Madison-based Exact Sciences has agreed to be acquired by Abbot Laboratory for roughly $23 billion in a deal announced Nov. 20.
In 2020, Exact Sciences completed a new building for its headquarters in Madison and the company was active in testing for COVID-19 during the pandemic.
Also that same year, Exact Sciences acquired Thrive Earlier Detection Corp. and Base Genomics in a multi-billion deal.
In 2022, Exact Sciences has acquired PreventionGenetics, in Marshfield, for $190 million.
The company has had its struggles recently.
Exact Sciences cut 5% of its workforce, or roughly 350 jobs, in 2022 after a third quarter decline of $148 million loss that year.
In the first three quarters of this year, the company has lost a combined $122 million according to filings with the U.S. Securities and Exchange Commission.
Here’s what to know about Exact Sciences:
When was Exact Sciences founded?
Exact Sciences was founded in 1995 in the Boston area by engineer Stan Lapidus, who wanted to find better ways of screening for colorectal cancer.
After raising more than $47 million, the company went public in 2001 and moved to Madison in 2009.
Who leads Exact Sciences?
Kevin Conroy has served as Exact Sciences CEO since 2009. Conroy moved the company’s headquarters to Madison that year to draw from the city’s research talent.
Before joining Exact Sciences, Conroy was CEO of Third Wave Technologies, Inc., a Madison-based diagnostics company that developed a cervical cancer screening test. Third Wave Technologies was sold to Hologenic in 2008 for $580 million.
According to Exact Sciences 2025 proxy statement, Conroy was paid $8.7 million in CEO compensation in 2024.
How many employees does Exact Sciences have?
The company lists on its LinkedIn page it has 6,169 employees.
What is Exact Sciences’ key product?
Exact Sciences sells screening tests for certain colorectal, breast and liver cancers.
The goal of these screenings is to detect cancer in its early stages, when it’s more treatable, according to the company.
What is Cologuard and what makes the product unusual?
Cologuard is a noninvasive colorectal cancer screening test that analyzes DNA found in patients’ stool samples.
The test is recommended for patients age 45 and older at average risk for colorectal cancer, according to the company. It can be conducted at home with no prep or changes to a patient’s medication or diet.
This article originally appeared on Milwaukee Journal Sentinel: What to know about Exact Sciences. The Madison company was sold to Abbot for $23 billion.
Reporting by Francesca Pica and Ricardo Torres, Milwaukee Journal Sentinel / Milwaukee Journal Sentinel
USA TODAY Network via Reuters Connect
