J&J to Buy Halda Therapeutics in $3.05 Billion Cash Deal (2)

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 statementannouncing the transaction Monday.

Johnson & Johnson shares were little changed at the start of regular trading in New York. The company’s shares had gained about 35% this year through Friday’s close.

J&J is one of a ...