Johnson & Johnson said Monday that it would purchase Ambrx Biopharma for nearly $2 billion, picking up a company specializing in targeted chemotherapy treatments — one of the hottest areas of cancer drug development.
The deal, disclosed as the biopharma field marked the first day of the annual J.P. Morgan Healthcare Conference, extends a recent spate of pharma acquisitions, contributing to hopes that 2024 could be a better year for the industry.
advertisement
Under the agreement, J&J will pay $28 per share in cash for Ambrx, roughly a 100% premium to the latter’s recent trading price.
Get unlimited access to award-winning journalism and exclusive events.
Subscribe Log In
Previous article：
Elon Musk says Twitter has 'negative cash flow' and 'heavy debt'
Next article： Bright Health sells Medicare Advantage business to Molina
Next article： Bright Health sells Medicare Advantage business to Molina
