Boston Scientific to buy Penumbra for $14.5B, paying $374 per share to expand into thrombectomy and neurovascular

What happened

Boston Scientific ($BSX) agreed to acquire Penumbra ($PEN) in a cash-and-stock deal valued at about $14.5B. The offer values Penumbra at $374 per share (about a 19% premium), and the deal is expected to close later in 2026. Penumbra brings clot-removal and vascular devices spanning stroke, pulmonary embolism, and other vascular conditions, with 2025 revenue around $1.4B. Market reaction on the headline: $PEN popped while $BSX sold off on deal size and near-term dilution.

Why traders should care

This is a classic “mega-deal in medtech” setup:

1. It can re-rate the entire clot-removal and neurovascular space (takeout math resets valuation anchors).

2. It pressures competit ...