The deal, which is worth up to $2.15 billion, is expected to close in the first quarter of 2021 and is subject to regulatory approval.
Photo courtesy of Exact Sciences.
EXACT Sciences and Thrive Earlier Detection announced today that they have entered an agreement under which Exact Sciences will acquire Thrive. The deal, which is worth up to $2.15 billion, is expected to close in the first quarter of 2021 and is subject to regulatory approval.
Thrive has an early-stage cancer screening test, CancerSEEK, which has already shown promising results in detecting 10 different types of cancer, including seven that have no recommended screening guidelines. Exact Sciences intends to develop a more accurate test and accelerate the widespread adoption of this advancement.
“The acquisition of Thrive is a giant leap toward ensuring blood-based, multi-cancer screening becomes a reality and eventually, the standard of care. We couldn’t be more excited that Exact Sciences will be at the forefront of this incredible opportunity to serve patients,” said Kevin Conroy, Chairman and CEO of Exact Sciences. “We have long respected the Thrive team for their rigorous scientific approach, having participated in both funding rounds as an investor. We are proud to take our partnership to the next level by leveraging Exact Sciences’ established R&D team and highly accurate testing platform to augment development of CancerSEEK and accelerate its commercialization. By combining the expertise of both organizations, we believe we can bring this powerful technology to patients faster.”
Exact Sciences intends to support the development of Thrive’s CancerSEEK product and continue to promote its success. By teaming up with Thrive, Exact Sciences will now be in a position to compete in a $25 billion U.S. market.
“Thrive is driven by the knowledge that if cancer is caught early enough, it can be more effectively treated or even cured, and every patient deserves a chance for a better outcome,” said David Daly, CEO of Thrive. “Our team has made significant progress toward our mission and we are eager to collaborate with and benefit from Exact Sciences’ expertise, and believe that together we will enable broader, quicker adoption of our test. With the support of our ongoing partnership with Johns Hopkins University, we are energized to contribute meaningfully to our shared mission of advancing the fight against cancer and providing life-changing answers to patients in need.”
This is not the first time that Exact Sciences has teamed up with another leading diagnostics company. Back in 2019, the business announced that it had entered a definitive merger agreement with Genomic Health worth $2.8 billion. Together, the companies aimed to further their cancer diagnostics capabilities and continue growth.
“Uniting the best minds and molecular diagnostics capabilities will advance the fight against cancer. Combining industry pioneers Exact Sciences and Genomic Health is a pivotal step toward building the leading cancer diagnostics company in the world,” Conroy said at the time of the announcement. “Exact Sciences is continuing to grow sales and expand adoption of Cologuard at a rapid pace, and Genomic Health’s Oncotype DX is the global standard of care to inform treatment decisions for women with breast cancer. Together, with our collective resources and broader platform, we will be able to provide our existing tests to more people, while also accelerating the development and launch of future cancer diagnostic tests. We are excited to join together two teams who are united in their dedication to making a positive impact on patients’ lives.”
Cologuard and Oncotype DX, the companies’ leading brands, continue to help detect colorectal cancer in patients and guide them in their treatment.
