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MacDougall Biomedical Communications represents Cambridge-based Momenta Pharmaceuticals as it agrees to be acquired by Johnson & Johnson for $6.5B cash.
It's the biggest pharmaceuticals deal of the year, according to Bloomberg, and the latest sign that drug companies are "looking for ways to bulk up even as the coronavirus pandemic upends other businesses."
Craig Wheeler, CEO of Momenta, called J&J the right company to advance its portfolio of drug candidates for autoimmune and rare diseases.
"J&J’s leadership in immunology, extensive capabilities, and global reach, as well as its alignment with our vision of pioneering therapies for complex diseases, is a strong fit for our company and our portfolio,” he said.
The deal will be completed by the end of the year
MacDougall Biomedical managing director Karen Sharma, a veteran of Schwartz Communications and Newgrange Consulting, represents Momenta.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
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Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
