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Home Kenosha

Exact Sciences Buys Marshfield Genetics Lab For $190M, Commences Hereditary Cancer Research

by NewsReporter
January 11, 2022
in Kenosha
Reading Time: 51 mins read
exact-sciences-buys-marshfield-genetics-lab-for-$190m,-commences-hereditary-cancer-research
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PreventionGenetics

PreventionGenetics is located in Marshfield. Madison-based biomedical giant Exact Sciences has acquired the lab, which produces various types of DNA tests, for $190 million.

CONTRIBUTED PHOTO

EMILIE HEIDEMANN

Madison-based biomedical giant Exact Sciences Corp. has acquired a genetics lab in Marshfield for $190 million in order to research hereditary cancer tests for patients, the company said Monday. 

“There were millions of people in a three month period of time who did not get their normal screening, and [a group of modelers] project that that will lead to an additional 10 thousand deaths from colon and breast cancer,” Exact Sciences CEO Kevin Conroy said. “It’s imperative that we get people back in to get a screening colonoscopy, or a Cologuard test, or a screening mammography….Cancer doesn’t wait for COVID.” Conroy discussed how there is overall drop off of 20 to 30 percent in the number interactions with health care even with telemedicine in Wisconsin. Exact Sciences’ in-home Cologuard test has maintained its level of use during the COVID-19 crisis, and physicians are using this time to study the data on Cologuard as well as order it for patients without seeing them to make sure they get screened. “Our goal is to go from 60 to 65 percent of people screened in this country to 90 or 100 percent, and you can do that with a non-invasive test that you can do in the privacy of your home like Cologuard.”

Watch the full program: https://wiseye.org/2020/08/13/wi-health-news-newsmaker-with-exact-sciences-ceo-kevin-conroy/

Subscribe to Morning Minute: https://wiseye.org/morning-minute/

#morningminute #wisconsineye #covid19

Exact Sciences closed on its purchase New Year’s Eve of PreventionGenetics, a lab founded in 2004 that produces 5,000 types of genetic tests for clients in 85 countries. The biomedical giant announced the sale Sunday along with the release of its preliminary fourth quarter earnings report. 

PreventionGenetics tests can assess cancer risk, as well as pediatric and adult-onset rare diseases, among other conditions, said doctor and lab CEO James Weber. The tests can also be used as a tool allowing patients to get a comprehensive look at their DNA in an effort to be proactive about their health, he said.

For Exact Sciences, PreventionGenetics screens offer an opportunity to develop additional tests that detect genetic mutations connected to increased cancer risk in patients.

At market open last Monday, the day after the acquisition was announced, Exact Sciences stock shares traded at around $76. And expected total fourth quarter revenue is to fall somewhere between $472-475 million, according to the firm’s preliminary financial report.

A final earnings report is anticipated to publish in early February. 

“Once we put (what PreventionGenetics offers) into our engine and into our scale … we train our people appropriately … the opportunities for growth are tremendous,” said Exact Sciences chief operating officer Everett Cunningham, adding the firm experienced “good momentum” during its fourth quarter. 

Under the terms of the acquisition, PreventionGenetics received 50% of the purchase total from Exact Sciences common stock, and the other half in cash. 

“PreventionGenetics will continue to function as an autonomous unit,” said Weber of how the acquisition impacts lab operations and employees. “The (name) will be retained. We will continue to operate in Marshfield.”

The sale adds 215 employees, 25 of those being geneticists, to Exact Sciences’ total 6,500.

But while only 15 PreventionGenetics workers are account executives who get patients tested around the world, Exact Sciences employs thousands of such professionals who would expand that effort. 

So the next six to eight months will be spent studying how PreventionGenetics runs, Cunningham said, ensuring that “what they do is applicable to what we are trying to build.”

“For over a year, we’ve been working on an ownership change project at PreventionGenetics,” Weber said of what spurred the acquisition. “We considered a large number of suitors. The reason we settled on Exact … (the company) treats its employees exceptionally well. I feel much more comfortable working with a company with Wisconsin roots.”

Already, around 300,000 care providers and 200 large U.S. health systems rely on Exact Sciences for its Cologuard and Oncotype DX tests. Cologuard screens for colon cancer, and Oncotype helps physicians determine whether cancer patients require chemotherapy.

Exact Sciences is also making strides in its research of a blood-based cancer test, also called “liquid biopsies,” which is undergoing clinical trials.

“The Exact Sciences team delivered outstanding results to finish 2021, setting us up for years of strong growth and a clear path to profitability,” said Kevin Conroy, chairman and CEO of Exact Sciences in a Monday statement about the early earnings report. “We plan to fundamentally change how cancer patients are diagnosed and treated.”

Licensing agreement

Exact Sciences also announced Sunday that the company has entered into an exclusive licensing agreement with Massachusetts-based medicine firm OncXerna Therapeutics. 

The agreement expands the availability of OncXerna’s panel of lab tests for U.S. patients, Exact Sciences said in a statement Sunday.

The Xerna TIME Panel of tests assess the likelihood of a patient responding to certain types of tumor therapies. Those insights help guide a healthcare professional to the right treatment protocols.

Exact will now offer the panel as part of its GEM ExTra test, which provides patients a look at how their genes have been affected by cancer.

Celebrate the best of Madison’s local employers and hear top executives explain how they create and maintain their cultures of growth.

Despite pandemic crisis, companies and employees keep cultures strong

This year’s winners run the gamut from dentistry to financial institutions and engineering to software developers and many more.

