Exact Sciences acquired by Abbott Laboratories

Global healthcare company Abbott Laboratories completed the acquisition of molecular diagnostics provider Exact Sciences Corporation through an all-cash tender offer of $105 per share, representing an enterprise value of $20–50bn. The transaction was financed through a committed bridge debt facility provided by Morgan Stanley, subsequently refinanced via a $20 billion senior notes offering. Announced on November 20, 2025, and officially closed on March 23, 2026, this strategic buyout enables Abbott to capture immediate leadership within the fast-growing U.S. cancer screening and precision oncology diagnostic markets, offsetting post-pandemic declines in infectious disease testing. At the time of transaction closing, Exact Sciences generated $3.3bn in annual revenues with high-teens organic sales growth, an EBITDA of $400m, and a workforce of 7,000 employees. The transaction implied valuation multiples of Above 20x EV/EBITDA. Morgan Stanley served as exclusive financial advisor alongside Wachtell, Lipton, Rosen & Katz as legal advisor to Abbott, while Centerview Partners, XMS Capital Partners, and Skadden, Arps, Slate, Meagher & Flom advised Exact Sciences. Operating as a wholly owned subsidiary retaining its headquarters and laboratory infrastructure in Madison, Wisconsin, Exact Sciences' CEO Kevin Conroy transitioned into an advisory role to assist integration. The business combination expands Abbott's global diagnostics division to over $12 billion in annual revenue and targets $100 million in pre-tax synergies by 2028, unlocking commercial opportunities across Abbott's worldwide commercial network spanning over 160 countries.