US Stock Market Move | Boston Scientific Corporation (BSX.US) acquires medical device manufacturer Penumbra (PEN.US) at a premium, causing its stock price to rise over 12% in pre-market trading.

On Thursday, Boston Scientific Corporation (BSX.US) agreed to acquire medical device manufacturer Penumbra (PEN.US) for a valuation of over $14 billion. Penumbra's stock price surged over 12% in pre-market trading to $352.6. Boston Scientific Corporation will acquire Penumbra in a cash and stock deal, with a price of $374 per share, representing a premium of approximately 19% over Penumbra's closing price on Wednesday. Penumbra shareholders can choose to receive $374 in cash per share, or exchange for 3.8721 shares of Boston Scientific Corporation common stock. The equity value of the transaction is estimated to be around $14.6 billion and is expected to be completed within this year.