Shares of Intra-Cellular Therapies (NASDAQ:ITCI) closed at $127.19, jumping $32.32 or 34.07%, on Monday, January 13, 2025, at 4:00 PM ET after Johnson & Johnson (NYSE:JNJ) revealed plans to acquire the biopharmaceutical company. The acquisition deal values ITCI at $132 per share in cash, representing a total value of approximately $14.6 billion.
Johnson & Johnson intends to fund the purchase with a mix of cash and debt, with the deal projected to close later this year, subject to regulatory and shareholder approvals. The acquisition boosts J&J's neuroscience portfolio, adding CAPLYTA (lumateperone), a drug approved for treating schizophrenia in adults, along with ITI-1284, a Phase 2 compound showing promise in addressing generalized anxiety disorder and Alzheimer's-related psychosis.
J&J plans to provide further details about the acquisition's effect on its adjusted earnings per share during its fourth-quarter earnings call later in January 2025.
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