Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Johnson & Johnson has completed its $6.5 billion cash takeover of Momenta Pharmaceuticals, a deal that lets it expand in a category of drugs used to treat autoimmune diseases.
Continue Reading Below
The pharmaceutical giant initially disclosed the acquisition in August.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 146.52 | -0.78 | -0.53% |
The Momenta team has made “excellent progress in developing its medicines for rare diseases” and combining both companies will only “increase that scope,” says Dr. Mathai Mammen, global head of Janssen research and development at Johnson & Johnson.
PFIZER COVID-19 VACCINE’S DEVELOPMENT WON’T BE AFFECTED BY POLITICS: CEO
In autoimmune diseases, the antibodies attack or damage proteins, cells and tissues in the host’s body, J&J said, adding that they can often have “devastating consequences.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
About 2.5% of the worldwide population, or approximately 195 million people, suffer from some form of autoantibody-driven disease, J&J said. Autoantibodies target the body’s own resources and are frequently blamed for autoimmune diseases.
