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(Sharecast News) - Abbott Laboratories said on Thursday that it has agreed to buy cancer diagnostics firm Exact Sciences for $23bn.
Under the terms of the deal, which is expected to close in the second quarter of next year, Exact Sciences shareholders will receive $105 per share.
Exact Sciences focuses on the early detection of cancer and supporting personalised treatments. Abbott said the company's comprehensive product offerings support patients and their healthcare providers before, during and after a cancer diagnosis.
"The company is a leader in cancer screening, precision oncology and genetic testing, helping to detect cancer earlier, guide treatment decisions and monitor for recurrence," it said.
Abbott chairman and chief executive Robert B. Ford said: "Exact Sciences' innovation, its strong brand and customer-focused execution are unrivalled in the cancer diagnostics space, and its presence and strengths are complementary to our own.
"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."
At 1535 GMT, Exact Sciences shares were up 17% at $101.39, while Abbott was down 2.5% at $123.01.
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