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North suburban-based Abbott Laboratories announced a $21 billion deal Thursday morning to acquire Exact Sciences, the maker of Cologuard — its largest acquisition in a decade.

The deal will allow Abbott — which makes medical tests, baby formula and continuous glucose monitors, among other products — to enter the cancer testing space. Exact Sciences focuses on early cancer detection and personalized treatments, and is perhaps best known for making Cologaurd, an at-home colon cancer screening test.

“Exact Sciences’ innovation, its strong brand and customer-focused execution are unrivaled in the cancer diagnostics space, and its presence and strengths are complementary to our own,” said Robert B. Ford, chairman and Abbott CEO, in a news release.

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