Penumbra has entered into a definitive agreement to be acquired by Boston Scientific in a cash-and-stock deal that values Penumbra at $374 per share, representing an enterprise value of approximately $14.5 billion. Under the terms, Penumbra shareholders may elect to receive $374 in cash or 3.8721 shares of Boston Scientific common stock, subject to proration so that 73% of total consideration is paid in cash and 27% in equity. The transaction has been unanimously approved by both boards and is expected to close in 2026, pending shareholder and regulatory approvals.

Penumbra reported preliminary fourth quarter revenue of $383.0 million to $384.8 million, marking growth of 21.4% to 22.0% over the same period in 2024. Excluding the China region, growth rises to 23.2%–23.8%. For full year 2025, revenue is estimated at $1,401.3 million to $1,403.1 million, up 17.3%–17.5% year-over-year (24.7%–24.9% ex-China). Fourth quarter gross margin is projected at 67.9%–68.1%, with operating income of $56.9 million to $60.4 million (14.8%–15.7% operating margin). Full year operating income is estimated at $186.9 million to $190.4 million (13.3%–13.6% margin).

Halper Sadeh LLC has launched an investigation to determine whether Penumbra’s board fulfilled its fiduciary duties and obtained the best possible consideration for shareholders in the proposed sale. The firm is examining potential underpayment by Boston Scientific and any material omissions in disclosures to investors. Penumbra shareholders are encouraged to contact the firm for information regarding their legal rights and possible remedies, which may include seeking enhanced consideration or additional transaction disclosures.

The acquisition provides Penumbra with the backing of a global medical device leader, enabling broader commercialization of its mechanical thrombectomy and neurovascular technologies—such as the Lightning Bolt and Lightning Flash systems—across new geographies and patient populations. Penumbra’s forecasted revenue growth and robust margins position it as a high-value asset within Boston Scientific’s cardiovascular portfolio. For current Penumbra investors, the deal offers immediate premium value at $374 per share, potential upside through Boston Scientific equity, and exposure to expected accretion in the combined entity’s earnings profile over the medium term.