston Scientific Corporation and Penumbra announced today that the companies have entered into a definitive agreement under which Boston Scientific will acquire Penumbra in a cash and stock transaction that values Penumbra at US$374 per share, reflecting an enterprise value of approximately US$14.5 billion.
“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 officer (CEO) of Boston Scientific. “I’m thrilled to combine the talents and shared values of our teams—including welcoming Penumbra’s chairman and chief executive officer, Adam Elsesser, to our board of directors upon close. 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.”
To address the escalating global prevalence of cardiovascular diseases, Penumbra has developed a comprehensive portfolio that includes differentiated devices to treat conditions like pulmonary embolism, stroke, deep vein thrombosis, acute limb ischaemia, heart attack and aneurysms.
Neurovascular offerings from Penumbra include numerous solutions spanning access, stroke revascularisation and neuroembolisation. The company’s key neurovascular access products include the Benchmark and Neuron Max access catheter families, and the Midway intermediate catheters. In ischaemic stroke, Penumbra produces the Red, Ace and Jet families of reperfusion catheters, the 3D revascularisation device, and the Engine-powered Penumbra system designed specifically for mechanical thrombectomy. The company’s portfolio also consists of a number of neuroembolisation devices intended to treat brain aneurysms and other malformations, including the PC400, PAC400, POD400, Smart, Swift and SwiftSet coil systems, and the Access25 and PX Slim delivery microcatheters. Additionally, the Artemis neuro evacuation device is a key component of Penumbra’s neurosurgical portfolio.
Notable areas Penumbra has focused on recently include its concept of Science-Based Aspiration Thrombectomy (S-BAT), and Thunderbolt aspiration tubing—the company’s latest computer-assisted vacuum thrombectomy (CAVT) technology, which is being evaluated in the THUNDER clinical study.
Penumbra also offers innovative mechanical thrombectomy products for use in peripheral vascular procedures to remove blood clots causing blockages in arterial, venous and pulmonary vessels, including the Lightning Bolt and Lightning Flash CAVT systems. The company’s vascular portfolio includes a minimally invasive peripheral embolisation system, which is designed to stop blood flow to control haemorrhaging and bleeding, or to close blood vessels.
The company is continuing to innovate in these areas and add meaningful clinical evidence to support expanded access for more patients worldwide, as per today’s press release from Boston Scientific.
“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,” Elsesser commented. “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.”
Penumbra expects to deliver fourth-quarter reported revenue growth in the range of approximately 21.4–22% and full-year 2025 reported revenue of approximately US$1.4 billion, representing growth in the range of approximately 17.3–17.5% over the prior fiscal year. Penumbra says it is continuing to advance its technologies with a multi-year research and development plan as well as ongoing clinical programmes.
Boston Scientific expects to finance the roughly US$11 billion cash portion of the transaction consideration with a combination of cash on hand and new debt. The transaction is expected to be US$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 or 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—”as the case may be”—due to amortisation expense and acquisition-related net charges.
The transaction is anticipated to be completed in 2026, subject to receipt of Penumbra’s stockholder approval and the satisfaction of other customary closing conditions. Via an investor update conference call earlier today, Boston Scientific executives noted that the transaction is likely to be finalised in the first half of 2026, with Penumbra effectively set to continue operating as a standalone company following the acquisition.
This news follows multiple other neuro-related acquisitions announced by Boston Scientific over the past two years—including those of neuromodulation firms Axonics and Nalu Medical in 2024 and 2025, respectively, and transcarotid artery revascularisation (TCAR) pioneer Silk Road Medical in 2024.
