Penumbra $100 million accelerated share repurchase

Davis Polk advised Penumbra, Inc. in connection with an accelerated share repurchase transaction pursuant to which Penumbra is repurchasing an aggregate of $100 million of its common stock. Under the terms of the transaction, Penumbra will receive an initial delivery of approximately 474,000 shares of its common stock. The total number of shares to be repurchased under the transaction will be based on the average of the daily volume-weighted average share prices of Penumbra’s common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms of the transaction. The final settlement of the transaction is expected to be completed in the third quarter of 2024.

Penumbra, a leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia.

The Davis Polk equity derivatives team included partner Caitlin L. Wood, counsel Hanbing Zhang and associate Amy Cheng. The capital markets team included partner Alan F. Denenberg and counsel Jason Bassetti. The tax team included partner Mario J. Verdolini and associates Tyler Scheiner and Kelsey Nelson. Members of the Davis Polk team are based in the New York and Northern California offices.