J&J to acquire cancer drug developer Ambrx Biopharma for $2 billion

An entry sign to the Johnson & Johnson campus shows their logo in Irvine, California on August 28, 2019.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, wh ...