Abbott Laboratories (NYSE:ABT) on Thursday announced a definitive agreement to acquire cancer diagnostics company Exact Sciences (NASDAQ:EXAS) in a deal valued at approximately $21 billion.
Exact Sciences, known for its noninvasive colorectal cancer screening test Cologuard and multi-cancer early detection test Cancerguard, reported projected revenue of more than $3 billion this year, with high-teens organic growth.
Its portfolio also covers cancer screening, precision oncology, genetic testing, and molecular residual disease monitoring.
Under the terms of the agreement, Exact Sciences shareholders will receive $105 per common share in cash. The deal implies an enterprise value of about $23 billion, including the assumption of roughly $1.8 billion in net debt.
The transaction is expected to close in the second quarter of 2026.
“Exact Sciences’ innovation, its strong brand and customer-focused execution are unrivaled in the cancer diagnostics space,” Abbott CEO Robert Ford said in a statement. “Together, we can take on the global challenge of cancer.”
Exact Sciences CEO Kevin Conroy said the deal will allow the company to reach more patients worldwide and accelerate earlier detection of cancer. Conroy will remain in an advisory role following the acquisition, which will see Exact Sciences become a subsidiary of Abbott and maintain its base in Madison, Wisconsin.
Abbott said the acquisition will expand its diagnostics business to more than $12 billion in annual sales and accelerate development of next-generation cancer diagnostics.
Shares of Exact Sciences rose 17.7% in Thursday morning trading, while Abbott shares fell about 1.9%.