08:07 AM EDT, 06/21/2024 (MT Newswires) -- (Updates with additional details in second and third paragraphs.)

Johnson & Johnson ( JNJ ) said Friday it has completed its acquisition of privately held biotechnology company Proteologix for $850 million in cash with the potential for an additional milestone payment.

Johnson & Johnson ( JNJ ) said the acquisition will be accounted for as a business combination and will not have an impact on its previously stated 2024 adjusted earnings guidance range.

The company said that Proteologix is developing two potential therapies to treat patients with moderate to severe atopic dermatitis and asthma as well as eight other antibody programs as potential treatments for multiple diseases.

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