Boston Scientific has begun a deal to acquire Penumbra in a transaction that values Penumbra at $374 per share, reflecting an enterprise value of about $14.5 billion.

Penumbra provides mechanical thrombectomy products that are used in peripheral vascular procedures to remove blood clots causing blockages in arterial, venous, and pulmonary vessels. This includes the company’s Lightning Bolt and Lightning Flash computer-assisted vacuum thrombectomy (CAVT) systems.

The company’s vascular portfolio also features a minimally invasive peripheral embolization system, which is designed to halt blood flow to control hemorrhaging an bleeding or to close blood vessels.

Penumbra’s neurovascular offerings include differentiated solutions for access, stroke revascularization, and neuro embolization. The company continues to innovate in these areas and add clinical evidence to support more access for patients.

“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 CEO, 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.”

Penumbra is expected to generate fourth quarter reported revenue growth in the range of about 21.4%-22% and full year revenue of about $1.4 billion. This represents growth of approximately 17.3%-17.5% over the prior fiscal year.

The transaction is expected to be $0.06-0.08 dilutive to adjusted earnings per share for Boston Scientific in the first full year after the transaction, neutral to slightly accretive in the second year, and more accretive thereafter.

“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,” said Penumbra charman and CEO Adam Elsesser. “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.”

Earlier this week, Boston Scientific announced it began a deal to acquire Valencia Technologies, a company that develops and sells solution to treat bladder dysfunction. Valencia’s eCoin system is an implantable tibial nerve stimulation (ITNS) device to treat urinary urge incontinence (UUI), a common symptom of overactive bladder (OAB).