Johnson & Johnson (J&J) announced on January 13 that it will acquire all outstanding shares of Intra-Cellular Therapies for $132.00 per share in cash for a total equity value of approximately $14.6 billion.
Intra-Cellular Therapies is a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system disorders. According to its most recent annual report, Intra-Cellular Therapies had revenues of $462 million during fiscal year (FY) 2023, and EBITDA was reported as a loss of nearly $158.9 million during FY 2023.
Intra-Cellular has developed CAPLYTA® (lumateperone), a once-daily oral therapy approved to treat adults with schizophrenia, as well as depressive episodes associated with bipolar I or II disorder (bipolar depression), as a monotherapy and adjunctive therapy with lithium or valproate. The company has also developed ITI-1284, a Phase 2 compound being studied in generalized anxiety disorder and Alzheimer’s disease-related psychosis and agitation, as well as a clinical-stage platform.
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 most recent financial report, J&J’s revenue for the full year 2023 was $85.2 billion, and EBITDA was approximately $24.6 billion.
With this agreement, Johnson & Johnson adds Intra-Cellular Therapies’ CAPLYTA®, ITI-1284 and its clinical-stage pipeline to its portfolio. The closing of the transaction is expected to occur later in 2025.
Citi is serving as financial advisor to Johnson & Johnson, and Cravath, Swaine & Moore is serving as its legal advisor. Centerview Partners LLC and Jefferies are serving as financial advisors to Intra-Cellular Therapies, and Davis Polk & Wardwell LLP is serving as its legal advisor.
According to data captured in the LevinPro HC database, this acquisition marks the 10th Biotechnology transaction of the year, as well as the largest that has been announced so far during 2025. There were 135 Biotechnology deals announced during 2024, 160 announced during 2023 and 144 announced during 2022.
This deal also represents J&J’s sixth-largest healthcare transaction to date, surpassing its $13.1 billion acquisition of Shockwave Medical earlier in 2024. J&J’s largest healthcare transaction to date remains its $30 billion acquisition of Actelion Ltd., announced in January 2017.
