M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Boston Scientific Corp to acquire Penumbra Inc
Announced Jan 15, 2026 · Pending Apr 1, 2026
Deal value$14.50BEV $14.50B
Premium—To unaffected price
EV / Adj. EBITDA—10.9x EV / Revenue
ConsiderationCash and stock$374.00 per share
Transaction
- Acquirer
- Boston Scientific Corp (BSX)
- Target
- Penumbra Inc (PEN)
- Buyer type
- Strategic
- Offer price per share
- $374.00
- Enterprise value
- $14.50B
- Status
- Pending Apr 1, 2026
Deal protections
- Break fee (target pays)
- $525M · 3.6%
- Reverse fee (buyer pays)
- $900M · 6.2%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Perella Weinberg
- Perella Weinberg fee
- $110M
Sector context · Healthcare
- Comparable deals
- 96 in the prior 24 months
- Premium
- Sector median 53.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.6% vs. 3.4% sector median
Timeline
- AnnouncedJan 15, 2026
- Proxy filedApr 1, 2026
- Definitive proxyApr 1, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Precedent transactions$260.00$366.00
Precedent transactions$251.00$350.00
Precedent transactions$153.00$362.00
Discounted cash flow$255.00$420.00
Analyst price targets$266.00$388.00
Offer $374.00
Implied value per Penumbra Inc share by analysis, from Perella Weinberg · DCF discount rate 9%–11%.