Company will invest $350 million in new Madison facilities, create 1,300 more jobs
MADISON, WI. JAN. 13, 2022 – Exact Sciences, a leading global cancer screening and diagnostics company, is expanding its presence in Wisconsin by investing an additional $350 million in its Madison campuses — a move that will create more than 1,300 new jobs, state and company leaders announced today.
“Exact Sciences is an example of a company with deep Wisconsin roots that, with this investment, is committing to its future in our state,” said Missy Hughes, secretary and CEO of the Wisconsin Economic Development Corporation (WEDC). “As the company has grown to add operations around the world, Exact Sciences could have chosen to expand in other states but chose Wisconsin because of our outstanding, well-educated workers, excellent community infrastructure and support for its research and health care missions.”
“Since relocating to Wisconsin in 2009, Exact Sciences has grown from a handful of people into a worldwide team focused on eradicating cancer and the suffering it causes,” said Kevin Conroy, Chairman and CEO, Exact Sciences. “Continued investments in our Wisconsin-based people and facilities will accelerate the development of new cancer tests and ensure we continue providing world-class service and critical answers to patients.”
Exact Sciences is best known for its noninvasive colorectal cancer screening test, Cologuard®. Approved by the FDA in 2014, the stool DNA test has been used more than 7 million times. Its success enabled Exact Sciences to broaden its aspirations to providing tests and services for people throughout the entire cancer continuum – before, during and after diagnosis.
Beginning in 2017, Exact Sciences made several strategic acquisitions to bolster the infrastructure and capabilities of the company. These brought new talent, tests and technologies into the company, while expanding Exact Sciences’ footprint in Wisconsin and beyond.
WEDC is supporting Exact Sciences’ Wisconsin-based projects with an additional $18.5 million in performance-based Enterprise Zone tax credits, which will be awarded if the company meets the new capital investment and job creation goals by 2025.
“Exact Sciences has already demonstrated an almost unlimited potential to grow,” said Hughes. “The fact that they’re choosing to grow in Wisconsin is testament to the strength of our state’s economy and our strong support for businesses of every size, shape and sector.”
The company plans to add to its west-side Madison campus to support business growth and new products. Its investments consist of three project categories:
- Research and Development (R&D) Center of Excellence – This new facility will allow Exact Sciences to enhance its research capabilities as the company takes on the world’s deadliest cancers. This includes enhancements to its flagship product, Cologuard, as well as continued work on multi-cancer early detection, which Exact Sciences believes will be critical in eradicating cancer.
- Laboratory space – A lab featuring new technology and automation to increase overall testing capacity and support Cologuard product development.
- Warehouse– The additional space is being added to supply the production lab and R&D Center of Excellence. This proposed expansion would consist of ambient storage racking, cold storage and hazardous material storage.
WEDC has been a strategic partner in accelerating Exact Sciences’ growth since 2014. The WEDC Board of Directors recently authorized increasing the company’s Enterprise Zone tax credits from $9 million to $27.5 million if the company creates at least 1,300 new jobs and invests at least $350 million in capital expenditures by 2025. The previous Enterprise Zone contract required the company to create 758 jobs and invest at least $26.2 million to qualify for $9 million in tax credits; the company has qualified for all the credits by creating more than 2,700 jobs.