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Johnson & Johnson said Monday that it would purchase Ambrx Biopharma for nearly $2 billion, picking up a company specializing in targeted chemotherapy treatments — one of the hottest areas of cancer drug development. 

The deal, disclosed as the biopharma field marked the first day of the annual J.P. Morgan Healthcare Conference, extends a recent spate of pharma acquisitions, contributing to hopes that 2024 could be a better year for the industry. 

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Under the agreement, J&J will pay $28 per share in cash for Ambrx, roughly a 100% premium to the latter’s recent trading price. 

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