Johnson & Johnson (JNJ) entered a merger agreement on January 13, 2025, to acquire drugmaker Intra-Cellular Therapies, Inc. (ITCI) in an all-cash deal valued at $14.6 billion.
Under the terms of the agreement, Johnson & Johnson will acquire all outstanding shares of Intra-Cellular Therapies for a payment of $132.00 per share in cash, representing a premium of 39.14% from the stock’s last close.
Intra-Cellular is a biopharmaceutical company that develops innovative treatments for psychiatric and neurologic disorders by targeting intracellular signaling mechanisms, including its flagship drug Caplyta for schizophrenia and bipolar depression.
Johnson & Johnson is a global healthcare leader that develops and manufactures innovative products across pharmaceuticals, medical devices, and consumer health, focusing on preventing, treating, and curing complex diseases.
The deal is the latest in a series of acquisitions by Johnson & Johnson to drive growth beyond 2025. Recent acquisitions include Shockwave Medical for $13 billion, and Ambrx Biopharma for $1.33 billion in 2024, Momenta Pharmaceuticals in 2020, and Abiomed in 2022.
With the latest deal, Johnson & Johnson will acquire access to Intra-Cellular’s oral drug Caplyta, which is approved for treating schizophrenia and depressive episodes linked to bipolar disorder.
Intra-Cellular is also pursuing expanded regulatory approval in the U.S. for Caplyta as an adjunct therapy for major depressive disorder. The company is also conducting mid-stage trials of another therapy, ITI-1284, for the treatment of generalized anxiety disorder and Alzheimer’s-related psychosis and agitation.
Johnson & Johnson expects to finance the Intra-Cellular transaction, which is anticipated to close later this year, through a combination of cash on hand and debt. Johnson & Johnson will acquire Intra-Cellular at a multiple of 20.86 times its sales.
Centerview Partners and Jefferies will serve as financial advisors to Intra-Cellular, with Davis Polk & Wardwell providing legal counsel. Meanwhile, Citi will advise Johnson & Johnson on financial matters, and Cravath, Swaine & Moore will act as its legal advisor.
For a comprehensive understanding of this merger and acquisition deal, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Intra-Cellular Therapies, Inc. (ITCI) by Johnson & Johnson (JNJ)
The Deal Metrics page for each merger or acquisition includes:
Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
Editor’s Note: Baranjot Kaur contributed to this article