Quick Summary
- On March 23, 2026, Abbott finalized its $21 billion purchase of Exact Sciences
- Stockholders of EXAS were paid $105.00 cash per share
- Abbott (ABT) now fully owns Exact Sciences as a subsidiary
- Nasdaq delisting of EXAS occurred after March 20, the final trading session
- The entire board of directors and executive team of Exact Sciences stepped down upon deal completion
Investors in Exact Sciences (EXAS) enjoyed impressive returns. The company’s shares surged approximately 130% in the twelve months leading up to Abbott’s acquisition offer — a winning streak that has now reached its conclusion.
Exact Sciences Corporation, EXAS
On March 23, 2026, Abbott Laboratories wrapped up its purchase of Exact Sciences. The transaction was executed via a merger with Badger Merger Sub I, Inc., an Abbott subsidiary created solely for this purpose.
Each share of Exact Sciences common stock in circulation was exchanged for $105.00 in cash. Shares held by dissenting stockholders and certain other excluded categories were exempted from this conversion.
The aggregate transaction value reached roughly $21 billion, with Abbott utilizing both existing cash reserves and new debt to finance the purchase. This amount may increase marginally based on the conversion terms of Exact Sciences’ outstanding convertible debt instruments.
Prior to the deal’s closure, Exact Sciences maintained a market capitalization hovering near $20 billion. The diagnostics firm had recorded a net loss of $1.10 per share over the trailing twelve-month period against revenues totaling $3.25 billion. Wall Street forecasts had anticipated earnings of $1.27 per share for the upcoming fiscal year.
Stock Removal and Trading Suspension
Nasdaq suspended trading of EXAS shares prior to Monday morning’s opening bell on March 23. The last opportunity for investors to trade Exact Sciences stock on the open market was March 20, 2026.
Exact Sciences has officially informed Nasdaq of the completed merger and submitted a formal application to delist its common shares. Additionally, the company intends to deregister with the SEC and terminate its public reporting requirements.
Treatment of Equity Compensation and Debt Instruments
Convertible notes previously issued by Exact Sciences will now convert exclusively into cash payments. The conversion calculation uses the existing conversion ratios applied to the $105.00 per share merger consideration.
All forms of equity-based compensation under Exact Sciences’ benefit plans — including stock options, restricted stock units, deferred stock units, and performance-based share awards — were addressed through the merger agreement. These awards were either converted into cash payment rights or transferred to Abbott with modified terms.
Upon the deal’s completion, every director on the Exact Sciences board and all corporate officers submitted their resignations effective immediately.
The company’s governing documents, including its certificate of incorporation and corporate bylaws, underwent comprehensive amendments and restatements as part of the transaction.
Shareholders had previously voted to approve the merger, with 67.56% of votes cast supporting the transaction agreement.
All necessary regulatory clearances had been obtained in advance of the March 23 closing deadline.
Abbott emphasized that this acquisition establishes the company as a dominant force in oncology screening and diagnostic testing, significantly broadening its patient base to serve millions more individuals.
Recent federal legislation has also created a Medicare reimbursement framework for multi-cancer early detection technologies — a regulatory breakthrough that Exact Sciences had previously identified as critical for advancing cancer screening capabilities before the transaction was finalized.
