J&J talks up $3B in deals that did­n't make head­lines in 2023

John­son & John­son’s deal­mak­ing phi­los­o­phy is sim­ple — find as­sets that align with its port­fo­lio, and don’t wor­ry too much if the deals don’t get a lot of me­dia at­ten­tion.

In that vein, the com­pa­ny qui­et­ly spent $3 bil­lion on more than 50 small­er li­cens­ing part­ner­ships and deals in 2023 that in­clude the mak­ers of an­ti­body-drug con­ju­gates and CAR-T ther­a­pies.

“While those may have not made head­lines, they usu­al­ly are head­lines when they be­come prod­ucts for pa­tients,” J&J CFO Joseph Wolk said dur­ing Tues­day’s in­vestor call. “Our ap­petite is still, I would say, in­ter­est­ed in mov­ing in­to spaces that com­ple­ment our ex­ist­ing port­fo­lio, whether that be for the near or long term.”

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