After the all-cash acquisition was agreed upon in August, it officially closed today through a merger of Vigor with and into Momenta, which now operates as a wholly-owned subsidiary of Johnson & Johnson. In connection with the merger, shares of Momenta that were not tendered into the tender offer were acquired by Johnson & Johnson and converted into the right to receive $52.50 per share. Momenta will be delisted from the NASDAQ market.
Johnson & Johnson’s tender offer for all outstanding shares of Momenta at that price of $52.50 per share expired at midnight at the end of the day on Sept. 30. Nearly 100.6 million shares of Momenta’s common stock were validly tendered and not validly withdrawn, representing approximately 79.4% of its outstanding shares., according to a news release.
When first announcing the agreement to acquire Momenta, Johnson & Johnson said it saw the purchase as an opportunity for its Janssen Pharmaceutical subsidiary to broaden its work in immune-mediated disease and drive growth through expansion into autoantibody-driven diseases.
Included in the acquisition are the full global rights to Momenta’s nipocalimab (M281) anti-FcRn antibody, for which Janssen plans to pursue indications across autoimmune diseases with unmet medical needs in maternal-fetal disorders, neuro-inflammatory disorders, rheumatology, dermatology and autoimmune hematology. Janssen expects many first-in-class indications for nipocalimab, with the potential for significant peak year sales that could exceed $1 billion.
Janssen will also acquire Momenta’s pipeline of clinical and pre-clinical assets and the company’s employees, along with nipocalimab. The company intends to retain Momenta’s Cambridge, Mass. facility to expand its footprint in the growing Boston medtech hub.
“We’re delighted to welcome Momenta’s talented team to the Janssen Pharmaceutical Companies of Johnson & Johnson and to begin our work together to further advance patient care in autoantibody-driven diseases,” Johnson & Johnson executive VP & worldwide chairman of pharmaceuticals Jennifer Taubert said in the news release. “We anticipate multiple launches, many of which would be first-in-class indications in rare diseases and areas of significant unmet need.”