December 09, 2025 | Health Care | North America | Active
On 20-Nov-25, US healthcare group Abbott entered into a definitive agreement to acquire Exact Sciences (“Exact”), a rapid cancer testing solutions provider, for $21bn, or $105 per share. The offer consideration implies a 21.8% one-day takeover premium and a 50.7% premium to the target’s undisturbed price on 18-Nov-25. Both boards have unanimously approved the deal. Post-completion, Exact will continue to operate in Wisconsin, and Kevin Conroy, its Chairman and CEO, will remain with the company in an advisory role to support the transition. Abbott plans to fund the acquisition with cash and new debt while maintaining its investment-grade credit rating. Abbott expects its initial 2026 gross debt-to-EBITDA ratio to be 2.7x at closing. The deal requires Exact shareholder approval (50%); an Abbott vote is not required. The deal is also subject to regulatory approvals, including HSR and foreign investment clearances, and the companies have agreed to use standard “reasonable best efforts” covenants to take all actions necessary to close the deal. A burdensome clause restricts the companies from offering remedies under certain circumstances, including refraining from divesting any Abbott business, other than its molecular diagnostics business; any divestiture of Abbott’s molecular diagnostics business must not represent ...
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