U.S. Markets open in 3 hrs 17 mins

Exact Sciences Will Acquire Genomic Health In $2.8B Deal

Tanzeel Akhtar

Exact Sciences Corp. (NASDAQ: EXAS) will acquire Genomic Health, Inc. (NASDAQ: GHDX) for $72 per share in a cash and stock transaction valued at $2.8 billion.

The transaction has been unanimously approved by the board of directors of both companies and is expected to be completed by the end of 2019.

See Also: Mylan, Pfizer's Upjohn To Merge And Create New Company

Upon closing of the deal, Exact Sciences shareholders are expected to own approximately 91% of the combined company, and Genomic Health stockholders are expected to own approximately 9%. Genomic Health stockholders will receive $27.50 in cash and $44.50 in shares of Exact Sciences stock.

Exact Sciences shares are trading down 4.6% at $112.45 in Monday’s pre-market session. The stock has a 52-week high of $121.98 and a 52-week low of $47.78.

Genomic Health shares are trading higher by 1.9% at $70 per share.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.