Ambrx Biopharma Inc. (AMAM) shares more than doubled Monday on news that Johnson & Johnson (J&J) (JNJ) would purchase the biotechnology firm to add to its cancer-fighting drug ౠportfolio.

J&J said it would pay approximately $2 billion in cash for Ambrx, or $28 per share. That would be a 105% premium to the stock's closing price on Friday.

The company said that Ambrx has several clinical and preclinical programs underway that use antibody drug coagulates (ADC) to kill a variety of cancer cells. Those include ARX517 for patients with metastatic castration-resistant prostate cancer, ARX788 for those with metastatic HER2+ breast cancer, and ARX305 for those suffering from renal cell carcinoma.

J&J said the deal “presents a distinct opportunity for 澳洲幸运5官方开奖结果体彩网:Johnson & Johnson to design, develop, and commercialize targeted oncology therapeutics.”

Ambrx added that it expects the transaction will close in the first half of this year if approved by Ambrx’s 澳洲幸运5官方开奖结果体彩网:shareholders and regulators.

Shares of Ambrix Biopharma were up 102% at $27.56 in afternoon trading, after hitting a record high of $27.60 during the session. Johnson & Johnson wa🐻s down 0.3%.