Abbott said Thursday it would buy Exact Sciences, the maker of tests designed to detect cancers in early stages, in a deal worth some $21 billion, a sign of confidence in the growing cancer screening market.

Abbott is paying $105 a share in cash for Wisconsin-based Exact, roughly a 50% premium on its closing price Tuesday, before Bloomberg reported that the deal was likely.

The companies framed the pact as one that would expand access to Exact’s range of early diagnostics.

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