India, June 9 -- Johnson & Johnson (JNJ) on Monday announced it has entered into a definitive agreement to acquire Firefly Bio, Inc. for $1 billion in cash. The transaction is expected to occur later this year, subject to approvals.
The acquisition includes Firefly Bio's proprietary Firelink degrader antibody conjugate (DAC) platform for KRAS-driven tumours and is expected to strengthen Johnson & Johnson's oncology pipeline.
The Firelink degrader antibody conjugate is designed to overcome existing treatment limitations by delivering protein degraders to tumour cells in a targeted manner while minimizing effects on healthy cells.
Johnson & Johnson had traded between $149.04 and $251.71 over the last year.
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