Boston Scientific Corp. agreed to buy medical device maker Penumbra Inc. in a deal valued at more than $14 billion to expand its portfolio of cardiovascular treatments.
Boston Scientific said it will pay $374 a share in cash and stock for Penumbra, which makes products to remove blood clots from veins and arteries. That’s about 19 percent above Penumbra’s closing price on Wednesday.
Penumbra stockholders will be able to choose to receive either $374 in cash or 3.8721 shares of Boston Scientific common stock, according to a statement Thursday. The deal, which has an equity value of about $14.6 billlion, is expected to be completed this year.
Shares of Penumbra jumped 14 percent in early New York trading, adding to a 24 percent gain over the prior 12 months. Boston Scientific shares slipped 3.9 percent premarket.
Sales at California-based Penumbra surged more than 17 percent last year. The company’s products address conditions ranging from strokes to pulmonary embolisms. Boston Scientific said the deal opens up opportunities to enter fast-growing categories in the industry.
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