Soft start for $10B-plus M&A deals in 2026

A single M&A deal with a transaction value of more than $10 billion was announced in January, the lowest monthly large deal count since August 2024.

After a surge of $10 billion-plus deal announcements in 2025, January 2026 had just one: Marlborough, Massachusetts-based Boston Scientific Corp.'s planned acquisition of Alameda, California-based Penumbra Inc. The healthcare equipment merger, announced Jan. 15, had a transaction value of $14.56 billion at the time of its announcement.

The cash-and-stock deal values Penumbra at $374 per share and will offer $11 billion in cash and roughly $4 billion in Boston Scientific stock, a roughly 73% cash to 27% stock mix, according to a Boston Scientific investor presentation.

The $11 billion is to be financed through a combination of cash on hand and new debt, according to the presentation. The nature of the new debt will be finalized between the deal's signing and close.

The deal will allow Boston Scientific to enter new vascular segments, according to the merger announcement.

Penumbra offers mechanical thrombectomy products used in surgical procedures to remove blood clots from arteries and veins. The company also has a portfolio of medical devices to treat conditions including pulmonary embolism, stroke, deep vein thrombosis, heart attack and aneurysms.

Penumbra offers "a highly differentiated portfolio of novel technologies that operate in high-growth segments where Boston Scientific lacks offerings," Boston Scientific Chairman and CEO Michael Mahoney said Jan. 15 during an M&A deal call with analysts.

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Boston Scientific contributes supply chain experience and global commercial footprint to the combination, Mahoney said. The company plans to operate Penumbra as a stand-alone organization within Boston Scientific's cardiovascular group, the executive said.

Boston Scientific-Penumbra falls in the middle of the pack of healthcare M&A deals with transaction values of more than $10 billion announced in the past five years. By transaction value, the deal is the seventh-largest of the 15 healthcare deals in that size range announced since 2022, according to S&P Global Market Intelligence data.

Only two healthcare deals rank among the 20 largest M&A transactions of the last 12 months: Abbott Laboratories' acquisition of Exact Sciences Corp., announced in November 2025, with $22.54 billion in transaction value at the time of its announcement, and Blackstone Inc., Abu Dhabi Investment Authority, GIC Pte. Ltd. and TPG Global LLC's joint acquisition of Hologic Inc., announced in October 2025 with $18.38 billion in transaction value at announcement.