(RTTNews) - Johnson & Johnson (JNJ) on Monday announced a definitive agreement to acquire Firefly Bio, Inc., a biotechnology company for $1 billion in cash.
The transaction is expected to close later this year.
The acquisition is expected to expand Johnson & Johnson's oncology pipeline with Firefly Bio's Firelink degrader antibody conjugate platform.
The deal also adds preclinical candidates targeting KRAS-driven tumors and other hard-to-treat solid cancers.
Johnson & Johnson said the Firelink platform is designed to deliver highly selective protein degraders to tumor cells while minimizing effects on healthy cells.
In the pre-market trading, Johnson & Johnson is 0.47% lesser at $231.68 on the New York Stock Exchange.
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