J&J to acquire cancer drug developer Ambrx Biopharma for $2 billion
Publishing timestamp: 2024-01-08 10:46:45
Summary
Johnson & Johnson announced its acquisition of Ambrx Biopharma for $2 billion. Ambrx specializes in antibody-drug conjugates (ADCs), a hot area of cancer treatment. This acquisition is part of J&J's strategy to fill a revenue hole approaching in 2025. ADCs are described as "guided missiles" that target and kill cancer cells while minimizing damage to healthy tissue. Other large drugmakers, including Pfizer, AbbVie, and Merck, have also made similar moves in the ADC space. J&J expects to close the deal in the first half of 2024.
Sentiment: NEUTRAL
Tickers: JNJ, AMAM, MRK, ABBV, PFE,
Keywords: business, pfizer inc, business news, abbvie inc, merck & co inc, health care industry, breaking news, ambrx biopharma inc, johnson & johnson, biotechnology, biotech and pharmaceuticals, pharmaceuticals,
Source: https://www.cnbc.com/2024/01/08/jj-to-acquire-ambrx-biopharma-a-cancer-drug-developer.html