Johnson & Johnson To Acquire Ambrx For $28.00 Per Share - Quick Facts

(RTTNews) - Johnson & Johnson (JNJ) has entered into a definitive agreement to acquire Ambrx Biopharma, Inc., or Ambrx (AMAM), in an all-cash merger deal for a total equity value of approximately $2.0 billion, or $1.9 billion net of estimated cash acquired. The closing of the deal is expected to occur in the first half of 2024. Following completion, Ambrx's common stock will no longer be listed for trading on the NASDAQ Global Select Market.

Ambrx was spun out of The Scripps Research Institute in 2003. The acquisition presents an opportunity for Johnson & Johnson to design, develop and commercialize targeted oncology therapeutics.

Shares of Ambrx are up 28% in pre-market trade on Monday.