Johnson & Johnson announced on Monday that it reached an agreement to buy biopharmaceutical company Intra-Cellular Therapies Inc. for around $14.6 billion or $132 per share in cash. J&J said it will fund the deal through a combination of cash on hand and debt and will provide an update on the potential impact of the acquisition on its adjusted earnings per share during the fourth quarter earnings call on January 22.
The transaction is expected to be completed later this year, after which Intra-Cellular will be delisted from the Nasdaq. "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," J&J's CEO Joaquin Duato said.
Intra-Cellular's shares rocketed 34.61% in premarket trade after the announcement.
