Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →J&J is betting $1.25 billion on a bispecific antibody for atopic dermatitis, aiming to carve out a niche in the Dupixent-dominated market. The company will…
Johnson & Johnson has agreed to pay $1.25 billion in cash to pick up NM26, a bispecific antibody from Numab Therapeutics, as the pharma giant joins the crowded…
J&J's $1.25 billion bet on Numab's NM26 reflects a broader industry push into next-generation atopic dermatitis therapies that address both inflammation and…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Johnson & Johnson / Numab Therapeutics AG (Yellow Jersey Therapeutics) (this deal) | 2024 | $1.2B | — |
| Johnson & Johnson / Legend Biotech Corporation | 2017 | $9.0B | 96 |
| Johnson & Johnson / Centocor Inc. | 1999 | $4.9B | 92 |
| Johnson & Johnson / Cougar Biotechnology, Inc. | 2009 | $970M | 91 |
| Johnson & Johnson / Actelion Ltd | 2017 | $30.0B | 90 |
| Johnson & Johnson / Aragon Pharmaceuticals Inc. | 2013 | $1.0B | 89 |
| Johnson & Johnson / Legend Biotech Corporation | 2017 | $350M | 83 |
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More: 2024 deals · Johnson & Johnson deals · Dermatology deals