J&J completes $1 billion cash acquisition of Firefly Bio

Johnson & Johnson completed its acquisition of Firefly Bio for $1 billion in cash. Firefly's Firelink degrader antibody conjugate platform is aimed at delivering protein degraders to cancer cells, with pan-KRAS named as a target. The deal is treated as an asset acquisition, so J&J books an in-process R&D charge of about $1 billion in Q3 2026.

• Purchase price $1 billion in cash
• Platform: Firelink degrader antibody conjugate (DAC)
• In-process R&D charge of about $1 billion in Q3 2026
• Dilution to adjusted EPS of about $0.46 in 2026 and $0.08 in 2027