Boston Scientific acquisition plans include buying Penumbra for about $14.5 billion in a cash-and-stock deal announced Thursday, aiming to expand its cardiovascular portfolio and enter fast-growing markets for devices that remove blood clots.
Deal Adds Thrombectomy and Bleeding Control Devices
Boston Scientific said it will buy Penumbra for $374 per share, valuing the Alameda, California-based medical device maker at about $14.5 billion. The transaction is expected to close in 2026, pending shareholder approval and customary regulatory conditions.
Penumbra develops thrombectomy devices that remove clots from blood vessels, treating conditions such as stroke, pulmonary embolism, and deep vein thrombosis. The company also makes an embolization system designed to stop blood flow to control bleeding.
“With this acquisition, we see an opportunity to enter new, fast-growing segments within the vascular space,” Boston Scientific Chief Executive Officer Mike Mahoney said in a statement. adding that the Boston Scientific acquisition would complement the company’s existing cardiovascular offerings.
The companies announced the deal on Thursday, making it one of the first major medical technology acquisitions of 2026.
Analysts Say Price Reflects Strategic Fit
Analysts said the purchase price reflects Penumbra’s growth profile and its strategic fit with Boston Scientific’s portfolio. BTIG analyst Ryan Zimmerman called the valuation fair in a research note.
Zimmerman said the offer represents about a 19% premium to Penumbra’s share price at Wednesday’s close. He added that the Boston Scientific acquisition would give cmpany access to new markets in thrombectomy and embolization while adding a growth asset to its cardiovascular business.
Penumbra is expected to report about $1.4 billion in revenue for 2025, an increase of more than 17% from the prior year. Analysts have pointed to strong demand for minimally invasive clot-removal technologies as hospitals seek faster and less invasive treatments.
RBC Capital Markets analyst Shagun Singh said the deal was not unexpected. “Penumbra has been considered a take-out candidate for some time now,” Singh wrote in a research note
Singh and other analysts noted that consolidation has been increasing in the thrombectomy space as larger device makers look to broaden their portfolios.
Industry Consolidation Sets the Stage
Zimmerman said last year’s $4.9 billion acquisition of Inari Medical by Stryker helped make Penumbra a more attractive target. Inari also produces thrombectomy devices, and the deal underscored the strategic value of companies focused on clot removal.
Boston Scientific acquisition strategy has pursued deals in recent years to strengthen its position in cardiovascular and minimally invasive therapies. The company said Penumbra’s products would allow it to reach new physician customers and patient populations.
Penumbra will continue to operate within Boston Scientific following the close of the transaction, according to the companies. Additional details about leadership or integration plans were not disclosed.
The acquisition comes as medical device makers face pressure to deliver growth amid hospital budget constraints and increased competition. Analysts said expanding into high-growth segments like thrombectomy could help offset slower growth in more mature product lines.
Shares of both companies were trading higher following the announcement, reflecting investor optimism about the strategic rationale for the deal.
Boston Scientific and Penumbra did not disclose financing details beyond the cash-and-stock structure. The companies said they expect the transaction to be accretive after closing.
