M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Johnson & Johnson to acquire Ambrx Biopharma, Inc.
Announced Jan 8, 2024 · Closed Mar 7, 2024
Deal value$2.00BEV $1.77B
Premium105.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$28.00 per share
Transaction
- Acquirer
- Johnson & Johnson (JNJ)
- Target
- Ambrx Biopharma, Inc.
- Buyer type
- Strategic
- Offer price per share
- $28.00
- Enterprise value
- $1.77B
- Status
- Closed Mar 7, 2024
Deal protections
- Break fee (target pays)
- $70.0M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, Cantor Fitzgerald
- Centerview fee
- $29.9M
Sector context · Healthcare
- Comparable deals
- 103 in the prior 24 months
- Premium
- 105.0% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedJan 8, 2024
- Proxy filedJan 19, 2024
- Definitive proxyJan 29, 2024
- Shareholder voteMar 6, 2024
- ClosedMar 7, 2024
Valuation · fairness opinions
Discounted cash flow$19.30$23.45
Analyst price targets$9.00$32.00
Premiums paid$22.05$28.05
Premiums paid$22.25$30.75
Offer $28.00
Implied value per Ambrx Biopharma, Inc. share by analysis, from Centerview · DCF discount rate 14%–16%.