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Ambrx Shares Almost Double as JNJ to Buy Company at 105% Premium

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Movers and Shakers wrote a column · Jan 8 09:23
$Ambrx Biopharma(AMAM.US)$ shares almost doubled after $Johnson & Johnson(JNJ.US)$ agreed to buy the clinical-stage company at a premium of about 105% to its closing price last Friday.
JNJ agreed to pay $28.00 per Ambrx share in cash for a total equity value of about $2 billion. The deal gives JNJ access to proprietary synthetic biology technology platform to design and develop next-generation antibody drug conjugates  in an all-cash deal.
Ambrx rose 98% to $27.04 during Monday morning trading. The surge wiped losses for the stock in the past few days taking shares up 90% in the first five trading days of the year.
A spinoff from The Scripps Research Institute in 2003, Ambrx's proprietary antibody drug conjugate (ADC) technology incorporates the advantages of highly specific targeting monoclonal antibodies securely linked to a potent chemotherapeutic payload to achieve targeted and efficient elimination of cancer cells without the prevalent side-effects typically associated with chemotherapy.
Ambrx’s ADC technology offers unique advantages in the conjugation of stable antibodies and cytotoxic linker payloads, which results in engineered ADCs that effectively kill cancer cells and limit toxicities,” said Yusri Elsayed, global therapeutic area head at JNJ said in a press release Monday. "Ambrx’s pipeline and ADC platform present exciting future opportunities to deliver enhanced, precision biologics as we look to transform the treatment of cancer and improve patients’ lives.”
The planned acquisition presents a distinct opportunity for JNJ to design, develop and commercialize targeted oncology therapeutics, according to the press release.
- Luzi Ann Santos | moomoo News
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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