Johnson & Johnson Completes Acquisition of Ambrx
07 März 2024 - 2:33PM
Business Wire
Acquisition strengthens Johnson & Johnson’s commitment to
innovation in prostate cancer and deepens pipeline of
next-generation antibody drug conjugates and targeted oncologic
therapeutics
Johnson & Johnson (NYSE: JNJ) announced today it has
successfully completed the acquisition of Ambrx Biopharma, Inc., a
clinical-stage biopharmaceutical company with a proprietary
synthetic biology technology platform to design and develop
next-generation antibody drug conjugates (ADCs), in an all-cash
merger transaction for a total equity value of approximately $2.0
billion, or $1.9 billion net of estimated cash acquired, as
announced on January 8, 2024. The transaction will be accounted for
as a business combination.
“We’re pleased to welcome Ambrx’s talented scientific team and
proprietary ADC platform to Johnson & Johnson. We look forward
to continuing the development of ARX517, which represents a
potential first- and best-in-class PSMA-targeting ADC for the
treatment of metastatic castration-resistant prostate cancer,” said
Yusri Elsayed, MD, MHSc, PhD, Global Therapeutic Area Head,
Oncology, Johnson & Johnson Innovative Medicine. “This
significant opportunity sets the stage for advancing next
generation ADCs with the aim of delivering differentiated solid
tumor therapies that improve patients’ lives.”
The acquisition presents a distinct opportunity for Johnson
& Johnson to design, develop and commercialize targeted
oncology therapeutics. Ambrx’s proprietary ADC 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.
“The Ambrx team has developed a promising pipeline and ADC
platform that will be a strong complement and strategic fit to our
oncology innovation strategy,” said Biljana Naumovic, Worldwide
Vice President, Oncology, Johnson & Johnson Innovative
Medicine. “ADCs are transforming the solid tumor treatment paradigm
by leveraging antibody-antigen interactions to release cytotoxic
payload directly to tumor cells. This acquisition underscores our
ambition to deliver enhanced, precision biologics to transform the
treatment of cancers, including prostate cancer.”
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
@JNJInnovMed.
Cautions Concerning Forward-Looking Statements
This press release contains “forward-looking statements”
regarding the acquisition of Ambrx. 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
Ambrx. Risks and uncertainties include, but are not limited to:
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 of the Johnson & Johnson
family of companies to successfully integrate the programs and
employees/operations and clinical work of Ambrx. A further list and
description of these risks, uncertainties and other factors and the
general risks associated with the respective businesses of Johnson
& Johnson and Ambrx 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 the company’s most recently filed Quarterly Report on Form
10-Q, and the company’s subsequent filings with the Securities and
Exchange Commission (the SEC), and under the caption “Risk Factors”
in Ambrx's Quarterly Report on Form 10-Q filed with the SEC on
November 13, 2023. Copies of these filings, as well as subsequent
filings, are available online at www.sec.gov, www.jnj.com,
https://Ambrx.com or on request from Johnson & Johnson or
Ambrx. Neither Johnson & Johnson nor Ambrx undertakes to update
any forward-looking statement as a result of new information or
future events or developments, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240307764175/en/
Media contacts: Brian Kenney 215-620-0111
Suzanne Frost 416-317-0304
Investor contact: Raychel Kruper
investor-relations@its.jnj.com
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