In an attempt to bolster its neurology pipeline, Johnson & Johnson (J&J) has agreed to acquire Intra-Cellular Therapies for US$132 per share in cash, representing a total equity value of approximately US$14.6 B. Through the deal, J&J gains access to Caplyta (lumateperone), the first and only US FDA-approved treatment for bipolar I and II depression and schizophrenia in adults. If successfully completed, the deal will mark the largest takeover of a biotech since Pfizer’s US$43 B purchase of Seagen in March 2023.