J&J wagers $2 billion to acquire Ambrx

8 January 2024
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Kicking of the JP Morgan Healthcare conference this morning, Johnson & Johnson (NYSE: JNJ) announced a definitive agreement to acquire Ambrx Biopharma (Nasdaq: AMAM), sending the latter’s shares rocketing more than 97% to $26.92 in early trading.

Ambrx is a clinical-stage biopharmaceutical company with a proprietary synthetic biology technology platform to design and develop next-generation antibody drug conjugates (ADCs) and its assets will strengthen J&J’s pipeline in the increasingly attractive sector.

Under the terms of the transaction, J&J will acquire all of the outstanding shares of Ambrx’ common stock for $28.00 per share in cash through a merger of Ambrx with a subsidiary of the company, valuing the La Jolla, California-based company at around $2 billion. The closing of the transaction is expected to occur in the first half of 2024,

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