Summary by Moomoo AI
On January 8, 2024, Johnson & Johnson announced its definitive agreement to acquire Ambrx Biopharma, Inc., a clinical-stage biopharmaceutical company, for approximately $2.0 billion in an all-cash transaction. The acquisition aims to strengthen Johnson & Johnson's oncology portfolio with Ambrx's advanced antibody drug conjugates (ADCs) and proprietary technology platform. Ambrx's lead product candidate, ARX517, targets metastatic castration-resistant prostate cancer, and the company also has other candidates in development for various cancer types. The transaction, which is expected to close in the first half of 2024, is subject to Ambrx shareholder approval and regulatory clearances. Upon completion, Ambrx will no longer be listed on the NASDAQ Global Select Market. This move reflects Johnson & Johnson's commitment to oncology innovation and the development of targeted therapeutics.