Johnson & Johnson (JNJ) and Intra-Cellular Therapies, Inc. (ITCI) have formalized an agreement, announced on Monday, where Johnson & Johnson will acquire all outstanding shares of Intra-Cellular Therapies at $132.00 per share in cash. This acquisition values the biopharmaceutical company at roughly $14.6 billion.
This strategic move allows Johnson & Johnson to integrate Intra-Cellular Therapies' CAPLYTA (lumateperone) into its portfolio. CAPLYTA is an oral, once-daily treatment approved for adults to manage schizophrenia and for depressive episodes linked to bipolar I or II disorder, both as a monotherapy and in combination with lithium or valproate.
The acquisition also brings ITI-1284 into Johnson & Johnson’s fold. ITI-1284 is a promising Phase 2 compound under investigation for generalized anxiety disorder (GAD) and psychosis and agitation related to Alzheimer's disease. Additionally, the deal enhances Johnson & Johnson's clinical-stage pipeline, broadening its focus areas.
The transaction is to be financed through a mixture of company cash reserves and new debt. The completion of this acquisition is anticipated later this year, contingent on obtaining the necessary regulatory clearances, approval from Intra-Cellular Therapies' shareholders, and satisfying other standard conditions for such deals.
Post-acquisition, Intra-Cellular Therapies' stock will be delisted from trading on the Nasdaq Global Select Market.
