SAN DIEGO – Ambrx Biopharma Inc. (NASDAQ: AMAM) announced today that its shareholders have overwhelmingly approved the adoption of a merger agreement with healthcare giant Johnson & Johnson (NYSE:JNJ). The approval came during a Special Meeting of Shareholders, with more than 99% of the votes cast in favor of the agreement.
Under the terms of the transaction, Ambrx shareholders will receive $28.00 per share in cash. The merger is expected to be completed on or about tomorrow, subject to customary closing conditions. This acquisition marks a significant milestone for Ambrx, a clinical-stage biopharmaceutical company known for its protein engineering innovation and antibody drug conjugates (ADCs).
Daniel J. O’Connor, CEO of Ambrx, expressed gratitude to the shareholders for their support and enthusiasm about the company's future under Johnson & Johnson's wing. "With a steadfast focus on protein engineering innovation and some of the best ADC talent in the industry, we have transformed Ambrx and are advancing a promising pipeline unlike anything else in development today," said O'Connor.
Ambrx's focus has been on developing next-generation ADCs and engineered therapies to modulate the immune system, with clinical and preclinical programs targeting multiple cancer indications. Its proprietary ADCs, including ARX517 and ARX788, target prostate-specific membrane antigen (PSMA) and HER2, respectively.
The final vote results will be disclosed on a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission. This merger is poised to enhance Ambrx's capabilities in treating cancers with high unmet needs and leverage Johnson & Johnson's resources to further the biopharmaceutical company's research and development.
This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties, including the satisfaction of closing conditions and the timing of the transaction. These statements are not guarantees of future performance, and actual results could differ materially from those projected.
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