Abbott announced today a definitive agreement to acquire Exact Sciences, a leader in cancer screening and precision oncology diagnostics, for approximately $21 billion in a deal that will significantly expand Abbott's presence in the rapidly growing cancer diagnostics market. Under the terms of the agreement, Exact Sciences shareholders will receive $105 per common share, representing a total equity value of approximately $21 billion and an estimated enterprise value of $23 billion including the absorption of Exact Sciences' estimated $1.8 billion of net debt.
The acquisition positions Abbott to enter and lead in the fast-growing $60 billion U.S. cancer screening and precision oncology diagnostics segments, serving millions more people globally. Approximately 20 million people worldwide, including 2 million Americans, are diagnosed with cancer annually, with these numbers expected to rise due to population growth, aging, and other contributing factors.
Strategic Rationale and Market Impact
"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," said Robert B. Ford, chairman and chief executive officer of Abbott. "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."
Kevin Conroy, chairman and chief executive officer of Exact Sciences, emphasized the strategic value of the combination: "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."
Comprehensive Cancer Diagnostics Portfolio
Exact Sciences brings a comprehensive suite of cancer screening and diagnostic solutions that support patients and healthcare providers before, during, and after a cancer diagnosis. The company's product offerings span multiple stages of cancer care:
Screening Solutions
The portfolio includes the market-leading Cologuard and Cologuard Plus tests, which are leading non-invasive colorectal cancer screening options that have revolutionized screening practices. Cancerguard, a multi-cancer early detection blood test, can detect 50 cancer types, including the most aggressive forms such as pancreatic, ovarian, liver, esophageal, lung, and stomach cancers through a simple blood draw.
Additional screening tools include the Oncoguard Liver Test, which identifies the most common liver cancer in people with cirrhosis or chronic hepatitis B, and the Riskguard Test, a genetic assessment that helps evaluate hereditary cancer risk and informs treatment decisions both before and after diagnosis.
Post-Diagnosis Testing
For patients already diagnosed with cancer, Exact Sciences offers Oncotype DX, which provides critical insights into the likely benefit from chemotherapy or hormone therapy in breast cancer, enabling physicians to tailor treatment plans with confidence. The Oncodetect test identifies molecular residual disease (MRD) by detecting extremely small traces of cancer in blood that may remain after treatment or surgery, helping predict cancer recurrence and guide follow-up decisions.
The OncoExTra test analyzes DNA and RNA from a patient's tumor to guide therapy for advanced, metastatic, or recurrent solid tumors, delivering actionable insights including targetable mutations, immunotherapy markers, and clinical trial options.
Financial Terms and Timeline
Exact Sciences is projected to generate more than $3 billion in revenue this year, demonstrating a high teens organic sales growth rate. Once the transaction is completed, Exact Sciences will become a subsidiary of Abbott, and Abbott's total diagnostics sales will exceed $12 billion annually. The acquisition will be immediately accretive to Abbott's revenue growth and gross margin.
The closing is expected in the second quarter of 2026 and is subject to Exact Sciences' shareholder approval, as well as receipt of applicable regulatory approvals and other customary closing conditions. The transaction was unanimously approved by both companies' boards of directors.
Operational Continuity
Following the closing, Exact Sciences will maintain its presence in Madison, Wisconsin, preserving the company's established operations and workforce of approximately 7,000 team members. Kevin Conroy will remain with the company in an advisory role to support the transition into Abbott and accelerate its global impact in helping to eradicate cancer worldwide.
The combined entity will leverage Abbott's global commercial reach and culture of innovation to accelerate Exact Sciences' mission while advancing a leading pipeline of next-generation cancer diagnostics designed to detect cancer even earlier, optimize treatment decisions, and enable regular monitoring to help people stay healthy and better manage the disease.
