Ambrx Shareholders Approve Acquisition by Johnson & Johnson

SAN DIEGO, March 06, 2024 (GLOBE NEWSWIRE) -- Ambrx Biopharma, Inc., (“Ambrx” or the “Company”) (NASDAQ: AMAM), today announced that its shareholders approved a proposal to adopt the merger agreement entered into between the Company and Johnson & Johnson at its Special Meeting of Shareholders. As previously announced, under the terms of the transaction, Ambrx shareholders will receive $28.00 per share in cash in connection with the closing of the transaction.

Daniel J. O’Connor, Chief Executive Officer of Ambrx, said, “We want to thank our shareholders for their strong support of this transaction. With a steadfast focus on protein engineering innovation and some of the best ADC talent in the industry, we have transformed Ambrx and are advancing a promising pipeline unlike anything else in development today. We are thrilled to start this next chapter with Johnson & Johnson as we continue to treat cancers with high unmet needs.”

More than 99% of the votes cast at the Special Meeting were voted in favor of adopting the Merger Agreement. Ambrx will disclose the final vote results, as certified by the independent inspector of elections, on a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.

Ambrx now expects to complete the transaction on or about March 7, 2024, subject to the satisfaction of customary closing conditions.

About Ambrx Biopharma, Inc.

Ambrx is a clinical-stage biopharmaceutical company using an expanded genetic code technology platform to discover and develop next-generation antibody drug conjugates (ADCs) and other engineered therapies to modulate the immune system. Ambrx is advancing a focused portfolio of clinical and preclinical programs designed to optimize efficacy and safety in multiple cancer indications, including ARX517, its proprietary ADC targeting the prostate-specific membrane antigen (PSMA) and ARX788, its proprietary ADC targeting HER2. In addition, Ambrx has preclinical and clinical collaborations with multiple partners on drug candidates generated using Ambrx technology. Ambrx was spun out of The Scripps Research Institute in 2003 and has several other product candidates involving ADCs and other aspects of Ambrx’s protein engineering technology. For more information, please visit www.ambrx.com. Ambrx routinely posts information that may be important to investors on its website.