Johnson & Johnson has gained a reputation for acquiring early‑stage cancer biotechs at relatively low prices, using milestone‑based deals or minority stakes to build a broad oncology pipeline without committing massive upfront capital. Examples include Xencor (up to $1.2 billion for bispecific assets), Alligator Biosciences (up to $700 million for CD40‑targeting immuno‑oncology programs), and the recent $3.05 billion acquisition of Halda Therapeutics and its RIPTAC oral cancer‑drug platform. J&J has executed around 60 M&A and partnership deals in about 18 months, emphasizing smaller, bolt‑on bets over a few mega‑mega‑mergers, which lets management keep overall spending in check while still accessing cutting‑edge science. Recent large acquisitions such as Halda signal a shift toward securing more mature, higher‑value platforms rather than just early‑stage options, which may test whether J&J can continue to “buy cheap” while staying on the cutting edge of oncology i...
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