Abbott to acquire Exact Sciences in $21 billion deal, aiming to lead in fast-growing cancer diagnostics market

Abbott announced it will acquire Exact Sciences in a $21 billion deal that executives from both companies say will accelerate innovation in cancer diagnostics and expand access to early detection tools at a time when global cancer rates continue to climb.

Under the terms of the definitive agreement, Exact Sciences shareholders will receive $105 per share in cash, valuing the transaction at about $21 billion in equity and approximately $23 billion in enterprise value, including the absorption of roughly $1.8 billion in net debt. The boards of both companies unanimously approved the deal, which is expected to close in the second quarter of 2026 pending shareholder and regulatory approval.

Abbott Chairman and CEO Robert B. Ford said the acquisition places the company at the forefront of one of health care’s most critical and rapidly expanding fields.

“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,” Ford said. “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.”

Exact Sciences has built a wide-ranging diagnostics portfolio anchored in early detection, personalized treatment guidance and recurrence monitoring. Its products include Cologuard, a leading noninvasive screening test for colorectal cancer; Oncotype DX, which helps breast cancer patients and clinicians make tailored treatment decisions; Oncodetect, designed to identify molecular residual disease and assess recurrence risk; and Cancerguard, a multicancer early detection blood test.

Company leaders said integrating those offerings into Abbott’s global diagnostics infrastructure will expand access to tools that help detect and manage cancer at its earliest and most treatable stages.

“Together with Abbott, we can reach more patients, advance earlier detection, and deliver answers that change lives,” said Kevin Conroy, chairman and CEO of Exact Sciences. “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.”

The companies emphasized the growing need for scalable cancer diagnostics as incidence continues to rise worldwide. About 20 million people are diagnosed with cancer each year, including roughly 2 million Americans, and the number is expected to increase due to population aging, growth and other factors.

Exact Sciences is expected to generate more than $3 billion in revenue this year, with organic growth in the high-teens, according to the companies. Once folded into Abbott, Exact Sciences will operate as a subsidiary, contributing to more than $12 billion in annual diagnostics revenue for Abbott.

Following the close of the transaction, Exact Sciences will maintain its headquarters and operational presence in Madison, Wisc. Conroy will stay on in an advisory role to support integration efforts and help scale the combined organization’s cancer-focused initiatives globally.

Abbott said it expects the acquisition to position the company as a leader across several fast-growing oncology testing segments by uniting Exact Sciences’ cancer-focused platforms with Abbott’s longstanding strengths in diagnostics, commercial reach and operational scale.

The deal marks one of the largest life sciences transactions in recent years and underscores the escalating competition among major diagnostics makers to dominate the cancer testing market, particularly in multicancer early detection and precision oncology — areas many experts view as essential to bending the global cancer mortality curve.

If approved, the acquisition will give Abbott significant footholds in molecular diagnostics, genetics and advanced tumor profiling, expanding its role beyond traditional lab testing. Executives from both companies said the combined capabilities will allow them to develop next-generation cancer detection tools faster and deliver them to more patients worldwide.