NEW BRUNSWICK (dpa-AFX) - Drug major Johnson & Johnson (JNJ) announced
Thursday that it has completed the acquisition of Ambrx Biopharma, Inc. in an
all-cash merger deal for a total equity value of around $2.0 billion, or $1.9
billion net of estimated cash acquired.

The transaction will be accounted for as a business combination.

Ambrx Biopharma is a clinical-stage biopharmaceutical company with a proprietary
synthetic biology technology platform to design and develop next-generation
antibody drug conjugates or ADCs.

The acquisition would help Johnson & Johnson to design, develop and
commercialize targeted oncology therapeutics.

According to the firm, 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.

Yusri Elsayed, Global Therapeutic Area Head, Oncology, Johnson & Johnson
Innovative Medicine, said, '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. This
significant opportunity sets the stage for advancing next generation ADCs with
the aim of delivering differentiated solid tumor therapies that improve
patients' lives.'



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