[NEW YORK] Johnson & Johnson has agreed to buy the cancer treatment biotech Halda Therapeutics for US$3.05 billion cash, part of a strategy to cope with eroding sales for its major psoriasis drug.
Halda is testing a therapy for prostate cancer. The biotech is also testing drugs for breast, lung and multiple other tumour types, J&J said in a statement announcing the transaction on Monday (Nov 17).
J&J’s top-selling psoriasis drug Stelara is facing biosimilar competition after key patents expired. It expects some newer medicines for multiple myeloma and psoriasis to help fill the gap.
The transaction is one of a spate of deals in the pharma industry lately, as drug companies look to replenish their pipelines. Pfizer beat out Novo Nordisk in a very public bidding war for obesity biotech Metsera. Last week, Merck agreed to acquire flu treatment maker Cidara Therapeutics for up to US$9.2 billion.
In October, J&J also said announced plans to separate its slower-growing orthopaedics business from the rest of the company within 18 to 24 months. BLOOMBERG
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