Abbott’s (ABT) Exact Sciences Deal is “Very, Very Important,” Says Jim Cramer

We recently published 10 Stocks Jim Cramer Talked About. Abbott Laboratories (NYSE:ABT) is one of the stocks Jim Cramer discussed.

This show marked more than a month after Cramer discussed pharmaceuticals and diagnostics devices firm Abbott Laboratories (NYSE:ABT). However, the delay doesn’t mean he’s changed his sentiment about the firm. Cramer often calls Abbott Laboratories (NYSE:ABT) one of the most “reliable” healthcare companies in the business. In fact, in January, he went as far ahead as to call the firm “one of the great pharma stories because it’s got the best growth in device and pharmaceuticals.” In this appearance, the CNBC TV host commented on Abbott Laboratories (NYSE:ABT)’s announcement to buy cancer screening firm Exact Sciences for a cool $23 billion price tag. According to Cramer, the deal expands the firm’s business portfolio:

“Well, let me tell you why I liked the deal. This is the weakest vertical, that Abbott has. It is very episodic right now, it’s like, oh, there’s HIV, flu, and now suddenly they have a consistent revenue stream. And David, it may be worth to pay that because Medicare and all the insurance companies accept this. Obviously it’s something that’s great for the system, that we can catch early detection. I like the deal but obviously other people don’t. I think it has to be digested, it’s a very expensive price.”

“Largest healthcare deal in over two years, largest diagnostic deal ever. Ever. I think it’s very, very important. But it does add to the growth rate of Abbott. Which is something I like. And they have no international, currently. Exact Sciences, and Abbott can blow it out international. I like the deal. And I like it as much as everybody hates it.

“Robert Ford’s doing a good job. That division was something I really felt, maybe he shouldn’t even have it.”

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Disclosure: None. This article is originally published at Insider Monkey.