Madison-based Exact Sciences Corp. on Tuesday announced that it has completed its acquisition of cancer-screening firm Thrive Earlier Detection Corp. that was one of two deals announced Oct. 27.
The acquisition of Thrive for up to $2.17 billion and Base Genomics for $410 million advances Exact Sciences’ efforts to be a leader in blood-based cancer screening. The Base Genomics deal closed when it was announced.
The deals boosted the company’s stock 23% to $131.12 on the day they were announced. The stock opened at $129.90 Tuesday.
Exact Sciences is best known for its flagship at-home colon cancer screening test Cologuard.
"Bringing Thrive into the Exact Sciences family marks a giant leap toward blood-based, multi-cancer screening becoming a reality and eventually the standard of care," Kevin Conroy, chairman and CEO of Exact Sciences, said in a statement. "Today is an important one in Exact's history as we continue to lead cancer diagnostics and transform the future for millions of patients through earlier detection and treatment guidance. On behalf of everyone at Exact Sciences, I'd like to welcome the talented Thrive team and express my excitement for the future of our company."
Cambridge, Massachusetts-based Thrive’s early-stage cancer screening test, CancerSEEK, has achieved “promising results detecting 10 different types of cancer, including seven with no recommended screening guidelines, with very few false positives,” Exact Sciences said in announcing the deal.
[Clarification: The timing of the closing of the Base Genomics deal was not specified in an earlier version of this story.]