Updates

** Shares of Intra-Cellular Therapies ITCI.O rise as much as 35% to a record high of $128, after Johnson & Johnson JNJ.N agrees to buy the drugmaker for about $14.6 bln

** JNJ said it will buy all of ITCI's shares for $132 each, representing a 39% premium to its Friday closing price

** Deal gives J&J access to ITCI's oral drug Caplyta, approved for schizophrenia and bipolar disorder-related depression

** Caplyta is also under review as an add-on therapy for major depressive disorder

** At least three analysts said the deal was a good fit for J&J's existing portfolio of brain disease treatments, which includes schizophrenia drug paliperidone sold under multiple brand names

** Needham analysts said in a note that investors could focus on J&J's late-stage depression drug aticaprant and its overlap with Caplyta

** "However, it may not be a direct competitor to Caplyta as it has a different mechanism," said Needham analysts, adding that the drug also targets a subset of patients with depression

** Companies expect to close the deal later this year

** J&J shares up marginally at $142.61; stock fell ~8% in 2024

** ITCI rose 16.6% in 2024

(Reporting by Puyaan Singh and Bhanvi Satija)

((Puyaan.Singh@thomsonreuters.com;))