Johnson & Johnson Pays $785 Million for Sail Partnership and Buyout Option

Johnson & Johnson is paying $785 million upfront to partner with Sail Biomedicines on experimental cell therapies for autoimmune diseases, while securing the exclusive right to acquire the biotech for another $2.58 billion. The initial payments include a $465 million equity investment. Sail could receive another $140 million if its programs reach certain development milestones, bringing the…