Shares of Momenta Pharmaceuticals Inc. MNTA,
69% shot to record highs in prime trade Wednesday, after biotechnology company announced agreement with Johnson & Johnson JNJ,
in a deal valued at $ 6.5 billion. Under the terms of the deal, J&J will pay $ 52.50 for each Momenta share, representing a premium of 70.4% after Tuesday’s closing price of $ 30.81. J & J’s share gained 0.2% before opening. The deal is expected to close in the second half of 2020. J&J said the acquisition offers its Janssen Pharmaceuticals company an opportunity to broaden its leadership in immune-mediated diseases and expand into the auto-antibody-driven company. The deal includes full worldwide rights to Momenta’s nipocalimab, a clinically validated anti-FcRn antibody, which allows Janssen to reach more patients by following instructions on many autoimmune diseases. Momenta’s share has risen 56.2% up to Tuesday, while J&J shares have gained 2.9% and the S&P 500 SPX,
has 4.9% advanced.
.
