Johnson & Johnson has agreed to acquire Firefly Bio for $1 billion in cash.
The acquisition adds Firefly Bio’s proprietary Firelink degrader antibody conjugate (DAC) platform to Johnson & Johnson’s (NYSE: JNJ) oncology portfolio, strengthening its efforts to develop targeted therapies for KRAS-driven tumors and other difficult-to-treat solid cancers with significant unmet medical need.
Firefly Bio is a biotechnology company developing the Firelink DAC platform, an emerging therapeutic modality designed to selectively deliver protein degraders to tumor cells while minimizing exposure to healthy tissue. The platform seeks to address limitations associated with existing cancer therapies and has generated preclinical candidates targeting multiple KRAS-driven solid tumor indications.