Employee surveys determine the area's Top Workplaces

Survey feedback from employees is the sole basis for determining Top Workplaces. And that feedback serves as the ultimate test of how employers are responding in the age of COVID.

NO. 1 LARGE | Employee engagement begins with values at UW Credit Union

This year’s top-ranked large organization, with about 590 Madison-area employees, UW Credit Union has made diversity a priority during the past few years. 

NO. 2 LARGE | Fighting cancer, sparking discovery fuel Exact Sciences

Exact Sciences, which rose from a small operation to a growing force in cancer diagnostics, thrives on a workplace culture fueled by innovation, teamwork and a common enemy.

NO. 3 LARGE | First Weber Realtors builds teams, loyalty, solutions

Teamwork, problem-solving and helping agents find success — however they measure it — drive the workplace culture at First Weber Realtors.

NO. 4 LARGE | Teamwork, flexibility help Summit Credit Union beat crisis

Everyone wants their pre-pandemic lives back, but the crisis revealed the value of Summit Credit Union’s strong culture.

NO. 5 LARGE | Kwik Trip adapts, keeps staff at the center of its success

The ability of Kwik Trip employees to manage change was important to the convenience store chain’s success during the past year, as it expanded, rolled out new product offerings and dealt with COVID-19.

Area’s larger firms offer a spectrum of opportunities, benefits

Here are the other top-ranked large firms in Top Workplaces 2021, rounding out a diverse mix of some of the area’s bigger employers and featuring a range of benefits that employees are able to tap into.

NO. 1 MIDSIZE | Sharing tools for success, innovation helps Singlewire thrive

The Madison-based firm, which develops mass notification software to alert employees at schools, government office and businesses to emergency situations, strives to understand what drives high job satisfaction among its employees.

NO. 2 MIDSIZE | Communication, teamwork power engagement at WPPI Energy

WPPI Energy president and CEO Mike Peters says communication is vital to the success of the Sun Prairie-based, member-owned operation that serves 51 local electric utilities with wholesale electric power supply, utility technologies and services.

NO. 3 MIDSIZE | Ascendium Education Group’s training, mission embraced by staff

Employees at Madison-based Ascendium Education Group have adopted the values and mission of the organization and appreciate the training that keeps them on the cutting edge.

NO. 4 MIDSIZE | Fairway’s culture, values get high marks as company grows

Fairway Independent Mortgage Corporation values humility and customer service in a culture that has buy-in from CEO Steve Jacobson to the newe…

NO. 5 MIDSIZE | First Choice Dental crafted connection amid the crisis

The disruption and chaos inflicted by the COVID-19 pandemic tested the stability of First Choice Dental’s workplace culture.

Midsize companies use creative approaches, benefits

The Top Workplaces winners among midsize companies reflect innovative styles to building corporate cultures that their employees embrace. Here’s a look at the other winners in the mid-size category:

NO. 1 SMALL | Horizon meets crisis with team spirit and workplace culture

When the pandemic arrived, Horizon Develop Build Manage president and CEO Dan Fitzgerald was certain of one thing: His employee culture, built purposefully and over time, would carry the company through all of the disruption.

NO. 2 SMALL | Transparency, community involvement drive Infosec culture

When Jack Koziol started InfoSec Institute in Madison in 2004, he felt that workplace culture was nothing more than a corporate buzzword. Seventeen years later, he knows better.

NO. 3 SMALL | Shine United’s culture outlasts the COVID crisis

In the past chaos-packed year, revenues dipped for the downtown advertising, design and digital agency — a result of the economic mess created by the pandemic — and the agency had its first layoffs in 20 years, while its staff was scattered to complete work remotely.

NO. 4 SMALL | AE Business Solutions builds success on family and fun

Being successful in providing customers with information technology solutions and services starts with a family-centered culture based on fun, gratitude and expertise at AE Business Solutions.

NO. 5 SMALL | Openness helps promote engagement at Palmer Johnson

The Sun Prairie-based company, which specializes in servicing and supplying components for heavy-duty, off-highway equipment through 10 service centers in the U.S. and Canada, strives for transparency.

Small area firms recognized for big workplace cultures

Although winners in the small-company category reflect a variety of missions, they share a common characteristic: They have built strong workplaces that provide stand-out benefits and flexibility. Here are the other winners in the small-company category:

Special awards acknowledge high-performing companies

Among this year’s Top Workplaces, employees singled out several companies for their extraordinary efforts in important phases of workplace life, ranging from leadership to transparency.

Corporate culture helped counter pandemic crisis

Businesses that suddenly found themselves in the midst of a pandemic that shattered conventional ways of working quickly discovered that a strong workplace culture was vital to surviving and thriving during the crisis.

Rich Gallagher: Embrace change to accomplish important work

We have no idea what the extent of these changes will be or whether this whole notion of “normal” will ever find itself back into our lives.

Jim Nussle: Listening, learning, helping and leading at CUNA

Jim Nussle, president and CEO of the Credit Union National Association, spoke about what makes CUNA’s culture special.

Kathy Marsh: Hitting the right notes with employee respect and support

Kathy Marsh, co-founder and vice chair of Musicnotes, shares her thoughts on the workplace culture at the Madison-based digital sheet music retailer.

Larry Barton: Strang designs a culture through listening and learning

Larry Barton, chief executive officer of Strang, talks about creating a strong culture at the Madison-based firm. 

Values, benefits, commitment help define area’s Top Workplaces

To become a Top Workplace, organizations instill in their team members a variety of values and approaches that keep their businesses thriving in the marketplace, their employees engaged and their communities strong.

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