How J&J reeled in Momenta in $6.5B deal while barely raising its bid

A June clinical readout spurred two months of negotiations that culminated in J&J’s acquisition of Momenta last month, although J&J barely sweetened its offer from its first proposal while Momenta’s stock momentum gradually abated.

The process led to a $6.5 billion deal announced Aug. 19 at $52.50 per share, representing a 70% premium to the previous day’s closing price of Momenta Pharmaceuticals Inc. (NASDAQ:MNTA). Details of the negotiations were revealed in a regulatory filing Wednesday (see “Shift to Innovative Pipeline Pays Off”)...