Abbott to acquire Exact Sciences for $105/share, total equity value ~$21B

ABBOTT LABORATORIES

Abbot buys Exact Sciences for $105 per share in cash; equity value ~$21B, enterprise value ~$23B.
Exact Sciences 2025 revenue >$3B with high-teens organic growth; adds cancer diagnostics vertical.
Close expected Q2 2026, subject to Exact Sciences shareholder vote and regulatory approvals (incl. HSR).
Immediately accretive to Abbott's revenue growth (+50bps Abbott, +300bps Diagnostics) and gross margin (+100bps).
Financing via cash and up to $20B bridge loan from Morgan Stanley; initial 2026 debt/EBITDA ~2.7x.

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