J&J to acquire Firefly Bio for $1 billion, adding degrader-antibody conjugate technology

J&J announced it will acquire biotech startup Firefly Bio in an all‑cash transaction valued at $1 billion.

The deal gives J&J access to Firefly’s degrader‑antibody conjugate platform, which blends protein degrader and antibody‑drug conjugate approaches to create new cancer therapies.

The acquisition is aimed at bolstering J&J’s oncology pipeline as revenue from its flagship immune drug Stelara faces biosimilar competition and its multiple‑myeloma drug Darzalex approaches patent expiry.