J&J to buy cancer drug technology developer Firefly Bio for $1 billion

June 8 (Reuters) - ‌Johnson & Johnson ​said ​on Monday it will acquire biotech Firefly Bio for $1 ‌billion in cash, as it looks ⁠to expand its cancer drug pipeline.

Firefly's ‌Firelink platform uses antibodies ‌to deliver a protein-degrading drug directly into cancer cells, an approach ​J&J says could help attack tumors while sparing more healthy ⁠tissue than existing treatments.

The platform for tumors with a ​mutation in a gene known as KRAS "bolsters Johnson & Johnson's oncology ​pipeline and ambition to ‌develop targeted medicines for the most prevalent and hard-to-treat ⁠solid tumors with high unmet need," said the drugmaker.

"KRAS has notoriously been ⁠considered an undruggable target and patients with ​KRAS-driven cancers continue to face limited treatment options with survival measured in months, not ‌years," said John Reed, executive vice president, innovative medicine, ‌research & development at J&J.

The transaction ⁠is expected to ‌close later ​this year.

(Reporting by Puyaan Singh in Bengaluru; Editing by Shinjini ‌Ganguli)

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