Exact Sciences in advanced talks to buy Genomic Health for $2.8 billion
largest shareholder-Baker Bros. has been selling-Caps plus a total amount of share value shed as of 3/31/19 in Cap#5
Cancer diagnostic deal may be announced as early as next week. Takeover could value Genomic Health at about $2.8 billion.
Exact Sciences Corp. is in advanced talks to acquire Genomic Health Inc. for about $2.8 billion to bolster its cancer testing capabilities, people familiar with the matter said.
An agreement could be announced as early as next week, said the people, who asked not to be identified because negotiations are private. Discussions could still be delayed or fall apart, the people said.
Genomic’s shares surged more than 20% in the past week, giving it a market value of about $2.55 billion, and it has more than $200 million in cash on hand. Exact Sciences is worth $15.2 billion after a 90% surge in the past 12 months.
A representative for Exact Sciences declined to comment while Genomic Health didn’t immediately respond to requests for comment.
Exact Sciences, based in Madison, Wisconsin, focuses on the early detection of cancer, developing DNA-based tests to help diagnose colorectal cancer.
Genomic Health, founded in 2000 and based in Redwood City, California, is focused on commercializing clinical diagnostic tests for cancer. Those tests have been used more than 1 million times, according to the company’s website.
The company’s largest shareholder is Baker Bros. Advisors LP, which holds a 26% stake in the company, according to Bloomberg data.
https://www.bloomberg.com/news/articles/2019-07-27/exact-sciences-is-said-to-be-in-talks-to-buy-genomic-health
https://www.nasdaq.com/symbol/ghdx/institutional-holdings
Exact Sciences Corp
is a molecular diagnostics company with an initial focus on the early detection and prevention of colorectal cancer. Exact Sciences Corp. launched Cologuard in 2014, the first stool DNA test for colorectal cancer. The company was founded in 1995 in Marlborough, Massachusetts and today is headquartered in Madison, Wisconsin.
Major Milestones
In 2001, the company had its initial public offering on NASDAQ.
In 2009, Kevin Conroy joined Exact Sciences as CEO & president.
in 2009, Exact Sciences and the Mayo Clinic established a mutual collaboration.
In 2017, the company was awarded a Wisconsin Manufacturer of the Year Special Award for Exceptional Growth & Service.
In 2018, Exact Sciences completed a $690 million convertible bond offering.
https://en.wikipedia.org/wiki/Exact_Sciences_(company)
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