Johnson & Johnson agreed to acquire Intra-Cellular Therapies Inc, a company focused on treatments for central nervous system disorders, for about $14.6 billion.
J&J will pay $132 a share, the company said in a statement. That’s 39% above the closing price Friday. Bloomberg earlier reported a deal was in the works. Shares of Intra-Cellular rose 36% to $128.72 in trading before the market opened in New York. The stock has gained about 40% over the last 12 months, giving the company a market value of roughly $10 billion.
Intra-Cellular develops new treatments for mental health disorders and neurological conditions and is currently working on a drug for major depressive disorder that’s in late-stage trials.
Source: Economic Times