New York, Jan 15, 2026, 18:09 (ET) — After-hours update.
- BSX dropped roughly 4% after Boston Scientific announced its deal to acquire Penumbra
- Boston Scientific’s cash-and-stock bid values Penumbra at $374 per share but warned of near-term EPS dilution
- Traders are focused on deal financing details, new analyst calls, and Boston Scientific’s earnings report due Feb. 4 as Friday approaches
Shares of Boston Scientific Corp (NYSE: BSX) dropped roughly 4% Thursday following its deal to acquire blood-clot treatment company Penumbra. Boston Scientific’s stock slipped $3.75, closing near $90.03 in late U.S. trading. Meanwhile, Penumbra (NYSE: PEN) surged around 12%, reaching $350.49.
Boston Scientific announced it will pay $374 per Penumbra share in a mix of cash and stock, putting the deal’s value at about $14.5 billion. CEO Mike Mahoney described the acquisition as a chance to break into fast-growing vascular segments, leveraging Penumbra’s mechanical thrombectomy catheters—devices designed to remove blood clots. The company said it will cover the approximately $11 billion cash portion using existing cash and new debt. Boston Scientific expects the transaction to shave 6 to 8 cents off adjusted EPS in the first full year post-close, with adjusted EPS excluding certain one-time and acquisition-related expenses.
An investor presentation revealed the deal is planned to consist of roughly 73% cash and 27% stock, with the stock portion involving the issuance of about 41 million new Boston Scientific shares. This figure is based on a 10-day VWAP — a volume-weighted average price — ending Jan. 13. The company also stated it intends to maintain solid credit ratings while arranging financing.
Penumbra released preliminary guidance for 2025 as the deal closed. Fourth-quarter revenue came in between $383.0 million and $384.8 million, marking a 21.4% to 22.0% increase from the same period last year. For the full year, revenue is expected to hit $1.401 billion to $1.403 billion, up roughly 17.3% to 17.5%. Growth was even stronger when excluding China, with full-year operating margins estimated in the mid-teens based on these early numbers.
Some sell-side analysts called the price tag reasonable within the sector. BTIG’s Ryan Zimmerman said the roughly 19% premium looked fair, referencing Stryker’s acquisition of thrombectomy rival Inari Medical last year as a benchmark for buyer appetite. Meanwhile, RBC Capital Markets’ Shagun Singh noted that Penumbra “has been considered a take-out candidate for some time now.” MedTech Dive
The takeover marks the first big healthcare deal of 2026, with dealmakers betting the pipeline could widen as interest rates ease and antitrust pressure wanes. On a call with analysts, Mahoney dubbed the Penumbra deal a “home run.” Truist’s Richard Newitter noted it plugs a key gap in Boston Scientific’s neurovascular lineup. JPMorgan analysts agreed the strategy is sound but cautioned that the deal’s size might trigger intense investor scrutiny. Reuters
Boston Scientific grabbed attention after the U.S. FDA gave the green light to its Farapoint pulsed field ablation catheter for treating persistent atrial fibrillation, a common heart-rhythm disorder. This technique uses electrical pulses to target and disrupt problematic heart tissue. Stifel analyst Rick Wise noted that Farapoint “complements Boston’s market-leading” Farawave catheter. Meanwhile, Medtronic and Abbott have launched rival systems in this rapidly evolving field. MedTech Dive
Citi took Boston Scientific off its Focus List but maintained its Buy rating and $130 price target, following the company’s reaffirmation of its long-term outlook, according to TheFly.
There’s still a chance for delays. Boston Scientific noted in an SEC filing that required approvals and other closing conditions might not be met on schedule, potentially pushing back or scuttling the deal. The company also flagged risks around integration and possible business disruption following the announcement.
Friday’s session will see traders eyeing whether BSX holds steady or falls further amid deal-related selling, as concerns over dilution and extra debt linger. Early trading could shift on new upgrades, downgrades, or merger-arbitrage moves involving BSX and PEN.
Boston Scientific will report fourth-quarter results on Feb. 4 at 8:00 a.m. ET. Investors are eager for updated guidance and insights on how the Penumbra acquisition might shift the company’s 2026 targets.
