Exact Sciences buys firm in Marshfield for $190 million
Exact Sciences Corp., a Madisonbased provider of cancer screening and diagnostic tests, has acquired PreventionGenetics, in Marshfield, for $190 million.
Exact Sciences is the maker of Cologuard, a noninvasive test that looks for genetic markers of colon cancer. PreventionGenetics is a DNA testing laboratory that offers more than 5,000 types of genetic tests including cancer risk screening.
Under the deal, PreventionGenetics received half of the amount in cash and the balance in Exact Sciences stock, the companies said in a news release.
“PreventionGenetics provides the clinical lab, expertise, and foundational technology necessary to accelerate the availability of hereditary cancer testing and help more patients know their ... risk of cancer and other diseases,” Exact Sciences said.
Founded in 2004, PreventionGenetics has 25 geneticists on staff. The company’s tests cover a wide range of health, including pediatric and adultonset rare diseases.
Nearly 300,000 health care providers use Cologuard and Oncotype DX tests from Exact Sciences, according to the company, that says it plans to leverage its commercial reach in diagnostics to expand hereditary cancer and genetic testing globally.
“We share in PreventionGenetics’ belief that genetics can transform medicine, improve lives, and help eradicate cancer,” Exact Sciences CEO Kevin Conroy said in a statement.
For the recent fiscal quarter ended Dec. 31, Exact Sciences said it expects to report revenue between $472 million and $475 million.