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
01-08-24 0949ET