Johnson & Johnson (JNJ.N), opens new tab said on Thursday it would acquire Proteologix for $850 million in cash, as it looks to gain access to the privately held company’s experimental atopic dermatitis treatments.
Proteologix’s antibody PX128 is ready to enter early-stage development for moderate to severe atopic dermatitis, commonly referred to as eczema, and moderate to severe asthma.
PX130, its other antibody, is in preclinical development for moderate to severe atopic dermatitis.
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Atopic dermatitis is a chronic inflammatory skin disorder that causes damage to the skin barrier, leaving it dry, itchy, and prone to skin infections.
J&J’s experimental atopic dermatitis drug is in mid-stage development, according to its website.
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The transaction is expected to close in the next few months, subject to antitrust clearance and other customary closing conditions.
The deal also has potential for an additional milestone payment, J&J said.
Johnson & Johnson (J&J) is an American multinational, pharmaceutical, and medical technologies corporation headquartered in New Brunswick, New Jersey, and publicly traded on the New York Stock Exchange.
Its common stock is a component of the Dow Jones Industrial Average, and the company is ranked No. 40 on the 2023 Fortune 500 list of the largest United States corporations.
In 2023, the company was ranked 40th in the Forbes Global 2000.
Johnson & Johnson has a global workforce of approximately 130,000 employees who are led by the company’s current chairman and chief executive officer, Joaquin Duato.
Reuters
