Abbott acquires Exact Sciences in $21-bn deal

ABBOTT LABORATORIES AGREED to acquire cancer-screening company Exact Sciences Corp., in a deal with a total equity value of about $21 billion.

- MICHELLE F. DAVIS AND DINESH NAIR

In the biggest healthcare deal in two years, Abbott will pay $105 per common share in cash, the companies said Thursday in a statement. The price represents a 51% premium to Exact Sciences’ closing price on November 18, the last full trading day before Bloomberg reported that Abbott was nearing a deal.

Shares of Madison, Wisconsin-based Exact Sciences surged 18% when markets opened after closing 24% higher on Wednesday in what was the biggest one-day gain in over a year. Shares of medical device maker Abbott fell 1.7% at 10:03 a.m. in New York.