Johnson & Johnson to Acquire Firefly Bio for $1 Billion

Johnson & Johnson has reached a definitive agreement to purchase biotechnology firm Firefly Bio, Inc. for $1 billion in cash. This acquisition aims to enhance Johnson & Johnson's oncology drug development pipeline by integrating Firefly Bio's Firelink™ degrader antibody conjugate platform, which targets KRAS-driven tumors. The transaction is pending regulatory approvals and is expected to conclude later this year.