J&J to buy cancer therapy developer Ambrx for $2 bln (updated)

Ambrx Biopharma

08/01/2024 12:44

(Adds details on deal, background throughout)
       Jan 8 (Reuters) - Johnson & Johnson  JNJ.N  said on
Monday it had agreed to buy drug developer Ambrx Biopharma
 AMAM.O  for $2 billion to gain access to its portfolio of
targeted cancer therapies. 
    J&J will pay $28 per share of Ambrx, which represents a
premium of about 105% to the stock's last close. 
    Ambrx is developing therapies that belong to the class of
drugs called antibody drug conjugates (ADC), which are described
by researchers as "guided missiles" to target cancer cells and
minimize damage to healthy tissue. 
    J&J's acquisition is the latest deal announced in the space.
In November, AbbVie  ABBV.N  said it would buy ADC-developer
ImmunoGen  IMGN.O  for $10.1 billion in cash. 
    

 (Reporting by Manas Mishra in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))