Boston Scientific Corporation has entered into a definitive agreement to acquire Penumbra, Inc. in a transaction that values Penumbra at approximately $14.5 billion in enterprise value. Under the terms, Penumbra shareholders may elect to receive either cash or shares of Boston Scientific common stock, with the consideration split roughly 73% in cash and 27% in equity. The deal, approved by both companies’ boards, is expected to close in 2026 pending customary regulatory and shareholder approvals, and will expand Boston Scientific’s presence in high-growth vascular markets.

Penumbra reported preliminary, unaudited results for the fourth quarter and full year 2025 that underscore its rapid growth trajectory. Q4 revenue came in between $383.0 million and $384.8 million, representing 21.4%–22.0% year-over-year growth (23.2%–23.8% growth ex-China). For the full year, revenue ranged from $1,401.3 million to $1,403.1 million, up 17.3%–17.5% (24.7%–24.9% ex-China). Fourth-quarter operating margins were estimated at 14.8%–15.7%, while full-year operating margins reached 13.3%–13.6%, reflecting ongoing investments in R&D and clinical programs.

Halper Sadeh LLC, an investor rights firm, has launched an investigation into whether Penumbra’s board fulfilled its fiduciary duties in approving the sale. The firm is examining if Penumbra obtained optimal consideration and disclosed all material information necessary to evaluate the transaction. Potential outcomes include seeking increased deal consideration or additional disclosures for shareholders, with any legal fees to be handled on a contingent basis.