New York, Jan 15, 2026, 10:06 ET — Regular session
- Shares of Penumbra surged following Boston Scientific’s announcement to acquire the clot-removal device maker
- Boston Scientific shares dropped as investors digested the deal’s scale, cash outlay, and the prospect of near-term dilution
- Alongside the transaction announcement, Penumbra released preliminary results for 2025
Penumbra shares surged 12.1% to $351.21 Thursday morning, even as Boston Scientific slipped 4.9% to $89.12. The moves came after both firms revealed a cash-and-stock takeover agreement. (Barchart)
This deal marks Boston Scientific’s largest acquisition in 20 years, hitting the market at a time when bankers and investors anticipate a surge in major healthcare mergers. Boston is placing a clear bet on the faster-growing vascular procedures segment, though initial market focus has zeroed in on the price and how the purchase will be financed.
As borrowing costs dip from recent peaks, dealmaking is picking up, especially in medical devices where procedure volumes follow demographics more than the economy. Boston has made several smaller acquisitions, but this latest deal stands out for its scale and risk. (Reuters)
Boston Scientific announced it will pay $374 per share for Penumbra, with shareholders having the option to receive either cash or 3.8721 Boston Scientific shares each. The final payout will be roughly 73% cash and 27% stock, adjusted by proration. CEO Mike Mahoney described Penumbra as “well-established” and noted the acquisition opens doors to “fast-growing segments” in vascular care. (Boston Scientific)
Penumbra produces devices for mechanical thrombectomy — minimally invasive tools aimed at removing blood clots — with applications spanning conditions from stroke to pulmonary embolism, the companies said.
Penumbra, in a separate release, offered a preliminary glimpse at 2025 results, forecasting full-year revenue around $1.40 billion and Q4 revenue between $383.0 million and $384.8 million. The company also indicated a fourth-quarter operating margin in the mid-teens but emphasized these numbers are unaudited and preliminary.
Boston Scientific plans to cover the roughly $11 billion cash portion using existing cash and new debt. The company expects the deal to reduce adjusted earnings per share by 6 to 8 cents in the first full year after closing, before shifting to neutral or accretive territory down the line.
Early trading highlights familiar concerns for buyers: heavy leverage, integration risks, and the possibility that Boston could end up “paying twice” — initially via dilution, then again if elevated debt delays share buybacks.
The companies revealed the deal in SEC filings, noting that Boston Scientific intends to submit a registration statement on Form S-4, which will include a proxy statement/prospectus for Penumbra shareholders—a crucial step before any vote takes place. (SEC)
Adam Elsesser, Penumbra’s chairman and CEO, is set to join Boston Scientific’s board once the deal wraps up, the companies said.
Investors are zeroing in on timing: the regulatory review, the upcoming shareholder vote, and whether Boston can sustain its broader growth narrative amid absorbing a major acquisition. Boston Scientific’s next key event is the Q4 earnings call set for Feb. 4, before markets open. (Boston Scientific Investors)
