Johnson & Johnson: Proteologix Acquisition Yields Promising Early-Stage Immunology Drugs
Johnson & Johnson’s announced acquisition of Proteologix for $850 million upfront followed by potential milestone payments doesn’t impact our fair value estimate but yields attractive early-stage atopic dermatitis and asthma drugs at a reasonable price. The pipeline drugs complement J&J’s well-positioned immunology franchise and hold the potential to help strengthen the firm’s wide moat.