Johnson & Johnson moved deeper into KRAS-directed cancer space, agreeing to buy Firefly Bio for $1 billion in cash. The acquisition gives J&J access to Firefly’s degrader-antibody conjugate (DAC) platform, designed to deliver catalytic protein degraders to tumors and broaden its oncology pipeline as core medicines face competitive pressure. In parallel, Incyte agreed to acquire Vega Therapeutics in a $1.25 billion upfront deal plus up to $750 million tied to milestones for VGA-039, a Phase III monoclonal antibody in von Willebrand disease (VWD). The asset targets Protein S modulation with an eye toward more convenient subcutaneous prophylaxis, in a market where factor replacement typically requires frequent infusions. Roche also signed on to the BTK degrader race, paying Nurix $700 million upfront and funding development and commercialization milestones up to $2.3 billion. The co-development plan is aimed at bexobrutideg, set up for a Phase III comparison against Eli Lilly’s Jaypirca in CLL/SLL. Collectively, the deals underscore a concentrated shift toward next-generation modalities—degrader conjugates and protein degraders—while also replenishing hematology franchises with late-stage assets that may reduce treatment burden.