Abbott to Buy Exact Sciences for $21B

Acquirer: Abbott Laboratories (NYSE: ABT)

• Discovers, develops, manufactures, and sells health care products worldwide
• Operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices
• Founded in 1888 and based in Chicago, IL

Acquirer Financial Statistics

• Mkt Cap: $224.1 billion
• EV: $229.4 billion
• LTM Revenue: $43.8 billion
• LTM EBITDA: $11.8 billion
• LTM EV / Revenue: 5.2x
• LTM EV / EBITDA: 19.4x

Acquirer Advisor(s)

Morgan Stanley

Target Company: Exact Sciences Corp. (NASDAQ: EXAS)

• Provides cancer screening and diagnostic test products in the United States and internationally
• Incorporated in 1995 and headquartered in Madison, WI

Target Financial Statistics

• Mkt Cap: $19.2 billion
• EV: $20.7 billion
• LTM Revenue: $3.1 billion
• LTM EBITDA: $108 million
• LTM EV / Revenue: 6.7x
• LTM EV / EBITDA: NM

Target Advisor(s)

Centerview Partners and XMS Capital Partners

Price/Consideration

$21 billion/Cash

Deal Details

Announcement Date

November 20, 2025

Rationale

• Exact Sciences’ product portfolio includes the Cologuard noninvasive colorectal cancer screening test, Oncotype DX for breast cancer treatment decisions, Oncodetect for molecular residual disease detection, and Cancerguard, a multi-cancer early detection blood test
• The acquisition will enable Abbott to enter and lead fast-growing cancer diagnostics segments, accelerating innovation and expanding access to early cancer detection and management. Approximately 20 million people worldwide, including 2 million Americans, are diagnosed with cancer annually, with numbers expected to rise due to demographic factors
• Exact Sciences is projected to generate over $3 billion in revenue in 2025 with high teens organic sales growth. Post-acquisition, Abbott’s total diagnostics sales will exceed $12 billion annually
• "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 CEO of Abbott

Deal Points

• Abbott will acquire all outstanding shares of Exact Sciences for $105 per share in cash, for a total equity value around $21 billion and an enterprise value of $23 billion, including $1.8 billion of net debt
• While Exact Sciences is not currently profitable, analysts say its losses are decreasing; Exact Sciences’ recent strong revenue growth, along with factors for future profitability such as new products and broader insurance coverage, make it an attractive target