Centocor Ortho Biotech

In 1979, a group of founders including Michael Wall, Hubert Schoemaker, and Hilary Koprowski started Centocor, one of the early biotechnology companies. Their initial focus was on developing diagnostic tests using monoclonal antibody technology. This strategy proved successful, and the company became a profitable diagnostics business within five years, building its success on partnerships with research institutes. A key early product was a diagnostic test to detect the rabies virus. The playbook shifted from diagnostics to therapeutics. The company's major turning point came with the development of Remicade, a monoclonal antibody for treating autoimmune disorders like Crohn's disease and rheumatoid arthritis. The drug was first approved in 1998 for Crohn's disease and became a massive success. This success did not go unnoticed. In 1999, Johnson & Johnson acquired Centocor for $4.9 billion in stock, though Centocor continued to operate under its own name as a wholly-owned subsidiary. The journey of the name continued, with Centocor merging with Johnson & Johnson's Ortho Biotech unit in 2008 to become Centocor Ortho Biotech. Finally, in 2011, as part of a global branding strategy by its parent company, the firm was renamed Janssen Biotech, Inc., the name it operates under today.