Johnson & Johnson just announced a major acquisition to boost its position in the biopharmaceutical market.

The company today said it's buying Intra-Cellular Therapies, a company developing medicines for central nervous system (CNS) disorders, for $132 per share in cash, which represents a total equity value of approximately $14.6 billion.

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For J&J, the deal means it can add Intra-Cellular Therapies’ CAPLYTA (lumateperone), an oral therapy approved for treating adults with schizophrenia along with depressive episodes associated with bipolar I or II disorder (bipolar depression), to its product portfolio. The deal also covers ITI-1284, a still-in-development compound that could target generalized anxiety disorder (GAD) and Alzheimer’s disease-related psychosis and agitation.

“Building on our nearly 70-year legacy in neuroscience, this unique opportunity to add Intra-Cellular Therapies to our Innovative Medicine business demonstrates our commitment to transforming care and advancing research in some of today’s most devastating neuropsychiatric and neurodegenerative disorders,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “This acquisition further differentiates our portfolio, serves as a strategic near- and long-term growth catalyst for Johnson & Johnson and offers compelling value to patients, health systems and shareholders.”

“CAPLYTA’s success and the robust pipeline we have built demonstrates the passion and dedication of our talented team, and we are proud of the hundreds of thousands of patients we have helped,” said Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies. “Johnson & Johnson has a longstanding commitment to neuroscience, and we believe together, we can reach even more patients around the world.”

J&J said it expects to close the transaction later this year subject to applicable regulatory approvals, approval by Intra-Cellular Therapies’ stockholders and other customary closing conditions for a transaction of this type. Following completion of the transaction, Intra-Cellular Therapies’ common stock will no longer be listed for trading on the Nasdaq Global Select Market.