Molecular diagnostics firm Exact Sciences has closed its approximately $2.8bn acquisition of genomic diagnostics maker Genomic Health.

In July, Exact Sciences signed a definitive agreement to acquire genomic diagnostics maker Genomic Health in a cash-and-stock deal.

Exact Sciences chairman and CEO Kevin Conroy said: “We’re excited to bring together some of the greatest minds in cancer diagnostics and continue to deliver advanced tests to providers and patients along their cancer journey.

“With a best-in-class R&D, clinical, and commercial organization and a global infrastructure, we are well-positioned to increase adoption of our existing tests and accelerate the development and launch of future cancer diagnostics. I welcome the talented Genomic Health employees to the Exact Sciences family and look forward to leading our combined team as we enter our Company’s next chapter.”

As part of the agreement, Genomic Health stockholders gained $27.50 in cash and $44.50 in Exact Sciences stock, totalling $72 per share.

Following the acquisition, Exact Sciences’ Cologuard stool DNA test for colorectal cancer will now be supported by Genomic Health’s Oncotype DX gene expression tests to facilitate therapy decisions for colorectal, breast and prostate cancers.

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As part of the deal, Exact Sciences will have a commercial footprint across more than 90 countries.

In 2020, the combined firm is expected to see around $1.6bn in revenue and approximately $1.2bn of gross profit.

Meanwhile, the FDA has granted Breakthrough Device designation for Exact Sciences hepatocellular carcinoma (HCC) test.

Exact Sciences also presented a study of 443 patients that demonstrated 80% sensitivity at 90% specificity with a combination of six blood-based biomarkers for HCC, the most common kind of liver cancer.

The multi-centre, case-control study was carried out by Exact Sciences, along with its collaborators.

Over 42,000 Americans and 780,000 people across the world are diagnosed with liver cancer annually, and HCC represents around 90% of primary liver cancers.