US drug and medical device maker Abbott Laboratories has reached an agreement to buy Exact Sciences for $23bn including debt.
According to the press release, Abbott will pay $105 per Exact Sciences share, which is 21.8% more than the company’s stock price at the close of trading on Wednesday. The deal is expected to close in the second quarter of 2026.
Exact Sciences’ revenue is expected to exceed $3bn this year.
Founded in 1995, the company specialises in the development of early cancer detection methods. In particular, it owns the brands Cologuard (tests for colorectal cancer), Oncotype DX (creating personalised recommendations for breast cancer treatment) and Cancerguard (blood tests to detect different types of cancer).
Abbott shares are down 0.3 per cent in early trading on Thursday, while the price of Exact Sciences securities jumped 17.5 per cent.