(RTTNews) - Johnson & Johnson (JNJ) and Intra-Cellular Therapies, Inc. (ITCI) announced Monday that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of biopharmaceutical company Intra-Cellular Therapies for $132.00 per share in cash for a total equity value of approximately $14.6 billion.
With this agreement, 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.
Johnson & Johnson expects to fund the transaction through a combination of cash on hand and debt. 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.
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