On May 16 Johnson & Johnson (J&J) announced that it acquired Proteologix, Inc. for $850 million.
Proteologix is privately held biotechnology company focused on bispecific antibodies for immune-mediated diseases. Proteologix’s portfolio includes PX128, a bispecific antibody targeting IL-13 plus TSLP, which is ready to enter phase 1 development for moderate to severe atopic dermatitis (AD) and moderate to severe asthma, and PX130, a bispecific antibody targeting IL-13 plus IL-22, which is in preclinical development for moderate to severe AD.
J&J is one of the largest global healthcare and pharmaceutical companies with more than 130,000 employees worldwide. Its business lines include pharmaceuticals, medical devices and consumer healthcare products. According to its financial report, J&J’s revenue for the full year ending on December 31, 2023 was $85.15 billion.
In addition to PX128 and PX130, the acquisition will provide J&J with other bispecific antibody programs with applications across a variety of other diseases, which further boosts J&J’s capabilities to create novel bispecific programs. The transaction is expected to close mid-year 2024, subject to antitrust clearance and other customary closing conditions.
According to data captured in the LevinPro HC database, this acquisition represents the 69th Biotechnology transaction of 2024. This transaction also marks J&J’s third acquisition of the year. In January, the company purchased Ambrx, Inc., a clinical-stage biotechnology company focused on discovering and developing optimized protein therapeutics known as bio-conjugates, for $2 billion. In April, J&J acquired Shockwave Medical, Inc., a cardiovascular medical device company, for $13.1 billion.
