Boston Scientific is buying Penumbra for $14.5 billion to get into the business of removing blood clots

By Jaimy Lee

The 'compelling' deal is one of the biggest med-tech acquisitions over the last year

Penumbra, which developed the Lightning Bolt 6X, to remove blood clots below the knee, is being acquired by Boston Scientific.

Boston Scientific is spending $14.5 billion in cash and stock to buy Penumbra, another medical-device maker that makes products used in minimally invasive procedures to treat conditions such as blood clots and stroke.

As a result of the acquisition, Boston Scientific will add a fresh group of products to its portfolio while also entering "new, fast-growing segments within the vascular space," CEO Mike Mahoney said in a statement.

The device maker is paying $375 per share, a premium over Penumbra's Wednesday closing price of $313.43. Penumbra's stock (PEN) rallied about 12% on Thursday after the deal was announced. Boston Scientific shares (BSX) were down about 5% and on track for the largest percentage decrease since April 10.

It's one of the biggest med-tech deals over the last year. And with Abbott Laboratories (ABT) announcing in November that it is buying Exact Sciences (EXAS) for $21 billion, Boston Scientific's acquisition could be a signal of returned dealmaking to the sector, according to William Blair's Brandon Vazquez.

Penumbra's portfolio focuses largely on devices used in mechanical thrombectomies, a minimally invasive procedure to remove blood clots, and for neurovascular conditions. Its stroke business makes up 30% of its revenue, according to Vasquez. The company, founded in 2004, said it brought in $1.4 billion in revenue for 2025, a roughly 17% year-over-year increase.

"The markets where Penumbra competes are high-growth but also highly competitive," Stifel analysts told investors. "Penumbra is a truly compelling and exciting acquisition for BSX. It accelerates sales growth, expands the company [total addressable market], and on the surface, it appears to be an excellent operational and cultural fit."

Penumbra CEO Adam Elsesser will join Boston Scientific's board. Penumbra will operate as a standalone business within Boston Scientific's cardiovascular segment.

Boston Scientific said it's using cash and new debt to cover the $11 billion cash part of the deal. The deal is expected to close later this year.

-Jaimy Lee

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

01-15-26 1102ET