Summary by Moomoo AI
Johnson & Johnson (J&J) has announced a definitive agreement to acquire Ambrx Biopharma, Inc. in an all-cash transaction valued at approximately $2.0 billion. The acquisition, expected to close in the first half of 2024, will enhance J&J's oncology portfolio with Ambrx's proprietary antibody drug conjugates (ADCs) and synthetic biology technology platform. Ambrx's lead product candidate, ARX517, targets metastatic castration-resistant prostate cancer (mCRPC), and the company also has other clinical and preclinical programs for various cancer indications. J&J's Chairman and CEO, Joaquin Duato, discussed the strategic fit of the acquisition at the 42nd Annual Healthcare Conference hosted by JPMorgan, highlighting the potential of Ambrx's ADC technology and the significant market for mCRPC treatments. The transaction is subject to Ambrx shareholder approval, antitrust clearances, and other customary closing conditions. Upon completion, Ambrx's common stock will be delisted from the NASDAQ Global Select Market.