Boston Scientific Corporation announced a definitive agreement to acquire Penumbra, Inc. in a cash-and-stock transaction valuing Penumbra at $374 per share, for an enterprise value of approximately $14.5 billion. Under the terms, Penumbra shareholders may elect to receive either $374 in cash or 3.8721 shares of Boston Scientific common stock, with the total consideration structured at roughly 73% cash and 27% stock. The transaction, approved by both companies’ boards, is expected to close in 2026, subject to stockholder approvals and customary conditions. Boston Scientific anticipates financing the $11 billion cash portion through a combination of existing cash balances and new debt. Management has guided to an adjusted EPS dilution of $0.06–0.08 in the first full year post-close, turning neutral to slightly accretive in year two and increasingly accretive thereafter as synergies are realized and amortization charges roll off.

Penumbra reported preliminary, unaudited financial results for the fourth quarter of 2025, with revenue ranging from $383.0 million to $384.8 million, up 21.4% to 22.0% year-over-year. Excluding China, revenue growth accelerated to 23.2%–23.8%. Full year 2025 revenue is estimated at $1,401.3 million to $1,403.1 million, representing 17.3%–17.5% growth over 2024, or 24.7%–24.9% growth ex-China. Fourth quarter gross margin is projected at 67.9%–68.1%, compared with 67.1% for the full year. Operating income for Q4 is expected to be $56.9 million to $60.4 million (14.8%–15.7% operating margin), while full year operating income is estimated at $186.9 million to $190.4 million (13.3%–13.6% margin).

Halper Sadeh LLC, an investor rights law firm, announced an investigation into whether the proposed sale of Penumbra to Boston Scientific for $374 per share or 3.8721 shares of Boston Scientific common stock provides fair value to Penumbra shareholders. The firm is examining potential breaches of fiduciary duty and adequacy of consideration obtained by Penumbra’s board. Halper Sadeh is exploring remedies including increased transaction consideration, supplemental disclosures or other shareholder relief and will pursue claims on a contingency fee basis, with no out-of-pocket legal expenses for participants.