J&J to Buy Halda Therapeutics in $3.05 Billion Cash Deal

Johnson & Johnson has agreed to buy the cancer treatment biotech Halda Therapeutics for $3.05 billion cash, part of a strategy to cope with eroding sales for its major psoriasis drug.

Halda is testing an innovative new type of oral therapy for prostate cancer. The biotech is also developing treatments for breast, lung and multiple other tumor types, J&J said in a statement announcing the transaction Monday.