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Ambrx turnaround culminates in $2B takeout by J&J

ARTICLE | Deals

A fall 2022 reset positioned an ADC for prostate cancer as the biotech’s top priority under new leadership

By Paul Bonanos, Director of Biopharma Intelligence

January 8, 2024 9:37 PM UTC

Ambrx’s $2 billion acquisition by J&J completes a 15-month turnaround during which the biotech made its ADC for prostate cancer its top priority, replaced its CEO and rose from penny stock territory with a pair of data readouts.

As the industry settled into the J.P. Morgan Healthcare Conference on Monday, the purchase of Ambrx Biopharma Inc. (NASDAQ:AMAM) by Johnson & Johnson (NYSE:JNJ) for $28 per share became the latest sign of enthusiasm for antibody-drug conjugates, which drove many of 2023’s largest biotech deals…