Deals
Exact Sciences to Buy Genomic Health for About $2.8 Billion
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Exact Sciences Corp. agreed to buy Genomic Health Inc. in a $2.8 billion cash and stock deal to expand its offering of cancer tests beyond the colon cancer test Cologuard.
Genomic Health holders would get $27.50 in cash and $44.50 in shares of Exact Sciences for each share they own under the deal announced Monday, subject to a 10% collar centered on Exact Sciences’ volume-weighted average price for the 45 trading days ended July 26. The deal is a 4.9% premium to Friday’s close -- before Bloomberg reported a deal was in the works -- and comes on top of the 23% surge last week after the company was added to Standard & Poor’s SmallCap 600 Index.