Abbott has agreed to acquire Exact Sciences in a deal valued at approximately $21 billion, marking one of the most significant diagnostics acquisitions in recent years and creating a major new force in cancer screening and precision oncology. The agreement positions Abbott to expand its diagnostics portfolio into one of the fastest-growing healthcare segments while also accelerating the global reach of Exact Sciences’ market-leading cancer tests.
Under the terms of the deal, Exact Sciences shareholders will receive $105 per share in cash. The acquisition adds a significant new growth vector to Abbott’s diagnostics business and provides immediate revenue and gross margin accretion. Exact Sciences is projected to generate more than $3 billion in revenue this year with a high-teens organic sales growth rate. Once integrated, Abbott’s total diagnostics revenue is expected to surpass $12 billion annually.
The two companies stated that the combined platform will enable faster innovation, wider access to cancer screening tools, and improved support for patients throughout the cancer care continuum. Exact Sciences is known for pioneering early detection and precision oncology diagnostics, including Cologuard, Oncotype DX, liquid biopsy solutions for multi-cancer early detection, and molecular residual disease testing.
The acquisition comes as global cancer incidence continues to rise. Approximately 20 million people worldwide, including 2 million in the United States, are diagnosed with cancer every year. Population growth, aging and other factors are expected to increase these numbers significantly over time. Abbott and Exact Sciences aim to expand earlier detection and more personalized treatment approaches for these growing patient populations.
Exact Sciences’ products include a broad suite of screening and diagnostic tools that support clinical decision-making before, during and after a cancer diagnosis. These include Cologuard for colorectal cancer detection, Oncotype DX for treatment planning in breast cancer, Oncodetect for molecular residual disease evaluation, Cancerguard for multi-cancer early detection and additional screening and monitoring solutions across high-risk and post-treatment settings.
The transaction is expected to close in the second quarter of 2026 following shareholder approval, regulatory clearance and customary closing conditions. Both companies’ boards of directors have unanimously approved the agreement. Abbott will also assume approximately $1.8 billion in net debt as part of the financing plan.
Following closing, Exact Sciences will operate as a subsidiary within Abbott. The company will maintain its presence in Madison, Wisconsin, and Exact Sciences chairman and chief executive officer Kevin Conroy will serve in an advisory role to support integration efforts and global expansion.
Abbott will hold a conference call today to discuss the transaction with investors. A webcast will be available on the company’s investor relations website.
Exact Sciences continues to advance a pipeline of next-generation diagnostics including earlier screening technologies, expanded liquid biopsy capabilities and enhanced tools for treatment selection and disease monitoring. The companies expect that combining Abbott’s global infrastructure with Exact Sciences’ innovation engine will accelerate the availability of these technologies to patients worldwide.
Exact Sciences’ products span multiple areas:
- Screening tools such as Cologuard and Cologuard Plus for colorectal cancer, Cancerguard for blood-based multi-cancer detection, the Oncoguard Liver Test for liver cancer and the Riskguard hereditary cancer test.
- Diagnostics used after a cancer diagnosis including Oncotype DX for chemotherapy and hormone therapy decision support in breast cancer, Oncodetect for identifying residual disease and recurrence risk and OncoExTra for genomic and transcriptomic profiling of advanced tumors.
Advisors to the transaction include Morgan Stanley as exclusive financial advisor to Abbott and provider of committed debt financing, with Wachtell, Lipton, Rosen and Katz serving as legal counsel. Centerview Partners and XMS Capital Partners are acting as financial advisors to Exact Sciences, while Skadden, Arps, Slate, Meagher and Flom is providing legal counsel.
KEY QUOTES:
“Exact Sciences’ innovation, its strong brand and customer-focused execution are unrivaled in the cancer diagnostics space, and its presence and strengths are complementary to our own. Abbott has repeatedly taken on the world’s most challenging health issues and made a meaningful impact on the lives of people in areas such as diabetes, cardiovascular disease and infectious diseases. We’re excited to bring Exact Sciences’ people and know-how into Abbott so that together, we can take on the global challenge of cancer.”
Robert B. Ford, Chairman And Chief Executive Officer, Abbott
“Together with Abbott, we can reach more patients, advance earlier detection, and deliver answers that change lives. Abbott’s culture of innovation and global commercial reach will help accelerate our mission of eradicating cancer and expanding access to our tests worldwide, while delivering immediate and substantial value to our shareholders. I want to thank the 7,000 Exact Sciences’ team members for their extraordinary work and dedication — our journey has just begun.”
Kevin Conroy, Chairman And Chief Executive Officer, Exact Sciences
