Jan. 17 at 7:44 PM
$BSX ACQUIRING
$PEN
This morning, Boston Scientific announced a definitive agreement to acquire Penumbra (PEN, not covered), in a cash (73%) and stock (27%)
transaction, for a total enterprise value of
$14.5B. This total PEN acquisition price reflects a ~10x EV/R takeout multiple for scaled asset that
delivered ~
$1.4B in 2025 revenues. As evidenced by their 4Q25 numbers, Penumbra performance is clearly accelerating with ~22% revenue
growth in the quarter and ~17% for the full 2025 year. By our rough math, once PEN turns organic, i.e. one-year post deal close, Penumbra
adds about ~90bps to Boston's annual revenue growth rate.