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Illustration: Rebecca Zisser/Axios

Johnson & Johnson on Wednesday said that it will pay $6.5 billion in cash to buy Momenta Pharmaceuticals, representing a 70% premium to where the Massachusetts drugmaker closed trading yesterday.

Why it matters: Johnson & Johnson is seeking to expand its capacity in drugs to treat autoimmune diseases, including a muscle-weakening condition known as myasthenia gravis.

Go deeper

Oct 16, 2020 - World

Boris Johnson says U.K. must prepare for no-deal Brexit

Photo: David Cliff/NurPhoto via Getty Images

British Prime Minister Boris Johnson said Friday that the U.K. must prepare for a no-deal split from the European Union, unless the bloc offers a "fundamental" change in its negotiations, AP reports.

What he's saying: "As far as I can see they have abandoned the idea of a free trade deal. ... Unless there is a fundamental change of approach we are going to go for the Australia solution," Johnson said, referencing Australia's lack of a substantive trade deal with the EU.

1 hour ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.