Alameda’s Penumbra, Inc. [1], a medical device company founded by Arani Bose and Adam Elsesser in 2004, has agreed to be acquired by Boston Scientific Corporation [2] in a cash and stock transaction that values Penumbra at $374 per share, reflecting an enterprise value of approximately $14.5 billion, according to a PR Newswire [3] announcement published on both companies’ websites on January 15.
[4]
Penumbra manufactures devices for interventional therapies to treat vascular conditions such as stroke and aneurysm.
“Penumbra is a well-established company with an experienced, high-performing team and this acquisition offers Boston Scientific an opportunity to enter new, fast-growing segments within the vascular space,” said Mike Mahoney, chairman and chief executive officer of Boston Scientific. “I’m thrilled to combine the talents and shared values of our teams—including welcoming Penumbra’s chairman and chief executive officer, Adam Elsesser, to our board of directors upon close. The addition of Penumbra can expand access for these novel technologies to more patients and customers around the world, further enhancing our revenue and margins over time with proven offerings that have a history of growth and innovation.”
Elsesser said Penumbra and Boston Scientific Corp. “share similar cultures within our company and feel strongly that combining these strengths will further accelerate growth,” according to a San Francisco Business Times [5] report.
“Our decades-long development of therapies for challenging medical conditions has focused on deep innovation for complex diseases so that we can offer physicians novel solutions to transform patient care,” Elsesser said. “I am grateful for the amazing people who have contributed to this work and look forward to uniting our efforts and shared values as we come together with Boston Scientific.”
Cardiovascular diseases are the leading cause of death globally and include disorders of the heart and blood vessels that can restrict blood flow and increase the risk of clots throughout the body. Penumbra has developed a comprehensive portfolio that includes differentiated devices to treat conditions such as pulmonary embolism, stroke, deep vein thrombosis, acute limb ischemia, heart attack, and aneurysms.
The company’s vascular portfolio also includes a minimally invasive peripheral embolization system, which is designed to stop blood flow to control hemorrhaging and bleeding or to close blood vessels.
Neurovascular offerings from Penumbra currently include differentiated solutions for access, stroke revascularization, and neuro embolization. The company is continuing to innovate in these areas and add meaningful clinical evidence to support expanded access for more patients worldwide.
Boston Scientific is a global medical technology leader that offers a broad range of high-performance solutions to address unmet patient needs and reduce the cost of healthcare. Its portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological, and urological diseases and conditions.