Johnson & Johnson (J&J) has agreed to acquire Ambrx Biopharma, a La Jolla, California-based bio/pharmaceutical company, for $2.0 billion. 

Ambrx is advancing a portfolio of clinical and preclinical programs in multiple cancer indications, including: ARX517, an antibody drug conjugate (ADC) for prostate cancer; ARX788, an ADC for breast cancer; and ARX305, an ADC for renal cell carcinoma. 

Under the agreement, which was approved by the J&J Board of Directors, J&J will acquire all of the outstanding shares of Ambrx’s common stock for $28.00 per share in cash through a merger of Ambrx with a subsidiary of J&J. The closing of the transaction is expected to occur in the first half of 2024, subject to receipt of Ambrx shareholder approval, as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.  

Source: Johnson & Johnson