M&A · Healthcare · Services-Medical Laboratories
Abbott Laboratories to acquire Exact Sciences Corp
Announced Nov 20, 2025 · Closed Mar 23, 2026
Deal value$21.00BEV $22.54B
Premium—To unaffected price
EV / Adj. EBITDA—7.3x EV / Revenue
ConsiderationAll cash$105.00 per share
Transaction
- Acquirer
- Abbott Laboratories (ABT)
- Target
- Exact Sciences Corp (EXAS)
- Buyer type
- Strategic
- Offer price per share
- $105.00
- Enterprise value
- $22.54B
- Status
- Closed Mar 23, 2026
Deal protections
- Break fee (target pays)
- $629M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Centerview, XMS Capital
- Centerview fee
- $70.0M
Sector context · Healthcare
- Comparable deals
- 100 in the prior 24 months
- Premium
- Sector median 60.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.0% vs. 3.4% sector median
Timeline
- AnnouncedNov 20, 2025
- Proxy filedDec 29, 2025
- Definitive proxyJan 9, 2026
- Shareholder voteFeb 20, 2026
- ClosedMar 23, 2026
Valuation · fairness opinions
Discounted cash flow$78.70$136.35
Trading comparables$77.45$104.45
Precedent transactions$75.75$110.05
Analyst price targets$75.00$100.00
Premiums paid$90.60$101.05
Offer $105.00
Implied value per Exact Sciences Corp share by analysis, from Centerview · DCF discount rate 10.5%–12.5%.