Abbott’s recently announced $21 billion acquisition of Exact Sciences helps “put a spotlight” on the state’s biohealth sector, which is already attracting more attention from major companies.
That’s according to Lisa Johnson, CEO of BioForward Wisconsin. In an interview, she said Madison-based Exact Sciences has been a key pillar in the state’s diagnostics industry under the leadership of Kevin Conroy, who’s staying on in an advisory role through the acquisition.
“This buyout only exemplifies the strength of Wisconsin’s biohealth industry as we attract more biopharma to the state,” she said last week.
She noted pharmaceutical giant Pfizer has a presence in the state through a distribution center and contract development and manufacturing organization. On the startup side of the industry, AbbVie acquired Madison’s Nimble Therapeutics within the last year. Eli Lilly is spending billions to expand a Kenosha County manufacturing facility.
“That’s had a major impact already in a short amount of time,” Johnson said. “And they’re investing here, and they’re investing in our communities, our regions.”
Exact Sciences will keep its Madison presence after the deal closes, which is expected to occur in the second quarter of 2026, last week’s announcement said. Johnson noted part of the appeal of staying in Wisconsin is its proximity to Abbot, which is headquartered in Illinois.
“We hope that they maintain everything and that they invest, and I think that’s what we’re seeing from others that have come into the state,” she said, adding that a decade ago, “they were pulling out companies, they didn’t want to keep them in Wisconsin. And that has been reversed, so I guess that would be our hope, that they would maybe come in and make even more investment.”
For now, it’s a “wait and see” moment for the company’s future in the state, Johnson said.
Other leaders in the area are touting Abbott’s investment, with Greater Madison Chamber of Commerce President Zach Brandon noting it’s the largest in the region’s history. While Exact Sciences was founded in Boston in 2001, the diagnostics firm has been based in Madison since 2009, growing to around 7,000 employees since then.
“As Greater Madison’s growth has accelerated, Exact Sciences has played a crucial role in regional economic activity, been a vital investor in our business community and worked to solve some of healthcare’s most complex challenges,” Brandon said in a statement on the acquisition.
Meanwhile, Johnson said Abbott’s move demonstrates biohealth “continues to be one of Wisconsin’s most important growth industries,” helping it compete with other states for years to come.
That includes vying for capital from venture capital firms, she added, noting she expects to see more investor attention on Wisconsin following Abbott’s announcement.
“This is a return on investment. Admittedly, Exact Sciences was public but they brought a return on investment to their shareholders,” she said. “That’s what investors want to see.”
See more on the acquisition here.
