Abbott Laboratories Acquires Exact Sciences In $23 Billion Deal

LAKE COUNTY, IL — Lake County-based Abbott Laboratories has acquired Exact Sciences in a $23 billion buyout, according to Abbott officials.

Madison-based Exact Sciences focuses on the early detection of cancer and supports personalized treatments, with various offerings that support patients and their healthcare providers before, during and after a cancer diagnosis, according to an Abbott news release.

The company is a leader in cancer screening, precision oncology and genetic testing.

"Together with Abbott, we can reach more patients, advance earlier detection, and deliver answers that change lives," said Kevin Conroy, chairman and chief executive officer of Exact Sciences. "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. I want to thank the 7,000 Exact Sciences' team members for their extraordinary work and dedication — our journey has just begun."

Abbott and Exact Sciences will work together to "accelerate innovation, expand access to life-changing diagnostics, and help more people detect and manage cancer at its earliest, most treatable stages," according to the Abbott news release.

Exact Sciences will maintain its presence in Madison, Wis., and Kevin Conroy, the CEO for Exact Sciences, will remain with the company in an advisory role to support the transition into Abbott.