"Johnson & Johnson's $2 Billion Acquisition of Ambrx Signals Major Cancer Drug Advancements"
Ambrx Biopharma, Inc. has agreed to be acquired by Johnson & Johnson for $2.0 billion, representing a 105% premium to Ambrx’s closing stock price. The acquisition aims to advance scientific research in treating cancers with high unmet needs, leveraging Ambrx’s proprietary technology for developing next-generation novel drug candidates, including site-specifically conjugated highly stable antibody drug conjugates. The transaction is expected to close in the first half of 2024, subject to customary closing conditions and regulatory approvals.