Johnson & Johnson partners with Sail Biomedicines on in vivo CAR-T programs, takes option to buy Sail for $2.58 billion

• Johnson & Johnson entered a strategic collaboration with Sail Biomedicines to develop in vivo CAR-T therapies for immune-mediated diseases.
• Upfront consideration totals USD 785 million, including a USD 465 million equity investment; milestone payments of USD 140 million are tied to development progress.
• The deal grants an exclusive option to acquire Sail for USD 2.58 billion, positioning the program as a potential immune-reset approach in autoimmune disease.
• If the option is exercised, the company expects adjusted operational EPS dilution of about USD 0.18 in 2026, rising to about USD 1.28 in 2027.

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