Ambrx Biopharma surges on J&J's buyout announcement

ImmunoGen

08/01/2024 13:13

** Shares of Ambrx Biopharma  AMAM.O  more than double at
$27.5 in premarket trading 
    ** Johnson & Johnson  JNJ.N  said it had agreed to buy drug
developer AMAM for $2 bln to gain access to its targeted cancer
therapies
    ** J&J will pay $28 per share for 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, which researchers
describe as "guided missiles" to target cancer cells and
minimize damage to healthy tissues
    ** 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 bln in cash
    ** AMAM stock were up six-fold in 2023 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))