[ad_1]
Johnson & Johnson said on Wednesday it would buy Momenta Pharmaceuticals for around $ 6.5 billion in cash to bolster its portfolio of autoimmune disease treatments.
Momenta shares rose 68% to $ 51.98 before the bell, just below the offer price of $ 52.20.
The agreement gives Johnson & Johnson’s Janssen unit access to Momenta’s experimental treatment, nipocalimab, being tested for myasthenia gravis, a neuromuscular disease that causes muscle weakness.
“Nipocalimab gives Janssen the opportunity to reach larger numbers of patients by pursuing indications for many autoimmune diseases,” Johnson & Johnson said in a statement.
The drug is being developed to treat conditions where the body’s own antibodies attack or damage proteins and cells.
J&J reiterated its guidance for adjusted earnings per share for 2020 and said it expected the deal to be completed in the second half of 2020.
[ad_2]
Source link