Pharma BD Deal Intelligence
Johnson & Johnson acquired Numab Therapeutics' demerged subsidiary Yellow Jersey Therapeutics for approximately $1.25 billion all-cash, securing global rights to NM26 (JNJ-95475939), a Phase 2-ready IL-4Ra/IL-31 bispecific antibody for atopic dermatitis. Announced May 28, 2024, the acquisition closed July 11, 2024. J&J launched the Phase 2b DUPLEX-AD proof-of-concept study (~240 moderate-to-severe AD patients) in late February 2025. On December 26, 2025, J&J terminated DUPLEX-AD early after a planned interim analysis met prespecified criteria for stopping: NM26 failed to clear the company's high-bar efficacy threshold for its atopic dermatitis programs, though the antibody was well tolerated. The failure of the sole acquired lead asset effectively impairs the deal rationale, which was built entirely on NM26's differentiated dual IL-4Ra/IL-31 mechanism versus Dupixent.