Ambrx Biopharma to be acquired by Johnson & Johnson for $28.00 per share

Ambrx Biopharma (AMAM), entered into a definitive agreement pursuant to which Johnson & Johnson (JNJ) will acquire all of the outstanding shares of Ambrx for $28.00 per share in cash, representing an approximately 105% premium to Ambrx’s closing stock price on January 5, 2024, for a total equity value of approximately $2B. Ambrx’s proprietary Antibody Drug Conjugate 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. Building on a legacy of innovation in oncology and in prostate cancer, Johnson & Johnson scientists intend to work with Ambrx researchers, accelerating the Phase 1/2 APEX-01 study of ARX517 in advanced prostate cancer, while progressing a pipeline of novel product candidates. The transaction, which was unanimously approved by the Ambrx Board of Directors, is expected to close in the first half of 2024, subject to customary closing conditions, including approval by Ambrx shareholders and clearance under the Hart-Scott-Rodino Antitrust Improvements Act.