Johnson & Johnson to buy Momenta for about $6.5 billion

(Reuters) – Johnson & Johnson said on Wednesday it would buy Momenta Pharmaceuticals Inc for about $6.5 billion in cash to expand into the area of autoimmune disease treatments.

J&J will pay $52.50 for each Momenta share, a 70.4% premium to Tuesday’s closing price.

(Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva)