New Brunswick-based Johnson & Johnson on Monday said it is acquiring Intra-Cellular Therapies Inc., for roughly $14.6 billion. J&J plans to pay the biopharmaceutical company’s shareholders $132 per share, a premium of roughly 40% to the latter’s close at the end of last week.
Intra-Cellular focuses on treatments for central nervous system disorders. Through the acquisition Johnson & Johnson adds Intra-Cellular Therapies’ CAPLYTA® (lumateperone), a once-daily oral therapy approved to treat adults with schizophrenia, as well as depressive episodes associated with bipolar I or II disorder (bipolar depression), as a monotherapy and adjunctive therapy with lithium or valproate.
The acquisition also includes ITI-1284, a promising Phase 2 compound being studied in generalized anxiety disorder (GAD) and Alzheimer’s disease-related psychosis and agitation, as well as a clinical-stage pipeline that further complements and strengthens Johnson & Johnson’s current areas of focus.
“As the mental health crisis surges and the global population ages, more than one billion people worldwide — or one in every eight people — are living with a neuropsychiatric or neurodegenerative disorder,” J&J said.
The closing of the transaction is expected to occur later this year subject to applicable regulatory approvals, approval by Intra-Cellular Therapies’ stockholders and other customary closing conditions for a transaction of this type. Following completion of the transaction, Intra-Cellular Therapies’ common stock will no longer be listed for trading on the Nasdaq Global Select Market.
“Building on our nearly 70-year legacy in neuroscience, this unique opportunity to add Intra-Cellular Therapies to our Innovative Medicine business demonstrates our commitment to transforming care and advancing research in some of today’s most devastating neuropsychiatric and neurodegenerative disorders,” Joaquin Duato, chairman and chief executive officer, Johnson & Johnson, said. “This acquisition further differentiates our portfolio, serves as a strategic near- and long-term growth catalyst for Johnson & Johnson and offers compelling value to patients, health systems and shareholders.”
