La Jolla biotech company Ambrx has announced its sale to Johnson & Johnson for about $2 billion
A Jan 8 press release from the company states “Johnson & Johnson scientists intend to work with Ambrx researchers” to accelerate research on advanced prostate cancer, while continuing work on “pipeline of novel product candidates.” The sale price was based on Ambrx’s closing stock price on Jan 5; the transaction was unanimously approved by the Ambrx board of directors and is expected to close in the first half of the year. “We are excited to reach this agreement with Johnson & Johnson for advancing scientific research to treat cancers with high unmet needs,” Ambrx Chief Executive Daniel J. O’Connor said in the press release. “I look forward to what Ambrx will achieve as part of Johnson & Johnson.”
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