Johnson & Johnson agreed to buy Firefly Bio for $1 billion in cash, acquiring a degrader antibody conjugate (DAC) platform along with development capabilities. The transaction adds to the market momentum around targeted protein degradation modalities that combine binding selectivity with engineered payload delivery. Firefly Bio’s technology focus complements J&J’s broader biologics pipeline strategy, particularly as degraders expand beyond early proof-of-concept into more systematic clinical programs. DACs are designed to induce degradation of specific proteins using conjugated therapeutic antibodies linked to degradation machinery. The acquisition highlights how Big Pharma is accelerating platform build-outs in high-growth modalities, aiming to convert early chemistry and translational proof into scalable product opportunities.