Ambrx Biopharma Shares Double on $2 Billion Acquisition by Johnson & Johnson
January 08 2024 - 9:04AM
Dow Jones News
By Ben Glickman
Shares of Ambrx Biopharma surged Monday after the company agreed
to be acquired by Johnson & Johnson for $2 billion in cash.
The stock was up 98% to $27.05 in morning trading. Shares have
risen sixfold in the last year.
Johnson & Johnson will pay $28 a share, which Ambrx said
represented a premium of 105% on the Jan. 5 closing price.
The deal is expected to have a value of $1.9 billion net of
estimated cash required.
Ambryx is developing candidates for treating multiple types of
cancer using a proprietary synthetic biotechnology platform.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 08, 2024 09:49 ET (14:49 GMT)
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