Firefly Bio Acquisition, Valuation, Funding & Investors

Firefly Bio was acquired by Johnson & Johnson for $1B in June 2026.

Firefly Bio acquisition price

$1B

Acquired by Johnson & Johnson · Jun 2026

Cumulative funding Firefly Bio raised

$94M

across 1 funding round

Key investors in Firefly Bio

  • Versant Ventures
  • Eli Lilly
  • MPM Capital
  • Decheng Capital

Firefly Bio Overview

About Firefly Bio

Firefly Bio is a Boston-based biopharma developing Degrader Antibody Conjugates that link monoclonal antibodies to targeted protein degraders for oncology. The platform degrades undruggable targets like KRAS mutants, advancing candidates into Phase I trials. Firefly Bio collaborates with Takeda and Bristol Myers Squibb, operating labs in Massachusetts since 2021.


Founded

2022

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1B (acquired Jun 2026)

Firefly Bio Acquisition

Firefly Bio was acquired by Johnson & Johnson for $1B on 7 June 2026.

Before the acquisition Firefly Bio had raised $94M across 1 funding round.

Johnson & Johnson agreed to acquire Firefly Bio, Inc. for **USD 1,000 million** in **cash**. The transaction is expected to close later in 2026, subject to regulatory approvals and customary closing conditions. The acquisition is structured to add Firefly’s Firelink degrader antibody conjugate platform to Johnson & Johnson’s oncology pipeline, with particular emphasis on KRAS-driven tumors. The strategic rationale is to strengthen Johnson & Johnson’s cancer drug pipeline through a platform focused on targeted degradation and antibody conjugates, which could expand its oncology development capabilities. Public reports describe the deal as a pipeline-enhancing transaction rather than a financial acquisition, and no earn-out or stock component was disclosed in the available material. Firefly Bio is described as a biotechnology company advancing a proprietary degrader antibody conjugate platform.

Firefly Bio acquisition details
AcquirerDateTypePrice
7 Jun 2026Strategic M&A$1B

Firefly Bio Funding History

Firefly Bio has raised a total of $94M across 1 funding round.

Firefly Bio funding rounds

Firefly Bio funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2024Series AMPM Capital (lead); Versant Ventures (lead); Decheng Capital; Eli Lilly$94MFirefly Bio, a South San Francisco-based biotechnology company, emerged from stealth on February 15, 2024, with a $94 million Series A financing co-led by Versant Ventures and MPM BioImpact, alongside Decheng Capital and participation from Eli Lilly & Company. The company develops degrader antibody conjugates (DACs), a novel platform merging antibody-drug conjugates (ADCs) with protein degrader technology to treat cancer by targeting and degrading disease-causing proteins more selectively and efficiently. Co-founded by 2022 Nobel laureate Carolyn Bertozzi, John Flygare (formerly of Merck and Genentech), and Bernhard Geierstanger (ex-Merck), Firefly aims to advance next-generation targeted cancer therapies amid a surge in investor interest in ADCs and degraders. The funding supports platform development and expansion, with the company employing 15 people at announcement and planning to grow to 40 by year-end. The round aligns with recent biotech trends, following successes like Enhertu and deals such as Bristol Myers Squibb's $100 million agreement with Orum Therapeutics for similar degrader-antibody tech. Firefly positions itself in the competitive ADC and protein degrader space, leveraging technical advances to differentiate its DACs, which combine ADC targeting with degrader payloads. Investors like Versant Ventures, with $5.5 billion under management and a track record in biotech, MPM BioImpact, and Decheng Capital back the effort to build transformative cancer therapies. One source mentions $71.7 million raised, possibly an initial tranche, but the official figure is $94 million closed on February 15, 2024.

Who has invested in Firefly Bio?

4 investors have backed Firefly Bio across its funding rounds, including Versant Ventures, Eli Lilly, MPM Capital and Decheng Capital.

Lead investors include MPM Capital and Versant Ventures.


Firefly Bio Investors

Investors in Firefly Bio by funding rounds participated
InvestorHQRoundsRoleFirst check
Decheng CapitalUnited StatesSan Francisco, CA1ParticipantFeb 2024
Versant VenturesUnited StatesSan Francisco, CA1LeadFeb 2024

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Firefly Bio Competitors

Firefly Bio competitors include listed companies like Arbutus Biopharma and Kolon TissueGene, and private ones like BenevolentAI, Immunai, IntraBio and Orca Bio.

Public and private companies comparable to Firefly Bio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BenevolentAIUnited KingdomLondonPrivate$10M-$1B100.0x
ImmunaiUnited StatesNew York City, NYPrivate--$1B-
IntraBioUnited StatesAustin, TXPrivate--$1B-
Orca BioUnited StatesSan Francisco, CAPrivate--$1B-
Arbutus BiopharmaUnited StatesUnited StatesPublicly listed$14M($37M)$1B6.8x
Kolon TissueGeneUnited StatesUnited StatesPublicly listed$4M($141M)$1B239.4x

Firefly Bio Public Comps

Firefly Bio is no longer listed, but its public comps include Arbutus Biopharma, Kolon TissueGene, Star Lake Bioscience, SSY Group, Helus Pharma, Alumis, GuangYuYuan Chinese, Vetoquinol, Amphastar Pharma and Adlai Nortye.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Arbutus Biopharma$14M($37M)64.6x6.8x(24.6x)-
Kolon TissueGene$4M($141M)261.1x239.4x(7.0x)(57.8x)
Star Lake Bioscience$2.4B$314M0.8x0.8x6.0x7.3x
SSY Group$530M$144M2.5x-9.2x-
Helus Pharma-($153M)--(5.4x)(4.8x)
Alumis$24M($263M)22.6x47.6x(2.1x)(1.5x)
GuangYuYuan Chinese$204M$23M4.5x-40.5x-
Vetoquinol$605M$127M1.3x1.3x5.9x5.9x

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Common questions about Firefly Bio

When was Firefly Bio founded?Firefly Bio was founded in 2022.
Where is Firefly Bio headquartered?Firefly Bio is headquartered in San Francisco, CA, United States.
Is Firefly Bio publicly listed?No, Firefly Bio was acquired by Johnson & Johnson in June 2026.
Who acquired Firefly Bio?Firefly Bio was acquired by Johnson & Johnson in June 2026.
How much was Firefly Bio acquired for?Firefly Bio was acquired for $1B in June 2026.
How much funding has Firefly Bio raised?Firefly Bio has raised $94M across 1 funding round.
What was Firefly Bio's last funding round?Firefly Bio's last funding round was a $94M Series A in February 2024, led by MPM Capital and Versant Ventures.
Who are Firefly Bio's investors?Firefly Bio's investors include Decheng Capital, Versant Ventures, MPM Capital and Eli Lilly.
Which companies are comparable to Firefly Bio?Companies comparable to Firefly Bio include BenevolentAI, Immunai, IntraBio, Orca Bio, Arbutus Biopharma and Kolon TissueGene.

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