You probably want two "\" before the "b":
test.replaceAll("<font\\b(.*)>", "Something");
You need this because the regular expression is a string and backslashes need to be escaped in strings.
To make it only match up to the first ">", do this:
test.replaceAll("<font\\b(.*?)>", "Something");
This makes the * "lazy", so that it matches as little as possible rather than as much as possible.
However, it seems that it is better to write this particular expression as follows:
test.replaceAll("<font\\b([^>]*)>", "Something");
This has the same effect and avoids backtracking, which should improve performance.