J&J to acquire psychiatric drugs maker Intra-Cellular for $14.6 billion
Intra-Cellular Therapies Inc, a company focused on treatments for central nervous system disorders, for about $14.6 billion.
Budget with ET
Budget 2025 can position India as the world’s China Plus One hub with manufacturing prowess
Will India's robust GST kitty help Sitharaman stick to fiscal glide path?
Budget 2025’s starry aim: Does India need more funds to fuel its cosmic dreams?
J&J will pay $132 a share, the company said in a statement. That's 39% above the closing price Friday. Bloomberg earlier reported a deal was in the works. Shares of Intra-Cellular rose 36% to $128.72 in trading before the market opened in New York. The stock has gained about 40% over the last 12 months, giving the company a market value of roughly $10 billion.
Intra-Cellular develops new treatments for mental health disorders and neurological conditions and is currently working on a drug for major depressive disorder that's in late-stage trials.
Its stock rose last week after Intra-Cellular said it entered into a settlement agreement with Sandoz to resolve patent litigation related to Caplyta, its medication for bipolar depression.
Caplyta generated an estimated $675 million in sales last year. J&J said the therapy has the potential to reach $5 billion in annual revenue. J&J has long been viewed as a likely acquirer of Intra-Cellular, given that both companies have neuroscience drugs, with minimal overlap, as per RBC Capital Markets analyst Brian Abrahams.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using
