Johnson & Johnson to Buy Cancer Drug Technology Developer, Firefly Bio, for $1B

Johnson & Johnson $JNJ -0.26% agreed to acquire Firefly Bio, Inc. for $1 billion in cash, the company said Monday, expanding its cancer drug pipeline with a platform designed to treat tumors that have resisted conventional therapies.

At the heart of the deal is Firefly’s Firelink platform, which is designed to slip protein-degrading drugs inside cancer cells by hitching them to antibodies — a strategy intended to spare healthy tissue from the collateral damage typical of existing treatments, Reuters reported.

Read more at Quartz