(Reuters) -Medical device maker Abbott Laboratories is nearing a potential takeover of cancer test maker Exact Sciences Corp, Bloomberg News reported on Wednesday, citing people familiar with the matter. The deal could be announced in the coming days and deliberations are ongoing, which could still be delayed or falter, the report added. Shares of Exact […]
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Abbott is weighing takeover of Exact Sciences, Bloomberg News reports
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(Reuters) -Medical device maker Abbott Laboratories is nearing a potential takeover of cancer test maker Exact Sciences Corp, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The deal could be announced in the coming days and deliberations are ongoing, which could still be delayed or falter, the report added.
Shares of Exact Sciences, which has a market value of more than $13 billion, rose nearly 25%, while Abbott’s shares fell 3% in afternoon trading.
Abbott is discussing the terms of a transaction, the report said.
The companies did not immediately respond to Reuters’ requests for comment.
Exact Sciences’ flagship diagnostic test, Cologuard, is a non-invasive test to screen for colorectal cancer, providing a convenient alternative compared to a colonoscopy.
Unlike a colonoscopy, which requires bowel preparation, sedation and a clinical visit, Exact’s test can be done at home by collecting a stool sample and mailing it to a lab.
Colorectal cancer is the second leading cause of cancer-related deaths worldwide, according to WHO data.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Alan Barona)