Form 4: Exact Sciences SVP Sells Shares Post-Abbott Merger
Insider Transaction Report
Exact Sciences' SVP, General Counsel & Secretary, James Herriott, reported the disposition of all his Exact Sciences common stock, options, and restricted stock units following the company's merger with Abbott Laboratories.
Summary
- James Herriott, SVP, General Counsel & Secretary of Exact Sciences Corporation, reported changes in beneficial ownership.
- The transactions occurred on March 23, 2026, following the merger of Exact Sciences Corporation with Badger Merger Sub I, Inc., a wholly-owned subsidiary of Abbott Laboratories.
- Exact Sciences survived the merger as a direct, wholly-owned subsidiary of Abbott Laboratories.
- Each share of Exact Sciences common stock was converted into the right to receive $105.00 in cash.
- Herriott disposed of 68,195 shares of common stock held directly and 1,762 shares held indirectly in a 401(k) plan.
- He also disposed of 793 stock options with an exercise price of $92.62 and 2,861 stock options with an exercise price of $98.18. These options were cancelled and converted into cash payments based on the merger consideration minus the exercise price.
- Additionally, 20,321 Restricted Stock Units (RSUs) were disposed of. RSUs granted on or after November 19, 2025, were assumed by Abbott Laboratories as Parent restricted stock units.
- Following these transactions, James Herriott beneficially owns 0 shares of Exact Sciences common stock and 0 derivative securities of Exact Sciences.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral filing, as it is a mandatory disclosure of an insider's transactions following a merger, reflecting the mechanics of the acquisition rather than new operational performance.
Future Outlook
NA
Industry Context
StockSavvy.ai notes that this Form 4 filing reflects the finalization of the acquisition of Exact Sciences by Abbott Laboratories, a significant consolidation event in the diagnostics and medical technology sector. Such mergers often lead to changes in insider holdings as the acquired company's securities are converted or exchanged.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| SVP, General Counsel & Sec | James Herriott (of Exact Sciences) | N/A (Exact Sciences became a wholly-owned subsidiary of Abbott) | 2026-03-23 | Merger of Exact Sciences into a wholly-owned subsidiary of Abbott Laboratories, resulting in the cessation of James Herriott's beneficial ownership in Exact Sciences. |
Stakeholder Impact
- Shareholders: Received $105.00 cash per share for their Exact Sciences common stock.
- Employees (specifically James Herriott): His Exact Sciences equity (stock, options, RSUs) was converted to cash or assumed by Abbott, aligning his incentives with the new parent company for assumed RSUs.
Key Dates
| Date | Description |
|---|---|
| 2023-02-26 | Date when stock options with an exercise price of $92.62 became exercisable. |
| 2024-02-14 | Date when stock options with an exercise price of $98.18 became exercisable. |
| 2025-11-19 | Date of the Agreement and Plan of Merger between Exact Sciences, Abbott Laboratories, and Badger Merger Sub I, Inc. |
| 2026-03-23 | Date of the merger's effective time and the reported transactions. |
| 2027-02-25 | Date when the first installment of the disposed Restricted Stock Units would have vested. |
Keywords
Exact Sciences, EXAS, Abbott Laboratories, Merger, Form 4, Insider Trading, Stock Options, Restricted Stock Units, James Herriott, Corporate Governance, Acquisition
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