BSX Shares Dip as Boston Scientific Unveils Biggest Deal in 20 Years

Boston Scientific Corporation shares fell in premarket trading Thursday after the medical device giant announced plans to acquire Penumbra Inc. for approximately $14.5 billion, marking its largest acquisition in two decades. The deal, which values Penumbra at $374 per share, represents a roughly 19% premium over Wednesday’s closing price and will expand Boston Scientific’s cardiovascular portfolio into fast-growing mechanical thrombectomy and neurovascular segments.

Inside the Penumbra Buyout: Cash-and-Stock Structure and 2026 Timeline

Boston Scientific agreed to acquire Penumbra in a cash-and-stock transaction that provides stockholders with the option to receive either $374 in cash or 3.8721 shares of Boston Scientific common stock per share, subject to proration. The total consideration will be split approximately 73% in cash and 27% in stock.

The acquisition reflects an enterprise value of approximately $14.5 billion based on Penumbra’s fully diluted share count of about 40 million shares, minus net cash of approximately $470 million as of September 30, 2025. Boston Scientific plans to finance the roughly $11 billion cash portion through a combination of cash on hand and new debt. The transaction is expected to close in 2026, subject to Penumbra stockholder approval and customary closing conditions.

Notably, Penumbra’s chairman and CEO Adam Elsesser has indicated he will elect to receive Boston Scientific shares for all his Penumbra holdings and will join Boston Scientific’s board upon closing.

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BSX Stock Reaction: Shares Slip as Investors Weigh Deal Size and Debt

Boston Scientific shares dropped 3.39 (-3.61%) to $90.35 in premarket trading at 8:34 AM EST on Thursday, January 15, 2026, down from the previous close of $94.14. The stock had been trading in a 52-week range of $85.98 to $109.50.

With a market capitalization of $138.96 billion and a trailing P/E ratio of 50.13, Boston Scientific trades at a forward P/E of 27.03. The company’s revenue for the trailing twelve months stands at $19.35 billion with a profit margin of 14.43%.

Analysts maintain an average price target of $125.19 for the stock, suggesting significant upside from current levels. Meanwhile, Penumbra shares surged 14% in early trading, building on a 24% gain over the prior 12 months, as investors welcomed the premium acquisition price.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.