Pharmaceutical company Johnson & Johnson has signed a definitive agreement with Intra-Cellular Therapies to acquire all of its outstanding shares at USD $132 per share.
This equates to a total equity value of around $14.6bn in cash.
Under the terms of the agreement, Johnson & Johnson will add the schizophrenia and bipolar I/II drug Caplyta (lumateperone) to its CNS portfolio, as well as ITI-1284, a drug currently in phase II for generalised anxiety disorder and Alzheimer's related psychosis.
J&J will also receive access to Intra-Cellular Therapeutics' extenstive clinical-stage pipeline, which includes a range of candidates targeting different neurological conditions.
This acquisition aligns with Johnson & Johnson's current endeavours to expand its CNS pipeline, as the company has named neuroscience as one of its five key areas of focus.
Chair and CEO of Johnson & Johnson, Joaquin Duato, commented: “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,”
“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.”
Caplyta
In December 2024, Intra-Cellular Therapies submitted a supplemental new drug application to the FDA for Caplyta, which could lead to its use as a treatment for adults with major depressive disorder (MDD).
In two global Phase III studies, Caplyta was found to improve depressive symptoms significantly as an adjunctive treatment to antidepressants, with both clinican and patient feedback supporting these claims.
If approved, Caplyta may be the first drug to be available to patients with MDD in more than 15 years.
“CAPLYTA® ’s success and the robust pipeline we have built demonstrates the passion and dedication of our talented team, and we are proud of the hundreds of thousands of patients we have helped,” said Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies.
“Johnson & Johnson has a longstanding commitment to neuroscience, and we believe together, we can reach even more patients around the world.”
The closing of this transaction is expected to occur later on in the year, which — if approved — will remove Intra-Cellular Therapies' common stock listings from the Nasdaq Global Select Market.