REUTERS: Exact Sciences Corp said on Monday it will buy peer Genomic Health Inc for about US$2.8 billion in cash and stock, expanding the cancer diagnostic company's testing capabilities to breast and prostate cancers.
Shares of Genomic Health rose 2.7per cent to US$70.51 in early trading, while Exact Sciences' shares fell 12.1per cent to US$103.6. Colorectal cancer testing represents a US$15 billion opportunity in the U.S., according to Exact Sciences.