The transaction was unanimously approved by the boards for both companies and is expected to close in the first quarter of 2021.
Exact acquired Thrive for its CancerSEEK blood-based cancer panel. In a recent interventional study, the test detected 10 different types of cancer, including seven with no screening guidelines.
Exact plans to further develop the test and advance it through the approval process.
Thrive will receive $1.7 billion at closing, with up to $450 million in milestone-based payments.
Exact concurrently reached a deal to acquire Base Genomics, an epigenetics company, but did not disclose the acquisition cost.
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