Johnson & Johnson has had the year 2025 circled, highlighted, bolded and underlined on its calendar for a long time. Why? Because patent exclusivity for Stelara, its longtime top-selling drug that treats psoriasis and inflammatory bowel disease, expired this year, allowing so-called “biosimilars” to hit the market. In turn, the company has embraced acquisitions to keep its pipeline flowing. On Monday, it announced an agreement to pay $3.1 billion for Halda Therapeutics, a company specializing in prostate ...