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Johnson & Johnson has built one of the industry's most diversified oncology portfolios. Credit: National Cancer Institute / Unsplash Johnson & Johnson is hoping it can improve treatment outcomes for one of oncology’s toughest challenges after confirming the acquisition of Firefly Bio KRAS mutations occur in roughly one in five human cancers , making them among the most common oncogenic drivers. The mutations multiply rapidly, making them challenging to treat, and are particularly common in pancreatic cancer sufferers, where the vast majority of tumours contain a KRAS mutation. After completing its acquisition of Firefly Bio, a preclinical biotechnology company developing targeted protein degradation cancer therapies, Johnson & Johnson is hoping Firefly's degrader antibody conjugate (DAC) technology can improve treatment outcomes for one of oncology's most difficult molecular targets. Using its proprietary FireLink DAC platform, Firefly aims to selectively deliver protein degraders to cancer cells, initially targeting KRAS-driven solid tumours. A new approach to KRAS treatment John Reed, Executive Vice President of Pharmaceuticals and R&D at Johnson & Johnson Innovative Medicine, believes the acquisition will deliver more meaningful and lasting treatment options for patients battling KRAS-driven cancer. On LinkedIn following the acquisition’s confirmation, he writes, “Despite recent advances, improvements in treatments for KRAS-driven cancers are still needed, with the aim of reducing toxicities and prolonging the durability of responses. John Reed, Executive Vice President of Pharmaceuticals and R&D at Johnson & Johnson Innovative Medicine. Credit: Johnson & Johnson By delivering a highly selective KRAS protein degrader directly into tumour cells, the DAC platform is designed to target degrader molecules where they are needed, while preserving healthy tissues – potentially overcoming key limitations associated with existing untargeted approaches.” Why are KRAS-driven cancers so difficult to treat? For decades, KRAS was considered "undruggable" because: The protein has a very smooth surface with few places for drugs to bind. It binds its natural fuel molecule (GTP) extremely tightly. It naturally cycles rapidly between active and inactive states, making it difficult for drugs to bind effectively. Until recently, treatment options have largely been limited to chemotherapy, immunotherapy and therapies targeting pathways downstream of KRAS. A diverse oncology portfolio Johnson & Johnson has built one of the industry's most diversified oncology portfolios, spanning conventional biologics, cell therapies and next-generation targeted treatment platforms. It includes established multiple myeloma treatments Darzalex and Carvykti, alongside newer medicines such as Rybrevant, Talvey and Tecvayli. Firefly marks the company's latest investment in next-generation oncology technologies. Prior to the Firefly acquisition, Johnson & Johnson’s most recent oncology deal was the US$3.05bn purchase of clinical-stage biotech firm Halda Therapeutics in December 2025, which expanded its presence in solid tumours through Halda's RIPTAC platform. Jennifer Taubert, Executive Vice President and Worldwide Chairman of Johnson & Johnson Innovative Medicine. Credit: Johnson & Johnson. Speaking at the time of the Halda Therapeutics acquisition, Jennifer Taubert, Executive Vice President and Worldwide Chairman at Johnson & Johnson Innovative Medicine, says, “This strategic milestone underscores our commitment to redefining cancer treatment with breakthrough science and transformative medicines. “We are excited to formally welcome the talented Halda team to Johnson & Johnson and look forward to working together to achieve our shared goal of eliminating cancer.” Acquiring biotech firms before clinical maturity Firefly Bio is the latest example of a growing trend in pharmaceutical M&A, with major drugmakers increasingly acquiring early-stage platform companies to secure access to emerging modalities such as protein degradation, antibody-drug conjugates and radiopharmaceuticals that could underpin the next generation of precision oncology treatments. Given the high costs associated with clinical-stage, low-risk oncology assets, such as GSK’s US$10.6bn acquisition of Nuvalent , purchasing a comparatively inexpensive early-stage platform capable of generating multiple future therapies represents an attractive long-term investment for healthcare’s biggest players. Company portals Johnson & Johnson Executives Jennifer Taubert Executive Vice President, Worldwide Chairman and Innovative Medicine John Reed Executive Vice President, Innovative Medicine, Research & Development

In a sudden leadership shift, Legend Biotech announced that its CEO, Ying Huang, Ph.D., resigned on Friday, with no permanent replacement yet named. After Huang handed in his notice, Legend’s board appointed Alan Bash as the company’s interim CEO on July 23, an SEC filing (PDF) shows. A “comprehensive search process to identify a permanent successor” is underway, the company said in a July 27 press release. Bash joined Legend as president of Carvykti in 2024, four years after Huang’s elevation from CFO to CEO when the company’s founder Fangliang Zhang, Ph.D., was under investigation in China over customs issues. Zhang returned to his post as Legend’s chairman in 2022 as authorities closed the probe without any charges. In his role, Bash has been managing Legend’s commercial operations, specifically, Carvykti, the Johnson & Johnson-partnered multiple myeloma CAR-T therapy, which is the bread and butter of Legend’s business. Huang’s resignation “was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices or the Company’s financial statements or internal controls over financial reporting,” Legend said in a July 27 SEC filing. Huang will remain as an advisor through August to support a smooth transition. That seemingly amicable exit stands in contrast to Legend’s past leadership drama, notably its messy split with scientific co-founder and former chief scientific officer, Frank Fan, M.D., Ph.D., in 2022, which triggered lawsuits that eventually didn’t go Legend’s way. “On behalf of the Board, I want to thank Ying for his leadership, dedication and many contributions to Legend Biotech during the past seven years,” Zhang said in a July 27 statement. “During his tenure, Legend Biotech advanced from a pioneering cell therapy company into a global leader with a strong commercial foundation, a differentiated innovation platform, and a clear commitment to patients. We are grateful for Ying’s continued support through the transition and wish him well in his next chapter.” As for Bash, his “immediate focus will be on ensuring continuity across the business, maintaining strong execution, and supporting our teams as we continue advancing our commercial, clinical, and operational priorities,” according to a statement. In the past two years or so, Legend has come under pressure from potential competition to Carvykti, as well as geopolitical risks given its ties to China. Legend’s stock price hit its lowest in years in February amid ongoing concerns regarding rival treatments such as Gilead Sciences’ CAR-T candidate anito-cel and J&J’s bispecific antibody regimens. Legend’s shares enjoyed a rally in early June after the company reported encouraging early-phase data for LB2501, a CD19/CD20 dual-targeting in vivo CAR-T therapy. Data revealed at the 2026 American Society of Clinical Oncology included a 100% objective response rate at the highest-dose cohort of six patients with pretreated B-cell non-Hodgkin lymphoma, an 83.3% complete response rate, with a relatively clean safety profile without any serious adverse events or neurotoxicity. However, the company’s stock price has since fallen back to pre-ASCO levels as concerns over Carvykti’s market position and the lack of mid- to late-stage pipeline assets took hold again. On July 15, while partner J&J reported another record quarter of Carvykti sales that roughly met analysts’ expectations, Legend’s shares dropped 10% . On J&J’s earnings call that day, Jennifer Taubert, worldwide chair of innovative medicine, described the company’s off-the-shelf combination of Tecvayli and Darzalex as holding “the potential for cure” in previously treated myeloma. Then on July 23, the day that Bash was named interim CEO of Legend, J&J reported jaw-dropping efficacy from its dual-bispecific combination of Tecvayli and Talvey. Compared with standard of care, the two T-cell engagers improved progression-free survival by 89% and overall survival by 62% in earlier-line myeloma.