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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