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Boston Scientific (BSX) investor relations material
Boston Scientific M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Deal rationale and strategic fit
Acquisition enables entry into high-growth segments like mechanical thrombectomy, embolization, and neurovascular, expanding the cardiovascular portfolio and addressing vascular diseases.
Strong cultural alignment, shared focus on innovation, and high performance, with both companies combining from positions of strength.
Expands access for more physicians and patients by leveraging global supply chain, commercial footprint, and relationships.
Penumbra brings a profitable growth profile, experienced team, and best-in-class portfolio with significant growth potential.
Strengthens position in fast-growing vascular segments with differentiated devices for stroke, pulmonary embolism, and acute limb ischemia.
Financial terms and conditions
Total consideration is $15 billion, with $374 per share in cash and stock (73% cash, 27% stock); shareholders can elect cash or stock, subject to proration.
Funded by approximately $11 billion in cash and $4 billion in stock, with about 41 million shares issued, fixed at signing based on 10-day VWAP ending January 13, 2026.
Cash portion to be financed with cash on hand and new debt; nature of debt to be finalized before closing.
The deal is expected to close in 2026, subject to shareholder and regulatory approvals and customary closing conditions.
The transaction is expected to be $0.06-0.08 dilutive to adjusted EPS in the first year, neutral to slightly accretive in year two, and increasingly accretive after full realization of synergies in year three.
Synergies and expected cost savings
Over $200 million of operating income impact from revenue synergies and cost efficiencies expected in year three.
Revenue acceleration anticipated, especially outside the U.S., leveraging the acquirer's global footprint.
Cost efficiencies expected in G&A and operations, with Penumbra operating essentially standalone post-integration.
Combination expected to deliver meaningful revenue contribution and cost efficiencies, supporting long-range planning goals.
Anticipated to enhance revenue and margins over time by leveraging proven offerings and expanding access to novel technologies.
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