Johnson & Johnson Completes Acquisition of Proteologix, Inc.
June 21 2024 - 6:30AM
Business Wire
Acquisition includes two pre-clinical bispecific antibodies
targeting proven disease pathways, offering the potential to
transform the treatment paradigm for patients living with atopic
dermatitis and other immune-mediated diseases
Johnson & Johnson (NYSE: JNJ) announced today that it has
successfully completed the acquisition of Proteologix, Inc., a
privately-held biotechnology company focused on bispecific
antibodies for immune-mediated diseases, for $850 million in cash
with potential for an additional milestone payment, as announced on
May 16, 2024.
“We look forward to continuing the development of PX-128 and
PX-130 alongside the Proteologix team as they join Johnson &
Johnson,” said David Lee, Global Immunology Therapeutic Area Head,
Johnson & Johnson Innovative Medicine. “These two bispecific
antibodies have the potential to become best in disease
therapeutics for people living with moderate to severe atopic
dermatitis (AD) and asthma by targeting multiple disease-driving
pathways. We are thrilled to start integrating them into our
industry leading Immunology portfolio.”
Beyond PX-128 and PX-130, this acquisition will provide Johnson
& Johnson with eight other bispecific antibody programs with
applications across a variety of other diseases, which further
boosts the Company’s capabilities to create novel bispecific
programs.
“The Proteologix team has developed a promising early pipeline
of bispecific antibodies that are a strong complement and strategic
fit for our innovation strategy,” said Candice Long, Worldwide Vice
President, Immunology, Johnson & Johnson. “This acquisition is
yet another example of our ongoing commitment to redefine the
standard of care for immune mediated diseases.”
About Atopic Dermatitis Atopic dermatitis (AD), also
referred to as eczema, is a chronic inflammatory skin disorder
affecting more than 9.6 million children and 16.5 million adults in
the United States. AD is characterized by an overactive immune
system that causes damage to the skin barrier, leaving it dry,
itchy, and prone to rashes. AD may come and go throughout life and
patients can experience severe flares of their disease. The
condition can cause poor quality of life by causing social stigma
impacting the ability to interact with family and friends,
interrupting sleep due to intense itching and/or painful skin, and
leading to anxiety, stress and depression with an increased risk of
suicide.
About the Merger Agreement Under the terms of the
transaction Johnson & Johnson (the Company) has acquired
Proteologix. The transaction will be accounted for as a business
combination and will not have any impact to our previously
disclosed 2024 adjusted EPS guidance range.
About Johnson & Johnson At Johnson & Johnson, we
believe health is everything. Our strength in healthcare innovation
empowers us to build a world where complex diseases are prevented,
treated, and cured, where treatments are smarter and less invasive,
and solutions are personal. Through our expertise in Innovative
Medicine and MedTech, we are uniquely positioned to innovate across
the full spectrum of healthcare solutions today to deliver the
breakthroughs of tomorrow, and profoundly impact health for
humanity. Learn more at https://www.jnj.com/ or at
www.janssen.com/johnson-johnson-innovative-medicine. Follow us at
@JanssenUS and @JNJInnovMed. Janssen Research & Development,
LLC and Janssen Biotech, Inc. are both Johnson & Johnson
companies.
Cautions Concerning Forward-Looking Statements This press
release contains “forward-looking statements” regarding the
acquisition of Proteologix Inc. The reader is cautioned not to rely
on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions
prove inaccurate or known or unknown risks or uncertainties
materialize, actual results could vary materially from the
expectations and projections of Johnson & Johnson or
Proteologix Inc. Risks and uncertainties include, but are not
limited to: the potential that the expected benefits and
opportunities of the acquisition may not be realized or may take
longer to realize than expected; challenges inherent in product
research and development, including uncertainty of clinical success
and obtaining regulatory approvals; uncertainty of commercial
success for new products; manufacturing difficulties and delays;
product efficacy or safety concerns resulting in product recalls or
regulatory action; economic conditions, including currency exchange
and interest rate fluctuations; the risks associated with global
operations; competition, including technological advances, new
products and patents attained by competitors; challenges to
patents; changes to applicable laws and regulations, including tax
laws and global health care reforms; adverse litigation or
government action; changes in behavior and spending patterns or
financial distress of purchasers of health care services and
products; and trends toward health care cost containment. In
addition, there will be risks and uncertainties related to the
ability to successfully integrate the products and
employees/operations and clinical work of Proteologix Inc., as well
as the ability to ensure continued performance or market growth of
Proteologix Inc.’s products. A further list and descriptions of
these risks, uncertainties and other factors can be found in
Johnson & Johnson’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, including in the sections captioned
“Cautionary Note Regarding Forward-Looking Statements” and “Item
1A. Risk Factors,” and in Johnson & Johnson’s subsequent
Quarterly Reports on Form 10-Q, and other filings by Johnson &
Johnson with the SEC. Copies of these filings are available online
at www.sec.gov, at www.jnj.com or on request from Johnson &
Johnson. Neither Johnson & Johnson nor any of the Johnson &
Johnson MedTech entities undertakes to update any forward-looking
statement as a result of new information or future events or
developments, except as required by law.
Non-GAAP Financial Measures This press release includes
Adjusted EPS, which represents a non-GAAP financial measure. The
Company believes that providing this non-GAAP financial measure
enhances the Company’s and investors’ understanding of our
financial performance. Non-GAAP financial measures should not be
considered a substitute for, or superior to, financial measures
determined or calculated in accordance with GAAP. The Company’s
definitions of its non-GAAP financial measures may not be
comparable to similarly titled measures reported by other
companies. The most directly comparable GAAP measure to Adjusted
EPS is earnings per share, or EPS. The Company is not providing a
reconciliation of Adjusted EPS to EPS, however, because Johnson
& Johnson does not provide GAAP financial measures on a
forward-looking basis as the Company is unable to predict with
reasonable certainty the ultimate outcome of adjusted items, such
as legal proceedings, unusual gains and losses, acquisition-related
expenses, and purchase accounting fair value adjustments without
unreasonable effort. These items are uncertain, depend on various
factors, and could be material to Johnson & Johnson’s results
computed in accordance with GAAP.
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Investor: Raychel Kruper
investor-relations@its.jnj.com
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