Abbott Sells $20 Billion of Bonds for Exact Sciences Buy
A truck trailer outside the Abbott factory in Sturgis, Michigan.
Photographer: Matthew Hatcher/BloombergAbbott Laboratories sold $20 billion of bonds to help fund its acquisition of cancer-screening company Exact Sciences Corp. on Monday, one of the US high-grade market’s biggest offerings this year.
The medical-devices maker and producer of baby formula offered eight bonds with maturities ranging from three to 40 years, according to people with direct knowledge of the matter. The longest-dated note will yield 0.9 percentage point above Treasuries, compared with initial price talk of about 1.15 percentage points, the people added.