Boston Scientific Corporation (NYSE: BSX) and Penumbra, Inc. (NYSE: PEN) announced a definitive agreement for Boston Scientific to acquire Penumbra in a cash and stock transaction valuing the company at USD 374 per share, reflecting an enterprise value of approximately USD 14.5 billion. The transaction is expected to close in 2026, subject to Penumbra stockholder approval and customary closing conditions.
Contents
Transaction Overview
| Item | Detail |
|---|---|
| Acquirer | Boston Scientific Corporation (NYSE: BSX) |
| Target | Penumbra, Inc. (NYSE: PEN) |
| Purchase Price | USD 374 per share |
| Enterprise Value | USD 14.5 billion |
| **Payment Structure | Cash and stock |
| Expected Close | 2026 |
| **Approval Requirements | Penumbra stockholder approval, regulatory clearances |
Target Profile: Penumbra
| Attribute | Detail |
|---|---|
| **Business Focus | World-leading thrombectomy company |
| **Key Products | Lightning Bolt, Lightning Flash (CAVT systems) for blood clot removal; minimally invasive peripheral embolization system |
| **Indications | Ischemic stroke, pulmonary embolism, acute limb ischemia |
| **2025 Revenue | USD 1.4 billion |
| **Key Advantages | Speed, safety, simplicity in head-to-toe clot removal |
| **Market Position | #1 in computer-assisted vacuum thrombectomy (CAVT) technology |
Strategic Rationale & Market Context
- Market Size: Global thrombectomy market valued at $3.2 billion (2026E), growing at 9.5 % CAGR
- Competitive Landscape: Acquisition positions Boston Scientific against Stryker (Navien), Medtronic (Solitaire), and Terumo
- Synergies: Combines Penumbra’s thrombectomy leadership with Boston Scientific’s vascular and peripheral intervention portfolio, creating a comprehensive stroke and PE treatment platform
- Revenue Accretion: Expected to be accretive to BSX adjusted EPS by 2027
Financial Implications
| Parameter | 2026E | 2027E | 2028E |
|---|---|---|---|
| **Combined Thrombectomy Revenue | $1.8 billion | $2.1 billion | $2.5 billion |
| **Market Share (Post‑Acquisition) | 35 % | 38 % | 42 % |
| **Cost Synergies | – | $150 million | $200 million |
| **Integration Costs | $75 million | $50 million | – |
Forward‑Looking Statements
This brief contains forward‑looking statements regarding transaction completion, revenue synergies, and market consolidation. Actual results may differ due to regulatory delays, integration challenges, and competitive responses.-Fineline Info & Tech
