New York, Jan 15, 2026, 10:06 ET — Regular session
- Penumbra shares jumped after Boston Scientific revealed plans to buy the clot-removal device maker
- Boston Scientific shares fell as investors weighed the deal’s size, the cash required, and the risk of dilution in the near term
- Penumbra also unveiled its preliminary 2025 results alongside the transaction announcement
Penumbra’s stock jumped 12.1% to $351.21 Thursday morning, while Boston Scientific fell 4.9% to $89.12. The swings followed news of a cash-and-stock deal between the two companies. (Barchart)
Boston Scientific’s latest acquisition is its biggest in two decades, coming amid expectations of a wave of major healthcare mergers. The company is clearly targeting the faster-expanding vascular procedures market. Still, early attention has centered on the price tag and the financing strategy behind the deal.
With borrowing costs easing from recent highs, dealmaking is gaining momentum—particularly in medical devices, where procedure volumes track demographics more than the broader economy. Boston has completed a number of smaller buys, but this latest acquisition grabs attention for both its size and risk. (Reuters)
Boston Scientific is set to pay $374 per share for Penumbra, offering shareholders a choice between cash or 3.8721 Boston Scientific shares each. The final mix will land around 73% cash and 27% stock, after proration. CEO Mike Mahoney called Penumbra “well-established” and said the deal taps into “fast-growing segments” within vascular care. (Boston Scientific)
Penumbra manufactures devices for mechanical thrombectomy, minimally invasive tools designed to extract blood clots. Their uses cover a range of conditions, including stroke and pulmonary embolism, according to the companies.
In a separate release, Penumbra gave a first look at its 2025 outlook, projecting full-year revenue near $1.40 billion. For Q4, the company expects sales between $383.0 million and $384.8 million. It also flagged a fourth-quarter operating margin in the mid-teens, though stressed these figures remain preliminary and unaudited.
Boston Scientific will fund the roughly $11 billion cash component with a mix of existing cash and fresh debt. The company anticipates a 6 to 8 cent hit to adjusted earnings per share in the first full year post-close, with expectations to break even or improve earnings later on.
Early trading brought familiar worries for investors: high leverage, integration challenges, and the risk Boston might “pay twice”—first through dilution, then again if the heavy debt pushes back share buybacks.
The companies disclosed the deal in SEC filings, with Boston Scientific planning to file a registration statement on Form S-4. This will incorporate a proxy statement/prospectus for Penumbra shareholders, a key move before any vote can happen. (SEC)
Penumbra’s chairman and CEO, Adam Elsesser, will join Boston Scientific’s board after the deal closes, the companies confirmed.
Investors are focused on the timing—the regulatory review, the upcoming shareholder vote, and whether Boston can keep up its growth story while digesting a big acquisition. Boston Scientific’s next major event: the Q4 earnings call on Feb. 4, before the market opens. (Boston Scientific Investors)
