Abbott to acquire Exact Sciences/Prevention Genetics

MARSHFIELD – Abbott, Abbott Park, Ill., announced March 20 that it expects to close the acquisition of Exact Sciences — which includes Marshfield’s Prevention Genetics — on  March 23.

“The transaction enables Abbott to enter and lead in fast-growing cancer screening and diagnostics segments, serving millions of additional people. Together with Exact Sciences, Abbott will accelerate innovation, expand access to life-changing diagnostics, and help more people detect and manage cancer at its earliest, most treatable stages,” an Abbott release stated.

"Proactively shaping the portfolio to anticipate future medical needs while building long-term shareholder value remains at the core of our strategic framework," said Robert B. Ford, chairman and chief executive officer, Abbott. "The addition of Exact Sciences enhances Abbott's growth profile and strengthens our leadership in diagnostics. This transaction brings a powerful new platform in cancer screening and diagnostics into Abbott, advancing our mission to make care more accessible and give people more control over their health."

Exact Sciences is a leader in cancer screening, precision oncology and genetic testing, helping to detect cancer earlier, guide treatment decisions and monitor for recurrence.

“This acquisition strengthens Abbott's leadership position and capabilities in diagnostics, positioning the company to advance technologies that are more preventative, predictive and personalized. It expands Abbott's presence in one of the fastest-growing areas of healthcare as cancer incidence continues to rise worldwide. It also adds a new growth vertical to Abbott's already high-single-digit growth expectations, establishing leadership in the fast-growing $60 billion U.S. cancer screening and precision oncology diagnostics segments,” the release added.

Exact Sciences' product offerings include the Cologuard test, a market-leading noninvasive colorectal cancer screening option; Oncotype DX, which informs personalized treatment decisions for patients with early-stage breast cancer; Oncodetect, a tumor informed molecular residual disease (MRD) test to help identify cancer recurrence and guide follow-up care; and Cancerguard, a multi-cancer early detection blood test.

Exact Sciences is also 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 disease.

“Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 115,000 colleagues serve people in more than 160 countries,” the release stated.

Prevention Genetics was founded in 2004 by Dr. James Weber, Human Genome Project contributor, as a Sanger Sequencing Laboratory.

The company was acquired by Exact Science Diagnostics in 2021.