JNJ Johnson and Johnson

By Ben Glickman

Johnson & Johnson will acquire cancer-treatment developer Ambrx Biopharma in a $2 billion cash deal.

The pharmaceutical giant said Monday that the deal to acquire all shares of Ambrx for $28 each was expected have a value of $1.9 billion net of estimated cash required.

Ambrx said the deal represented a premium of 105% on the Jan. 5 closing price.

Ambryx is currently developing candidates for treatments for multiple types of cancer, including for metastatic castration-resistant prostate cancer, metastatic breast cancer and renal cell carcinoma.

Johnson & Johnson said the deal presented an opportunity to "design, develop and commercialize targeted oncology therapeutics."

The acquisition is expected to close in the first half of the year, subject to approval by Ambrx shareholders.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 08, 2024 07:57 ET (12:57 GMT)

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