Johnson & Johnson acquired Belgium-based Tibotec-Virco, an HIV and antiviral biopharmaceutical company, for approximately $320 million in cash and assumed debt; the deal was announced in March 2002 and completed on April 18, 2002. The acquisition expanded J&J's antiviral R&D and seeded what became its HIV franchise, and the business was renamed Janssen Therapeutics in 2011.