Nov. 20, 2025 11:30a
(WPR)---Abbott Laboratories is buying Madison-based biotechnology company Exact Sciences in a $23 billion deal, the companies announced Thursday.
The companies have entered into a definitive agreement that will make Exact Sciences a subsidiary of the Lake County, Illinois-based pharmaceutical company. Under the agreement, Abbott will acquire all outstanding shares of Exact Sciences for about $105 per share.
The acquisition is expected to close in the second quarter of 2026, the companies said. The deal must be approved by Exact Sciences shareholders, as well as regulators. It’s already been unanimously approved by both companies’ boards of directors.
On a call with investors Thursday morning, Abbott CEO Robert Ford said Abbott is excited to bring Exact Sciences into the company’s fold.
“The team at Exact Sciences has built a remarkable legacy with a culture of bold thinking and a relentless pursuit of innovation,” Ford said. “Their ability to challenge standard conventions and deliver transformative solutions in cancer diagnostics has been extraordinary.”
Exact Sciences has more than 7,000 employees, about half of them based in Wisconsin, and is best known for its colorectal cancer screening test called Cologuard.
In a statement, Ford said Abbott has nearly 800 employees in Wisconsin. He said the Bader state has “long played an important role in Abbott’s success.”
Abbott has been looking to expand into the cancer screening and diagnostics space over the last year and believes Exact Sciences is “the perfect company to combine forces with,” Ford said on the investor call.
Bloomberg first reported the acquisition talks on Wednesday.
“This is the largest transaction in health care in the last two years,” Ford said on the investor call.
After the deal closes, Abbott says Exact Sciences will maintain its presence in Madison. Exact Sciences CEO Kevin Conroy will remain with the company in an advisory role to support the transition, the companies say.
In a statement, Conroy said the acquisition will help Exact Sciences reach more patients and advance early detection.
“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,” Conroy stated.
Earlier this year, Exact Sciences laid off 4 percent of its workforce. That includes 200 in Wisconsin, about 80 jobs at its Madison headquarters and about 120 remote positions elsewhere in the state.
The Madison company is expected to generate more than $3 billion in revenue this year, Ford said.
On the investor call, Abbott Chief Financial Officer Philip Boudreau said the acquisition would grow Abbott’s sales, diagnostic business and gross margins.