Exact Sciences closes acquisition of Thrive Earlier Detection

Exact Sciences Corp. completed the acquisition of Thrive Earlier Detection Corp. in a cash and stock deal valued at up to $2.15 billion.

Under the previously disclosed terms of the deal, Thrive's shareholders were to receive $1.7 billion at closing, consisting of 65% in Exact Sciences common stock and 35% in cash.

Thrive would also be eligible to receive an additional $450 million in milestone payments.

"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," said Kevin Conroy, chairman and CEO of Exact Sciences.

Cambridge, Mass.-based Thrive's portfolio includes a blood-based testing platform called CancerSEEK for detecting cancer.