Exact Sciences Buying Genomic Health in $2.8B Cancer Diagnostics Deal
With ambitious sales goals and its stock trading at an all-time high this year, cancer diagnostics firm Exact Sciences decided to go shopping. The result is a deal announced Monday to acquire Genomic Health for $2.8 billion in cash and stock, a combination that Exact CEO Kevin Conroy argues will create a global leader in the sector.
It’s the biggest acquisition to date for Madison, WI-based Exact, which has undergone a 10-year turnaround led by Conroy. The company was on the brink of death in 2009, but is now valued at more than $15 billion as sales of its flagship product—a stool-based colorectal cancer diagnostic dubbed Cologuard—have surged. Exact delivered $454.5 million in revenue last year, and in its latest quarter it saw sales of $200 million, a 94 percent jump from the same period in 2018. It screened approximately 415,000 patients with Cologuard in the latest quarter, a 93 percent year-over-year increase.