Cancer diagnostics company Exact Sciences (EXAS - Get Report) is in advanced talks to acquire healthcare company Genomic Health (GHDX - Get Report) for about $2.8 billion to strengthen its cancer-testing offerings, according to Bloomberg.
Citing people familiar with the negotiations, Bloomberg reported on Saturday that Exact Sciences is in advanced talks to acquire Genomic Health, and that a deal could be announced as early as this week.
Exact Sciences focuses predominantly on colorectal cancer detection, while Genomic Health provides a broader array of cancer-focused molecular testing services via its Oncotype DX test for breast cancer, ductal carcinoma in situ, colon cancer and prostate cancer.
Shares of Exact Sciences ended the day Friday at $117.92 on the Nasdaq Stock Market, while shares of Genomic Health finished at $68.66.
Save 76% with our Summer Break Sale. Subscribe to our premium site Real Money and become a smarter investor! Click here today to sign up!