J&J Will Pay $2 Billion to Acquire Cancer Drug Developer Ambrx Biopharma

Johnson & Johnson on Monday said it will pay $2 billion in cash to acquire Ambrx Biopharma, a drugmaker specializing in one of the hottest areas of cancer treatment.

Ambrx is aiming to target multiple cancers with drugs called antibody-drug conjugates, or ADCs, which are described by researchers as “guided missiles” to directly target and kill cancer cells and minimize damage to healthy tissue.

The deal, which was announced on the first day of the annual JPMorgan Healthcare Conference, makes J&J the latest drugmaker to bet on ADCs following similar moves by other large rivals – including Pfizer, AbbVie and Merck – over the last year. 

Read the source article at CNBC