Johnson & Johnson announced on Monday that it had reached an agreement to acquire Ambrx Biopharma, a specialist in antibody conjugates, for approximately $2 billion in cash.

In a press release, J&J explains that it intends to work with Ambrx to accelerate the Phase 1/2 clinical trial of its lead candidate ARX517 in advanced prostate cancer.

In addition to ARX517 in metastatic castration-resistant prostate cancer, Ambrx Biopharma's portfolio also includes ARX788 in HER2-positive metastatic breast cancer and ARX305 in renal cell carcinoma.

Antibody-drug conjugates combine an antibody capable of identifying cancer cells with an associated cytotoxic drug that can be delivered directly to the heart of the targeted tumor cell.

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