Incyte moves to bolster its bleeding disorders portfolio with a $2 billion deal, Galmed Pharmaceuticals acquires a commercial-stage colorectal device company, and Johnson & Johnson pays $1 billion for a novel cancer degrader platform.

Incyte acquires Vega Therapeutics

Incyte has entered a definitive agreement to acquire Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, for $1.25 billion upfront, with Star eligible to receive up to $750 million in additional sales milestone payments for total potential consideration of up to $2 billion.¹ The deal adds VGA039, a novel monoclonal antibody in Phase III development for von Willebrand disease, to Incyte's hematology portfolio.

VGA039 works by modulating Protein S to improve hemostasis, potentially giving patients' bodies a better ability to control bleeding. It is being developed as a subcutaneous prophylactic therapy, a meaningful advance over existing treatment options, which typically require patients to undergo two to three intravenous infusions per week.¹

Approximately 135,000 people in the United States have been diagnosed with VWD, the most common inherited bleeding disorder. VGA039 has received Breakthrough Therapy, Fast Track, orphan drug, and rare pediatric disease designations from FDA and has advanced into the Phase III VIVID-6 study, a global single-arm crossover trial evaluating its safety and efficacy across all VWD types.

"VGA039 fits directly into our strategy of building a top-tier growth company for the future," said Bill Meury, chief executive officer of Incyte. "It is a first-in-class, Phase III asset with compelling early data, a manageable development path and the potential to become an important new growth driver in one of our core therapeutic areas."

The transaction is expected to close in the third quarter of 2026, pending Hart-Scott-Rodino review, and is expected to result in an R&D charge of approximately $1.25 billion in Incyte's third quarter 2026 results.¹

Galmed acquires Colospan to build GI-focused platform

In other deal news, Galmed Pharmaceuticals has entered a definitive agreement to acquire Colospan, in a deal designed to accelerate Galmed's pivot toward a diversified GI-focused medtech and biopharmaceutical platform.² As of June 8, financial terms of the transaction have not been disclosed.

Colospan's lead product, the CG-100 intraluminal bypass device, is a minimally invasive tool designed to protect anastomotic connections following colorectal surgery and reduce the need for diverting stomas, temporary abdominal openings that redirect waste to an external bag during the healing process.

The device holds FDA Breakthrough Device Designation and CE mark under MDR for European commercialization and is currently being evaluated in a U.S. pivotal trial under an investigational device exemption in support of a future FDA application.²

"The acquisition of Colospan aligns perfectly with our long-term growth strategy," said Allen Baharaff, co-founder and CEO of Galmed. "We are bringing more than 25 years of clinical execution capabilities together with our public company experience and resources to accelerate the CG-100 pivotal study to obtain FDA regulatory approval."

Upon closing, Colospan will become a wholly owned subsidiary of Galmed, with the combined entity aiming to accelerate the pivotal trial and pursue FDA clearance for a device the company believes could reshape the standard of care for colorectal resection patients globally.²

Johnson & Johnson acquires Firefly Bio for $1 billion

Johnson & Johnson has agreed to acquire Firefly Bio for $1 billion in cash, adding the company's proprietary Firelink degrader antibody conjugate platform to its oncology pipeline.³ The transaction is expected to close later this year, subject to regulatory approvals and customary closing conditions.

The Firelink DAC platform is designed to address KRAS-driven tumors, one of the most prevalent and historically difficult target classes in oncology. The approach delivers a highly selective protein degrader directly to tumor cells while sparing healthy tissue, a strategy intended to overcome the limitations of existing treatments.³ KRAS mutations are found across a range of common solid tumors, and patients with KRAS-driven cancers have faced historically limited treatment options.

"KRAS has notoriously been considered an undruggable target and patients with KRAS-driven cancers continue to face limited treatment options with survival measured in months, not years," said John Reed, MD, PhD, executive vice president of innovative medicine R&D at Johnson & Johnson. "We believe the proprietary Firelink platform will overcome the limitations of current treatments and diversify our pipeline with preclinical candidates for treating multiple types of solid tumors."

Sources

1. Incyte to Acquire Vega Therapeutics, a Wholly Owned Subsidiary of Star Therapeutics, Expanding its Hematology Portfolio into Bleeding Disorders Incyte June 8, 2026 https://www.businesswire.com/news/home/20260608789389/en/Incyte-to-Acquire-Vega-Therapeutics-a-Wholly-Owned-Subsidiary-of-Star-Therapeutics-Expanding-its-Hematology-Portfolio-into-Bleeding-Disorders
2. Galmed Pharmaceuticals to Acquire Colospan to Create a GI-Focused Platform Targeting a $6 Billion Market Galmed Pharmaceuticals June 8, 2026 https://www.prnewswire.com/news-releases/galmed-pharmaceuticals-to-acquire-colospan-to-create-a-gi-focused-platform-targeting-a-6-billion-market-302793948.html
3. Johnson & Johnson to Acquire Firefly Bio, Inc. to Expand Oncology Pipeline with Novel Degrader Antibody Conjugate Platform Johnson & Johnson June 8, 2026 https://www.jnj.com/media-center/press-releases/johnson-johnson-to-acquire-firefly-bio-inc-to-expand-oncology-pipeline-with-novel-degrader-antibody-conjugate-platform