It was another busy Monday of M&A activity in the biotech and healthcare space, with more expected during this week’s annual JPMorgan Healthcare Conference. Let’s quickly recap today’s deals. 📝
Johnson & Johnson will acquire cancer drug developer Ambrx Biopharma for $2 billion in cash. 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 while limiting damage to healthy cells. 🎯
It’s one of the most prominent cancer drug developments currently and also comes at a time when J&J looks to fill a revenue hole approaching when its top-selling drug, Stelara, begins facing generic competition next year.
Merck is in talks to buy Harpoon Therapeutics for roughly $700 million, representing a more than 100% premium to Friday’s closing price. Harpoon is also operating in the cancer space, developing drugs that harness the power of the body’s immune system to treat a variety of diseases. It recently reported positive data for its lung cancer treatment in an early-to-mid-stage trial. 💉
While not a biotech deal, Boston Scientific did pick up medical device maker Axonics for $3.7 billion in cash. Boston Scientific will acquire its slate of products for bladder and bowel dysfunction, strengthening its overall urology business portfolio. The deal is anticipated to close during the first half of this year, and Axonics will become a wholly-owned subsidiary. 💊