J&J explores takeover bid for Intra-Cellular Therapies, Bloomberg reports

Johnson & Johnson (NYSE:JNJ ) is considering a bid to acquire biopharmaceutical company Intracellular Th (NASDAQ:ITCI ), Bloomberg News reported on Sunday, citing sources familiar with the matter.

A deal between both parties could be reached as early as this week, the Bloomberg report stated. Intra-Cellular has a market value of roughly $10 billion.

Intra-Cellular Therapies is best known for Caplyta, its FDA-approved treatment for schizophrenia and bipolar disorders. The potential acquisition could help J&J expand its neuroscience portfolio and offset revenue challenges anticipated from patent expirations on its blockbuster drugs.

The discussions are said to be in an early stage, and no final decision has been made. There is no guarantee that negotiations will lead to a formal deal, according to the sources, according to the report.

Intra-Cellular shares had surged nearly 15% on Friday, reflecting investor anticipation of a potential deal. 

J&J has remained active in pursuing high-growth therapeutic areas, aiming to solidify its pharmaceutical division’s growth amidst intensifying competition.

Source: Investing.com